National Centre for Pharmacoeconomics

National Centre for
Pharmacoeconomics

NCPE Ireland

Economic evaluation

The comparison of alternative courses of action in terms of their costs and consequences, to inform and support the decision-making process

Economic model

a framework for bringing together different types of data from a range of sources to describe the patient pathway and the choices and consequences for the interventions under study. Modelling may be used to combine different data sets changing the information collected from a clinical trial into a form that can be used, to extrapolate short-term clinical data to longer term, to link intermediate with final endpoints, to generalise from clinical trial settings to routine practice and to estimate the relative effectiveness of technologies where these have not been directly compared in clinical trials

Effectiveness

The evaluation of benefit or risk, in a standard clinical setting, using outcomes measuring issues of importance to patients.

Efficacy

The evaluation of benefit or risk in a defined population in controlled or ideal circumstances e.g. in a laboratory setting, under research conditions

EVPI

Expected value of perfect information: describes the maximum amount a decision maker would be willing to pay in order to obtain perfect information, where perfect information would allow them to make a choice under certainty

Extended dominance

In the comparison of mutually exclusive programmes, the situation where one option has a higher incremental cost effectiveness ratio than a more effective alternative.

Extrapolation

Refers to the application of results to a wider population. Means to infer, predict, extend or project the results beyond what was recorded, observed or experienced