Episode 19- How much does a life cost?

During our lifetimes, we all make healthcare decisions. Do you go to the doctor to get something checked out, or wait for it to get better? In Australia, you may choose between Medicare and private health insurance. These healthcare decisions are made on a personal level by weighing the costs and benefits. So how are these decisions made? How do you measure the value of healthcare? Fundamentally, how do you put a dollar figure on a life? On this episode, we’re speaking with Richard De Abreu Lourenco, Associate Professor in Health Economics, about how we calculate the cost of life, and how these sorts of calculations figure in the way resources are allocated within our society. Further Reading: The Pharmaceutical Benefits Scheme Medical Services Advisory Committee Quality Adjusted Life Years (QALY)