Trusting the results of model-based economic analyses: is there a pragmatic validation solution?

Ghabri, Salah, Stevenson, Matt, Möller, Jörgen and Caro, J. Jaime (2018) Trusting the results of model-based economic analyses: is there a pragmatic validation solution? PharmacoEconomics. ISSN 1170-7690

Text - Accepted Version Download (1MB)

Abstract

Models have become a nearly essential component of health technology assessment. This is because the efficacy and safety data available from clinical trials are insufficient to provide the required estimates of impact of new interventions over long periods of time and for other populations and subgroups. Despite more than five decades of use of these decision-analytic models, decision makers are still often presented with poorly validated models and thus trust in their results is impaired. Among the reasons for this vexing situation are the artificial nature of the models, impairing their validation against observable data, the complexity in their formulation and implementation, the lack of data against which to validate the model results, and the challenges of short timelines and insufficient resources. This article addresses this crucial problem of achieving models that produce results that can be trusted and the resulting requirements for validation and transparency, areas where our field is currently deficient. Based on their differing perspectives and experiences, the authors characterize the situation and outline the requirements for improvement and pragmatic solutions to the problem of

Item Type:	Article
Official URL:	https://link.springer.com/journal/40273
Additional Information:	© 2018 Springer Nature Switzerland AG
Divisions:	Hellenic Observatory
Subjects:	H Social Sciences > H Social Sciences (General) R Medicine > RM Therapeutics. Pharmacology
Date Deposited:	06 Nov 2018 11:46
Last Modified:	18 Apr 2024 19:00
URI:	http://eprints.lse.ac.uk/id/eprint/90541

Actions (login required)

View Item