Explain what is meant by key terms such as ‘LYG’, ‘QALY’ and ‘ICER’Use these terms and the information they represent in a decision-making scenario

Explain what is meant by key terms such as ‘LYG’, ‘QALY’ and ‘ICER’Use these terms and the information they represent in a decision-making scenarioCompare and contrast the demands of effectiveness from different perspectivesScenarioYou are a member of an area prescribing committee (APC) which is reviewing the treatment options for a cancer which is universally rapidly fatal (usually within months) if not treated. For the purposes of this cases study, please assume the following:There is good evidence supporting the effectiveness of three medicines (A, B and C) in improving health outcomes.The treatments are mutually exclusive: there is no evidence that patients are better off switching from one to another.Effectiveness does not depend on patient or disease characteristics.All costs fall within the first year of treatment.Costsvary only according to the drug selected, since staff time, etc. are fixed and are the same requirements for each treatment.The annual budget available for commissioning treatment is US$150,000.The incidence of this cancer in the area covered by your APC is 500 new cases each year.The health economic data are summarized below:Treatment Life Year Gained Health Utility Index (in each year) Cost (per patient)A (Current Practice) 0.3 0.8 $300B 0.4 0.7 $1,500C 0.5 0.5 $500Question 1: Given the available budget of $150,000 per year, how many people could be treated with each option? Please show your calculation and explain briefly.Question 2: Measuring the cost-effectiveness by the incremental cost-effectiveness ratio (ICER), which treatment is the most cost-effective for a hospital use? Please show your calculation and explain briefly.Question 3: From a patient perspective, which treatment is the most effective? Please show your calculation and explain briefly.Question 4: From a society perspective, which treatment generates the greatest health gains given the funds available? Please show your calculation and explain briefly.Question 5: Which treatment would you recommend to the area prescribing committee (APC): A, B or C?
 
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