New Value in Health Article: Limitations of Conventional Cost-Effectiveness Analysis and the ISPOR Value Flower

Conventional methods of cost-effectiveness often overlook key value elements for patients. The “ISPOR Value Flower,” introduced in the 2018 ISPOR Special Task Force (STF) on US Value Assessments, is a model for augmented value-assessment that accounts for several of these novel, underappreciated metrics. The impact of this model and the STF on value-assessment is explored in a new article published in Value in Health.

According to the authors, “Since the publication of the ISPOR STF report, researchers have provided more rigorous theoretical and mathematical foundations for certain novel value elements (eg, severity of illness, value of insurance, value of hope) through “generalized risk-adjusted cost-effectiveness analysis,” which incorporates risk aversion in people’s preferences and uncertainty in treatment outcomes. Empirical estimates are also emerging to support key elements, such as insurance value, real option value, value of hope, and value of knowing.”

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(Source: Value in Health, March 9^th, 2022)