Assignment task: There are four major methods of economic evaluation used in health care decision-making. The four methods are the cost of illness studies, cost-benefit analysis, cost-utility analysis, and cost-effectiveness analysis. You have been assigned to evaluate a new medication for disease X. I have purposely made up a disease to keep you from approaching this question as if you were looking at a medical clinical trial for the effectiveness of the mediation. Your focus needs to be on how you would perform the economic evaluation of the medication. Explain an essay in which you address the four questions listed below.
Q1. Which of the four types of economic evaluation would you use to perform your evaluation?
Q2. What advantages does the type of evaluation you selected have over the other three for this study?
Q3. What are some of the disadvantages or limitations of the evaluation you selected?
Q4. What information would you need to gather to perform your evaluation? (Please remember you are doing an economic evaluation not a medical/clinical trial for treatment.)