The Forum > General Discussion > What is the dollar value of six months of life?
What is the dollar value of six months of life?
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18 months ago Amelia was diagnosed with pancreatic cancer. Slowly she changed from being a spritely sexagenerian who loved taking her grandchildren to play in the park to being a sickly bed-ridden old lady. Because of her pain medication she is only semi-conscious most of the time.
Last week the oncologist informed the family that Amelia had at most a month to live.
Yesterday a new drug for the treatment of pancreatic cancer became available. It is called panozidol. On AVERAGE it allows people with Amelia's type of cancer another six months of good quality life.
That's the average. In practise the results are highly variable. Around a quarter of sufferers appear to gain no benefit. A small number who were literally at death's door are still enjoying a good quality of life two years after being treated by panozidol.
The treatment consists of a SINGLE injection. It is VERY expensive.
The entire cost of the treatment is paid up front.
You are the minister of health. It is your job to set policy for Medicare.
How much do you think Medicare should be prepared to pay for treatment with panozidol?
If the manufacturer of panozidol refused to accept what you consider to be a reasonable price would you be prepared to deny Amelia and those like her a shot at another six months or more of good quality life?
This is a hypothetical. To the best of my knowledge there is no such drug as panozidol. Nonetheless this does encapsulate many of the quandaries facing those who manage and set policy for Medicare.
So what's a shot at another 6 months of life worth?