1. Broadening the Concept of Value: A Scoping Review on the Option Value of Medical Technologies
- Author
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Oriana Ciani, Giulia Fornaro, Carla Rognoni, and Carlo Federici
- Subjects
Technology Assessment, Biomedical ,Databases, Factual ,Computer science ,Cost-Benefit Analysis ,Decision Making ,Terminology ,03 medical and health sciences ,0302 clinical medicine ,Empirical research ,Health care ,030212 general & internal medicine ,VALUE OF HEALTHCARE ,Actuarial science ,Health economics ,business.industry ,030503 health policy & services ,Health Policy ,Public Health, Environmental and Occupational Health ,HTA, INNOVATION IN HEALTHCARE, OPTION VALUE, VALUE OF HEALTHCARE ,HTA ,Grey literature ,Option value ,Economics, Medical ,Bibliographic database ,INNOVATION IN HEALTHCARE ,0305 other medical science ,business ,Value (mathematics) ,OPTION VALUE - Abstract
Objectives A recent debate in health economics and outcomes research community identified option value as one of the elements warranting consideration in the assessment of medical technologies. To conduct a scoping review of contributions on option value in the healthcare sector and identify relevant conceptual aspects and methods used to incorporate it in standard economic evaluations. Methods A systematic search was conducted up to July 2020 to identify contributions from electronic bibliographic database and gray literature. Data on the proposed definitions of option value, theoretical implications of its use in economic evaluations, and methods used to estimate it were extracted and analyzed. Results We found 57 eligible studies. Three different definitions emerged: insurance value, real option value, and option value of survival. Focusing on the latter (24 studies), we analyzed in depth 8 empirical applications across 7 therapeutic areas. The most relevant methodological challenges were on the perspective used in economic evaluations and how to robustly manage forecasting uncertainty, update cost-effectiveness thresholds, and avoid double-counting issues. For empirical studies assessing the total value of the technology, including option value, estimates ranged from +7% to +469% of its conventional value. Conclusions This review synthesizes theoretical and empirical aspects on option value of healthcare technologies and proposes a terminology to distinguish 3 different concepts identified. Future work should focus primarily on agreeing on whether option value should be included in economic evaluations and, if so, on developing and validating reliable methods for its ex-ante estimation.
- Published
- 2021
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