Healthcare Economics
Quality-adjusted life years (QALY) is a measure used to assess the value of medical interventions by quantifying the quality and quantity of life gained. It combines both the duration of life and the quality of health during that time, allowing for comparisons between different healthcare treatments or programs. This concept is essential in determining the cost-effectiveness of healthcare interventions, influencing decisions about resource allocation and prioritizing treatments based on their impact on patients' overall well-being.
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