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Bayesian approaches to the value of information: implications for the regulation of new pharmaceuticals

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  • Karl Claxton

Abstract

The current regulation of new pharmaceuticals is inefficient because it demands arbitrary amounts of information, the type of information demanded is not relevant to decision‐makers and the same standards of evidence are applied across different technologies. Bayesian decision theory and an analysis of the value of both perfect and sample information is used to consider the efficient regulation of new pharmaceuticals. This type of analysis can be used to decide whether the evidence in an economic study provides ‘sufficient substantiation’ for an economic claim, and assesses whether evidence can be regarded as ‘competent and reliable’. Copyright © 1999 John Wiley & Sons, Ltd.

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  • Karl Claxton, 1999. "Bayesian approaches to the value of information: implications for the regulation of new pharmaceuticals," Health Economics, John Wiley & Sons, Ltd., vol. 8(3), pages 269-274, May.
    • Handle: RePEc:wly:hlthec:v:8:y:1999:i:3:p:269-274
    DOI: 10.1002/(SICI)1099-1050(199905)8:3<269::AID-HEC425>3.0.CO;2-D
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    References listed on IDEAS

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    1. Claxton, Karl, 1999. "The irrelevance of inference: a decision-making approach to the stochastic evaluation of health care technologies," Journal of Health Economics, Elsevier, vol. 18(3), pages 341-364, June.
    2. Kimberly M. Thompson & John S. Evans, 1997. "The Value of Improved National Exposure Information for Perchloroethylene (Perc): A Case Study for Dry Cleaners," Risk Analysis, John Wiley & Sons, vol. 17(2), pages 253-271, April.
    3. James C. Felli & Gordon B. Hazen, 1998. "Sensitivity Analysis and the Expected Value of Perfect Information," Medical Decision Making, , vol. 18(1), pages 95-109, January.
    4. Karl Claxton & John Posnett, "undated". "An Economic Approach to Clinical Trial Design and Research Priority Setting," Discussion Papers 96/19, Department of Economics, University of York.
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