ISPOR Value of Information Analysis (Report 1)
This guideline explains how to use value of information analysis to help decide which health research should be prioritized or funded, by estimating the benefit of reducing uncertainty in decision-making.
At a glance
Use when
Deciding which research to fund; assessing the value of future studies; informing research and development strategy in healthcare
Avoid when
When there is insufficient data to build a reliable cost-effectiveness model; when decision uncertainty is minimal; when resources for modeling are limited
Inputs
Uncertainty in model parameters, probabilistic sensitivity analysis results, cost-effectiveness models
Outputs
Estimates of expected value of perfect information (EVPI), expected value of partial perfect information (EVPPI), recommendations for research prioritization
How it works
The report introduces methods for quantifying the value of reducing uncertainty in healthcare decisions through further research, including expected value of perfect information (EVPI) and expected value of partial perfect information (EVPPI), to support research prioritization and funding allocation.
- HTA domains
- Clinical Effectiveness, Costs & Economic Evaluation, Aspects Beyond HTA
- Assumptions
- Future decisions will be informed by current analyses; willingness to pay thresholds are known; model structure reflects decision context
- Strengths
- Provides a formal framework for research prioritization; quantifies potential benefits of reducing uncertainty; supports efficient allocation of research funds
- Limitations
- Requires advanced modeling and probabilistic analysis; depends on quality of underlying cost-effectiveness model; may be sensitive to assumptions about willingness to pay
Questions this answers
- › What is the value of conducting additional research to reduce uncertainty in a healthcare decision?
- › How can we prioritize research topics based on their potential to improve decision outcomes?
- › What methods are available to estimate the expected value of information in health technology assessment?
References & sources
Related methods
Similar by meaning
- Value of Information Analysis in Models to Inform Health Policy (Kunst-Heath review)
- Pragmatic Guide to Assessing Real Option Value for Medical Technologies
- ISPOR Quantitative Benefit-Risk Assessment Good Practices
- SAVI (Sheffield Accelerated Value of Information)
- ICER Value Framework 2020 Update - Aggregation of Benefits and Contextual Considerations
Beta record. Based on the original catalogue summary; primary-source enrichment pending.