Two new ISPOR Good Practices Reports published

Value in Health, the official journal of ISPOR- the professional society for health economics and outcomes research, announced today the publication of 2 Good Practices Reports that together describe the findings of the ISPOR Value of Information Analysis Emerging Good Practices Task Force. The first report, "Value of Information Analysis for Research Decisions- An Introduction: Report 1 of the ISPOR Value of Information Analysis Emerging Good Practices Task Force," was published in the February 2020 issue of Value in Health, while the second report, "Value of Information Analytical Methods: Report 2 of the ISPOR Value of Information Analysis Emerging Good Practices Task Force," was published in the March 2020 issue.

ISPOR Good Practices Reports are highly cited, expert consensus recommendations on good practice standards in health economics and outcomes research. All ISPOR Good Practices Reports are published in the Society's scientific journal, Value in Health, and are made freely available as part of the Society's mission.

ISPOR formed the Value of Information (VOI) Task Force to improve the accessibility of VOI analysis for all stakeholders through the development of good practice guidance to inform research prioritization and other decisions pertaining to the development and reimbursement of healthcare technologies.

The first report is specifically aimed at those tasked with making decisions about the adoption of healthcare or the funding of healthcare research. It demonstrates the importance of VOI to decision makers, introducing readers to the concepts of VOI analysis and outlining decisions that can be supported by VOI analysis."

Elisabeth Fenwick, Ph.D., Pharmerit International, Oxford, England, United Kingdom, lead author of the first report

Report 1 defines key concepts and terminology and outlines the role of VOI for supporting decision making, including the steps involved in undertaking and interpreting VOI analyses. The report provides several recommendations for good practice when planning, undertaking, or reviewing the results of VOI analyses.

The second report, which is directed at methodologists or analysts undertaking VOI analysis to inform decision making, provides detailed guidance and emerging good practices on the principal methods required for assessing the value of information to inform a range of decisions.

Report 2 details methods for computing 4 specific VOI measures: (1) the expected value of perfect information, (2) expected value of partial perfect information, (3) expected value of sample information, and (4) expected net benefit of sampling. The report provides several recommendations for good practice when planning, undertaking, or reviewing VOI analyses.

The second report provides good practice guidance in the form of detailed algorithms for estimating expected value of perfect information, expected value of partial perfect information, and expected value of sample information. It also provides information about efficient approaches and software available to support the implementation of VOI."

Claire Rothery, Ph.D., Centre for Health Economics, University of York, York, England, United Kingdom, lead author of Report 2

An accompanying editorial by Rachael L. Fleurence, MSc, PhD and Joe V. Selby, MD, MPH also appears in the March 2020 issue and emphasizes the role these task force reports have in setting research priorities in this field.