Patient Safety Solutions Education Center
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Description: Health economics plays a crucial role in informing healthcare resource allocation decisions for the reimbursed markets, explains Madhur Garg, Director, Real World Evidence and Market Access, Sciformix Corporation. Health technology assessment (HTA) is often applied to assess the affordability and value of new healthcare technologies like drugs, medical devices, diagnostics, etc. QALY is often employed in the HTA process to quantify and compare health benefits of various treatment options. QALY is a measure of quality and quantity of an individual’s health state and is commonly used in health economics and outcomes research (HEOR).