Economic evaluation for mass vaccination against COVID-19

Wei Chun Wang, Jean Ching Yuan Fann, Ray E. Chang, Ya Chung Jeng, Chen Yang Hsu, Hsiu Hsi Chen, Jin Tan Liu, Ming-Fang Yen

Research output: Contribution to journalArticlepeer-review

36 Citations (Scopus)


Background: Vaccine is supposed to be the most effective means to prevent COVID-19 as it may not only save lives but also reduce productivity loss due to resuming pre-pandemic activities. Providing the results of economic evaluation for mass vaccination is of paramount importance for all stakeholders worldwide. Methods: We developed a Markov decision tree for the economic evaluation of mass vaccination against COVID-19. The effectiveness of reducing outcomes after the administration of three COVID-19 vaccines (BNT162b2 (Pfizer-BioNTech), mRNA-1273 (Moderna), and AZD1222 (Oxford-AstraZeneca)) were modelled with empirical parameters obtained from literatures. The direct cost of vaccine and COVID-19 related medical cost, the indirect cost of productivity loss due to vaccine jabs and hospitalization, and the productivity loss were accumulated given different vaccination scenarios. We reported the incremental cost-utility ratio and benefit/cost (B/C) ratio of three vaccines compared to no vaccination with a probabilistic approach. Results: Moderna and Pfizer vaccines won the greatest effectiveness among the three vaccines under consideration. After taking both direct and indirect costs into account, all of the three vaccines dominated no vaccination strategy. The results of B/C ratio show that one dollar invested in vaccine would have USD $13, USD $23, and USD $28 in return for Moderna, Pfizer, and AstraZeneca, respectively when health and education loss are considered. The corresponding figures taking value of the statistical life into account were USD $176, USD $300, and USD $443. Conclusion: Mass vaccination against COVID-19 with three current available vaccines is cost-saving for gaining more lives and less cost incurred.

Original languageEnglish
Pages (from-to)S95-S105
JournalJournal of the Formosan Medical Association
Publication statusPublished - Jun 2021


  • Cost-benefit analysis
  • Cost-utility analysis
  • COVID-19
  • Vaccine
  • Value of statistical life

ASJC Scopus subject areas

  • General Medicine


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