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A Practical Application of Value of Information and Prospective Payback of Research to Prioritize Evaluative Research

Author

Listed:
  • Lazaros Andronis
  • Lucinda J. Billingham
  • Stirling Bryan
  • Nicholas D. James
  • Pelham M. Barton

Abstract

Background and Objectives. Efforts to ensure that funded research represents “value for money†have led to increasing calls for the use of analytic methods in research prioritization. A number of analytic approaches have been proposed to assist research funding decisions, the most prominent of which are value of information (VOI) and prospective payback of research (PPoR). Despite the increasing interest in the topic, there are insufficient VOI and PPoR applications on the same case study to contrast their methods and compare their outcomes. We undertook VOI and PPoR analyses to determine the value of conducting 2 proposed research programs. The application served as a vehicle for identifying differences and similarities between the methods, provided insight into the assumptions and practical requirements of undertaking prospective analyses for research prioritization, and highlighted areas for future research. Methods. VOI and PPoR were applied to case studies representing proposals for clinical trials in advanced non-small-cell lung cancer and prostate cancer. Decision models were built to synthesize the evidence available prior to the funding decision. VOI (expected value of perfect and sample information) and PPoR (PATHS model) analyses were undertaken using the developed models. Results and Conclusions. VOI and PPoR results agreed in direction, suggesting that the proposed trials would be cost-effective investments. However, results differed in magnitude, largely due to the way each method conceptualizes the possible outcomes of further research and the implementation of research results in practice. Compared with VOI, PPoR is less complex but requires more assumptions. Although the approaches are not free from limitations, they can provide useful input for research funding decisions.

Suggested Citation

  • Lazaros Andronis & Lucinda J. Billingham & Stirling Bryan & Nicholas D. James & Pelham M. Barton, 2016. "A Practical Application of Value of Information and Prospective Payback of Research to Prioritize Evaluative Research," Medical Decision Making, , vol. 36(3), pages 321-334, April.
    • Handle: RePEc:sae:medema:v:36:y:2016:i:3:p:321-334
    DOI: 10.1177/0272989X15594369
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    References listed on IDEAS

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