Dictionary
The Dictionary provides concise definitions of health economics terms, arranged alphabetically for quick reference. Use it to understand unfamiliar terminology or confirm the meaning of a specific term.
C
- Cost per QALYCost/QALY, Cost per Quality-Adjusted Life Year
- A measure of value for money in cost-utility analysis, calculated as incremental cost divided by the quality-adjusted life years gained relative to a comparator.
- Cost per QALY ThresholdQALY Threshold, Threshold per QALY
- The maximum cost per quality-adjusted life year a health system is willing to pay for a health gain, used as the decision criterion in cost-utility analysis.
N
- NICE ThresholdNICE Cost-Effectiveness Threshold, NICE QALY Threshold
- The range of cost per QALY, typically cited as between twenty thousand and thirty thousand pounds, that NICE uses to judge acceptable NHS spending.
S
- Severity ModifierSeverity Weight, Severity Adjustment Factor
- An adjustment to a standard cost-effectiveness threshold permitting a higher accepted cost per QALY for treatments addressing more severe conditions.
V
- Vaccine Cost-EffectivenessVaccine CEA, Immunisation Cost-Effectiveness
- An assessment of a vaccine's cost relative to its health benefits, typically expressed as cost per QALY or DALY averted.