Hi, I need help with essay on HEALTH ECONOMICS AND DEVELOPMENT ( PhD Public Health). Paper must be at least 2250 words. Please, no plagiarized work!16,666.67/QALY Average cost per discounted QALY = To

Hi, I need help with essay on HEALTH ECONOMICS AND DEVELOPMENT ( PhD Public Health). Paper must be at least 2250 words. Please, no plagiarized work!

16,666.67/QALY Average cost per discounted QALY = Total Cost (?)/ Total Benefit (discounted QALYs) = 20,000,000/ 1000 =?20,000/QALY Therefore the Average cost per discounted QALY (c) =?20,000/QALY d. Column 6? Marginal cost effectiveness= difference in total costs/ difference in effectiveness (total output) =?16,666.67 =?40,000 Question 2 The quality- adjusted life year (QALY) is a quota of the routine of medical treatments that focus on the extent of health improvement and period over which the improvement takes place. QALY is applicable in the assessment of money to be used in a treatment plan. A year in excellent health is ascribed the rate of 1.0 death is assigned the value of 0.0. QALY is regarded as a statistical term defining the value of reducing the average number of deaths by one. Willingness to pay (WTP) refers to the maximum amount a consumer is willing to pay for a good or service. which in this case is the quality and quantity of life. The strength of WTP is it is a superior reflection of individual preferences. It can be used to acquire data on fair pricing and demand predictions from a marketing medical viewpoint. WTP is useful in cost- benefit analysis in the field of medical economics (Guinness, Wiseman, &amp. Wonderling, 2011). The strength of QALYs first and foremost is its essence in the allocation of healthcare resources and individual preferences in policy evaluation if the restrictive factors are met. This result to a health care preferential treatment with a lower cost to QALY saved ratio over an intervention with a higher ratio. Another advantage of QALYs is. it can be combined with information on the prices of substitute treatment plans and medical programs to evaluate the economic effectiveness (Mcculloch, 2002). Given that QALY weights are founded on responses to hypothesis, they are prone to weaknesses as value measures based on contingent valuation. The weakness of this measure is that it is controversial. Some individuals will fail to receive treatment because they cannot afford it. Another con of QALYS is risk neutrality over longevity. This implies that an individual is indifferent to any natural risks that do not affect his life expectancy. The weakness of WTP is mortality risk reduction does not exist as abruptly with declining lifetime, and might even upsurge as life expectation deteriorations over some assortment of ages. WTP to reduce mortality risk does not happen in percentage to life expectation, for the reason that the chance price of spending on peril discount also falls with lessening lifetime expectancy. as the individual has a smaller amount to save for. The weakness of WTP measurements is on its reliability and validity. For the reason that QALYs impose restrictive expectations on preferences. the ranking of fitness interventions using QALYs may differ systematically from the ranking using WTP. QALY weights are more reliable than estimates of WTP. making QALY a more valid representation over WTP. What makes QALY acceptable in the United Kingdom is it can be used to contrast the effectiveness of various types of medical involvements and treatments for a particular disease. More resources can be allocated to other programs for instance WTP that show lower cost per QALY relative to other programs. QALYs are viewed as more equitable than WTP. due to the fact that, they treat longevity equally regardless of the individual’s wealth (Jones, 2011). Question 3 i.