Model outputs included costs and QALYs. These were used to calculate the cost-effectiveness of BMS versus conventional treatment, represented as incremental cost-effectiveness ratios (ICER; the difference in cost between two interventions, divided by the difference in their effect [QALYs]). The net monetary benefit (NMB; calculated as the benefit [QALYs] of an intervention multiplied by a willingness-to-pay [WTP] threshold, minus the cost of the intervention) was used as a measure of the value of each treatment in monetary terms. The WTP threshold, corresponding to the maximum cost per health outcome (QALYs) that a health system is willing to pay, was set at £25,000/QALY as per the NICE reference case.[21]

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