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Drug prices, lost opportunities, and the real cost of healthcare

Last month, the news was flooded (well, mildly soaked at least) with claims that the NHS is paying too much for drugs. My favourite headline was from the Telegraph, which claimed that researchers thought the ‘NHS should stop buying drugs

Posted in Commentary Tagged with: , , , , ,

Utility

Utility is one of those awkward concepts that is fundamental to economics, but actually rather difficult to define. Utility is important because economists often deal with situations in which things are compared that are not similar. The reason for this

Posted in Glossary Tagged with: , ,

Quality Adjusted Life Years (QALY)

Quality Adjusted Life Years (QALYs) are a measure of the length of life adjusted for the quality of that life. The quality of life should be measured using utility, which is the extent to which a person values one health

Posted in Glossary Tagged with: ,