New Guidance Intended to Improve Accessibility of Value of Information Analysis for All Stakeholders
Lawrenceville, NJ, USA—March 31, 2020—Value in Health, the official journal of ISPOR—the professional society for health economics and outcomes research, announced today the publication of 2 Good Practices Reports that together describe the findings of the ISPOR Value of Information Analysis Emerging Good Practices Task Force. The first report, “Value of Information Analysis for Research Decisions—An Introduction: Report 1 of the ISPOR Value of Information Analysis Emerging Good Practices Task Force,” was published in the February 2020 issue of Value in Health, while the second report, “Value of Information Analytical Methods: Report 2 of the ISPOR Value of Information Analysis Emerging Good Practices Task Force,” was published in the March 2020 issue.
ISPOR formed the Value of Information (VOI) Task Force to improve the accessibility of VOI analysis for all stakeholders through the development of good practice guidance to inform research prioritization and other decisions pertaining to the development and reimbursement of healthcare technologies.
“The first report is specifically aimed at those tasked with making decisions about the adoption of healthcare or the funding of healthcare research,” noted Elisabeth Fenwick, PhD, Pharmerit International, Oxford, England, United Kingdom, lead author of the first report. “It demonstrates the importance of VOI to decision makers, introducing readers to the concepts of VOI analysis and outlining decisions that can be supported by VOI analysis.”
Report 1 defines key concepts and terminology and outlines the role of VOI for supporting decision making, including the steps involved in undertaking and interpreting VOI analyses. The report provides several recommendations for good practice when planning, undertaking, or reviewing the results of VOI analyses.
The second report, which is directed at methodologists or analysts undertaking VOI analysis to inform decision making, provides detailed guidance and emerging good practices on the principal methods required for assessing the value of information to inform a range of decisions.
Report 2 details methods for computing 4 specific VOI measures: (1) the expected value of perfect information, (2) expected value of partial perfect information, (3) expected value of sample information, and (4) expected net benefit of sampling. The report provides several recommendations for good practice when planning, undertaking, or reviewing VOI analyses.
“The second report provides good practice guidance in the form of detailed algorithms for estimating expected value of perfect information, expected value of partial perfect information, and expected value of sample information,” said Claire Rothery, PhD, Centre for Health Economics, University of York, York, England, United Kingdom, lead author of Report 2. “It also provides information about efficient approaches and software available to support the implementation of VOI.”
An accompanying editorial by Rachael L. Fleurence, MSc, PhD and Joe V. Selby, MD, MPH also appears in the March 2020 issue and emphasizes the role these task force reports have in setting research priorities in this field.
ISPOR, the professional society for health economics and outcomes research (HEOR), is an international, multistakeholder, nonprofit dedicated to advancing HEOR excellence to improve decision making for health globally. The Society is the leading source for scientific conferences, peer-reviewed and MEDLINE®-indexed publications, good practices guidance, education, collaboration, and tools/resources in the field.
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ABOUT VALUE IN HEALTH
Value in Health (ISSN 1098-3015) is an international, indexed journal that publishes original research and health policy articles that advance the field of health economics and outcomes research to help healthcare leaders make evidence-based decisions. The journal’s 2018 impact factor score is 5.037. Value in Health is ranked 5th of 98 journals in healthcare sciences and services, 4th of 81 journals in health policy and services, and 11th of 363 journals in economics. Value in Health is a monthly publication that circulates to more than 10,000 readers around the world.
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ABOUT ISPOR GOOD PRACTICES REPORTS
ISPOR has earned an international reputation for research excellence based, in part, on its Good Practices Reports. These highly cited reports are expert consensus recommendations on good practice standards for outcomes research (clinical, economic, and patient-reported outcomes) and on the use of this research in healthcare decision making. ISPOR Task Forces comprise subject matter experts representing different stakeholders from diverse work environments (ie, regulators, payers, manufacturers, technology assessors, etc from research, government, academic, and industry sectors around the world). All ISPOR Good Practices Reports are published in the Society’s scientific journal, Value in Health, and are made freely available as part of the Society’s mission. The Society’s Good Practices Reports have been recognized with an ASAE “Power of A” award that acknowledges innovative, effective, and broad-reaching programs that have a positive impact on the world.