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This study has been conducted to evaluate the efficiency of a Hepatitis B prevention program in Korea. The major program policy for the prevention is to interrupt vertical transmission of Hepatitis B virus from mother to newborn baby. The efficiency is measured by analysing cost-benefit ratio based on human capital and prevalance rate approaches. Cost for the program is determined by price of the HBV vaccine in the year of 1987,and the direct and indirect costs are calculated by the expenses involved in treating the patient and losses caused by work-days lost and death repsectively. The cost-benefit has been estimated from the low of 0.28 to the high of 6.43 depending on what prevalance rate and discount rate is used. For the suspected HBV carriers only, the ratio is estimated to be less than one. But the cost-benefit ratio estimated for all population exceeds one whatever discount ratios may have been used. In conclusion, the prevention program is recommended for implementation for comprehensive targets, i. e., for all mothers and their newborn babies. The selection of discount rate should be studied further since it significantly influences the result of analysis.