A new drug will extend life by 4.1 years at a quality of life of 58.7% and average life span is 74.2 and the Value of a Statistical Life is $8mn. Calculate the QALYS value (answer in dollars, 225.251)

Question

BlackTom AI · Accepted Answer

We start by restating the given data and what is being asked: a drug extends life by 4.1 years with a quality of life of 58.7%, the average life span is 74.2 years, and the Value of a Statistical Life (VSL) is $8,000,000. We need to calculate the QALY value in dollars.

Step 1: Convert the quality of life percentage to a decimal. 58.7% becomes 0.587.
Step 2: Compute the QALYs gained from the life extension. Multiply the extra years by the quality factor: 4.1 years * 0.587 = 2.4067 QALYs.
Step 3: Derive the value per life year using VSL and the average life span. If VSL = $8,000,000 and the life expectancy is 74.2 years, then the value per life year is 8,000,000 / 74.2 = 107,752.96 dollars per year.
Step 4: Multiply the QALYs by the annual value to get the QALY value in dollars. 2.4067 QALYs * 107,752.96 dollars/year ≈ 259,482.48 dollars.

Optional check: The calculation aligns with the interpretation that the QALY value is the product of the discounted or undiscounted life-year value per year (derived from VSL divided by life expectancy) and the QoL-adjusted life-years gained, yielding a result in the vicinity of $259,482.48.

A new drug will extend life by 4.1 years at a quality of life of 58.7% and average life span is 74.2 and the Value of a Statistical Life is $8mn. Calculate the QALYS value (answer in dollars, 225.251)Short answer

Similar Questions

A new drug will extend life by 5 years at a quality of life of 69% and average life span is 79.1 and the Value of a Statistical Life is $8mn. Calculate the QALYS value (answer in dollars, 225.251)

Question at position 8 An excess of growth hormone (GH) before puberty can result in the development ofgigantism.Graves' disease.acromegaly.pituitary dwarfism.Clear my selection

Question at position 6 The most abundant supporting cells in the central nervous system are called Question Blank 1 of 1[input].

Question at position 5 In the eye, the lens functions tofocus light on the retina at the back of the eye.protect the surface of the eye.increase vision in low-light conditions.move the eye side to side.Clear my selection

Question at position 4 Olfactory (odor) receptors are chemoreceptors. TrueFalse

If the pKa of HCHO2 is 3.74 and the pH of an HCHO2/NaCHO2 solution is 3.00, which of the following is TRUE?

Identify the missing particle in the following nuclear equation: 92 236 𝑈 → 38 90 𝑆 𝑟 + ? + 2 0 1 𝑛 + 4 0 0 𝑔

Which type of radioactivity will affect the mass of the isotope the least?

More Practical Tools for Students Powered by AI Study Helper

Homework AI Solver

Stylized AI Paper Writer

Plagiarism Checker Assistant

Citation AI Academic Writing Tool

In-Class Translation Assistant

AI Note Generator

AI Quiz Answers

Past Exam Questions from University Test Bank

Smart Practice Assistant

Adaptive Practice

Making Your Study Simpler