http://economix.blogs.nytimes.com/2014/03/28/the-dollar-value-of-an-extra-year-of-life/?ref=economy
There is a new treatment of Hepatitis C that the manufacturer charges $1,000 a pill, adding up to $84,000 for a 12 week treatment. This has caused a lot of controversy because it would drastically raise the price of public insurance programs, to the point where people have protested in the streets of San Francisco. The drug would also place a pretty heavy burden on a lot of people that will never need treatment, which isn't very fair. It is being argued that the cost of the drug is far too high for the additional total quality of life that it would provide, and should not be used as the primary drug.
A lot goes into the way to value a life. How old is the person? How promising is the persons future? Does the person have kids? How many people on average will this save? These questions are sometimes depressing, but important while evaluating life. My opinion is this should be left to the private sector, and not put into public insurance. Although I do not believe in a public insurance program at all. This way the value of an extra year can be determined by how much one will pay for it, not decided by politicians.
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