Project owner(s): Newcastle University, UK
The EuroVaQ project represents an extended follow-up to a previously EU-funded grant (EuroWill) in which JA Olsen was co-PI in collaboration with Professor Cam Donaldson, who had the role as PI in EuroVaQ. This project had partners from nine countries, and aimed to establish a more accurate value for Quality Adjusted Life Years (QALYs), a key measure in European health effectiveness analysis. Currently, the monetary values assigned to QALYs, crucial for healthcare decision-making, are somewhat arbitrary and lack a solid economic foundation. The project seeks to develop robust methods for determining the monetary value of QALYs across various European countries through two approaches: modelling based on current statistical values of life and survey research to understand societal willingness-to-pay for QALYs. The initiative will ensure that these values are consistent and culturally sensitive across different European nations, enhancing decision-making and efficiency in healthcare.