Traditional measures of value used in cost-effectiveness analyses are not, by definition, fully comprehensive or sufficiently flexible to allow for the inclusion of all the criteria that patients, payers, clinicians, or other health care stakeholders believe are important. As a result, they may produce an incomplete picture of a given treatment’s value.
But a novel decision-making approach could soon help stakeholders see a more complete picture of value. Multi-criteria decision analysis (MCDA) offers a scientifically rigorous decision-making tool capable of including multiple criteria that are important to stakeholders. This tool has been applied in a variety of sectors, such as investment banking and environmental management, but so far, its application to health care has been limited.
At the University of Colorado’s Center for Pharmaceutical Value (pValue), our team is developing and testing MCDA value assessment applications that encourage stakeholder engagement and promote value-based decision-making.
You can learn more about how MCDA works, and how we’re using it to inform value assessment by checking out this short primer, “Multi-Criteria Decision Analysis in Health Care Value Assessment.”
Brett McQueen, Ph.D., is an Assistant Professor at the University of Colorado Skaggs School of Pharmacy and Director of pValue. pValue is a PhRMA Foundation Center of Excellence.