In Health Economics: An Introduction for Health Professionals, the author refers to health-related quality of life indicators, or utility effects, such as healthy days and quality-adjusted life years (QALYs) as “instruments that generate ‘common currencies’ to enable the health status of patients to be compared across all health care interventions” (Phillips, 2005, p. 74).
To complete this Application, write a 2 page paper that identifies at least two benefits and two challenges of using QALYs as a measure of economic benefits from health interventions. Then compare the use of QALYs to one other utility measure. Be sure to cite specific examples of each in your answer.