Terms used to compare the costs and health effects of alternative interventions and judge value for money.
The incremental cost-effectiveness ratio, or ICER, is incremental cost divided by incremental effectiveness, expressing the additional cost per additional unit of outcome when ratio interpretation is meaningful.
Incremental effectiveness is the difference in health outcomes between an intervention and its comparator, calculated in a consistent outcome unit and comparison direction.
Incremental net monetary benefit, or INMB, converts the difference in health outcomes between two alternatives into a monetary value at a stated cost-effectiveness threshold and then subtracts their difference in cost.
A time horizon for an economic evaluation extending over the remaining expected lifespan of the population studied, rather than a shorter follow-up period.
A summary measure expressing an intervention's value in health units, converting incremental cost into health forgone and subtracting it from health gained.
A summary measure expressing an intervention's value in money, converting its incremental health effect into cash at a set threshold and subtracting incremental cost.
The range of cost per QALY, typically cited as between twenty thousand and thirty thousand pounds, that NICE uses to judge acceptable NHS spending.
The value of the next best alternative forgone when a resource is allocated to a particular use.