Value of Information Analysis in Health Policy Decision-Making: Current States and Future Applications
*Ya-Chen Tina Shih, Section of Health Services Research, Dept. of Biostatistics, Univ of Texas MD Anderson Cancer Center
Keywords: value of information analysis
Value of information (VOI) analysis, a method originated from decision sciences and business statistics, has not been applied to the health policy arena till recently. The VOI analysis applies statistical methods to estimate the amount of additional resources worth spending in order to minimize the expected loses associated with decision-making under uncertainties. In this presentation, we will provide an overview of the basic concepts and methodologies of the VOI analysis and use the emerging pharmacogenomic tests in oncology as an example to demonstrate its application. We will also discuss practical applications of the VOI in today’s health care environment and investigate its potential contribution as a decision-aid tool to balance the ever-rising health care costs and recent quests for personalized medicine.