Bayesian approach in pharmacoeconomics: relevance to decision-makers

Abstract

The Bayesian approach is becoming increasingly visible in pharmacoeconomics. This approach has been primarily applied to two decision problems commonly encountered in pharmacoeconomics: adoption and allocation. Acceptability curves generated from Bayesian cost-effectiveness analyses can be interpreted as the probability that the new treatment is cost-effective at a given level of willingness-to-pay. This probabilistic interpretation of study findings provides information that is more relevent and easier to understand for those who make adoption decisions. The Bayesian value of information analysis offers a decision-analytic framework to explore values of additional research and to set research priorities. It is a useful analytical framework for decision-makers who wish to achieve allocation efficacy.

• acceptability curve
• Bayesian
• frequentist
• cost-effectiveness analysis (CEA)
• expected net benefit of sampling (ENBS)
• expected value of perfect information (EVPI)
• expected value of sampling information (EVSI)
• incremental cost-effectiveness ratio (ICER)net benefit
• pharmacoeconomics