Quantitative Framework for Assessing Benefit-Risk in Healthcare

This document is a technical report that presents a quantitative framework for assessing benefit-risk in healthcare applications. It outlines the critical importance of demonstrating that the benefits of medical procedures exceed their risks, a principle that is foundational to medical ethics and practice. The report discusses the lack of a standardized methodology in both industry and academia for assessing this balance, despite its significance. It introduces a novel method that establishes a more objective and common metric for measuring benefits and risks without converting them into numerical values. This approach, referred to as 'risk algebra,' simplifies the assessment process and enhances clarity in determining whether benefits outweigh risks. The report also details various applications of this method, including its use in selecting therapies, customizing analyses for specific patient populations, and addressing complex risk-benefit scenarios. The document aims to provide a comprehensive understanding of the proposed framework and its practical implications in the medical field.