Posted: January 17th, 2023
Consider that two drugs are available for the management of diabetic patients
G. Consider that two drugs are available for the management of diabetic patients. The first drug costs $4,000 over 10 years. The new drug costs $7,600 over 10 years. The outcome measure, Quality Adjusted Life Years (QALY), with the first drug is 8.0 over 10 years for diabetic patients, but the QALY will improve to 9.2 with the new drug. Show you work and calculate the ICER for the new drug: H. The per capital annual cost of acquiring and maintaining a CT scanner is $427,650, while the per capital medical benefits are $346,125. What is the benefit-to-cost ratio for this project? Should it be pursued? I. The health program budget of a voluntary agency is $60,000. The agency wants to adopt interventions from the list of four interventions in the table below to maximize health improvements. Which of the interventions should the agency adopt? Why? Intervention Cost-effectiveness Ratio Budget Needed A 420 $31,000 B 110 $45,000 C 250 $15,000 D 600 $14,000 J. The following table, in which all figures are in millions of dollars, summarizes the results of a recent cost-benefit analyses of five government projects: Project Social Benefits Social Costs Net benefits B to C Ratio A $100 $125 B 110 100 C 250 125 D 100 25 E 200 100 i. In the two right-hand columns of the table appearing above, compute the net gains (i.e., net social benefits) and the benefit-cost ratio for each project. ii. If the government wanted to maximize social welfare (i.e. net social benefit), which one project listed above should be undertaken? Briefly explain. iii. If the government wanted to maximize the return on its investment, which one project listed above should be undertaken? Briefly explain. iv. If the government’s budget was constrained to $125 million, which project or projects should it choose in order to maximize social welfare? Briefly explain. [Note: For purposes of answering this question, assume that social costs and the government’s budgetary costs are identical.]
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