OBJECTIVES

Since emerging as a valuable tool for estimating the value of future research, the use of value of information (VOI) analysis has been limited. Recently the ISPOR Taskforce on VOI Analysis Emerging Good Practices Task Force published two good practice reports aiming to reduce accessibility barriers and methodological complexity associated with using VOI analysis. A previous empirical review from six years ago found the application of VOI analysis in oncology was constrained but growing. Advancing that work, this paper explores the empirical landscape of VOI analysis across clinical settings and areas.

METHODS

A systematic literature review was conducted to provide insights into the prevalence, rationale and reporting of VOI analysis. A PICOCS framework detailing selection criterion was employed. Systematic reviews, methodological papers, protocols and abstracts were excluded. The literature review was completed using EBSCO Complete. Data extraction is presented in tabular format to aid reporting consistency, reproducibility and to reduce bias; this includes key methodological elements.

RESULTS

The initial search yielded 675 results, of which 30 studies were considered relevant. Over 60% of studies hailed from Europe, of which most were from Netherlands (8) or the UK (5) and over 80% were published in the last 10 years. Most VOI analyses are reported in conjunction with economic evaluations (80%). In a few instances, VOI analyses were reported as standalone manuscripts (20%). Expected value of perfect information was reported in monetary terms in 29 studies (97%) and expected value of perfect partial/parameter information was reported in 13 studies (43%).

CONCLUSIONS

The recent ISPOR good practice guidelines provide recommendations for good practice when planning, undertaking, or reviewing the results of VOI analyses. These, coupled with the recent advances in easing the computational burden of estimating VOI analyses, may encourage more researchers to perform and report value of information analyses.