Joel W. Hay

Joel W. Hay, PhD


Pharmaceutical and Health EconomicsCurriculum Vitae

Research Topics

  1. Health economics
  2. Pharmaceutical economics
  3. Government healthcare programs
  4. Healthcare market organization
  5. Drug legalization policy
  6. Cost/benefit analysis
  7. Comparative effectiveness and outcomes research
  8. Hospital costs
  9. Treatment selection bias
  10. Microeconometrics
  11. Healthcare demand estimation
  12. Vaccine policy
  13. HIV/AIDS medical costs and epidemiology
  14. Health insurance reform
  15. Evidence-based disease management
  16. Economic assessment of medical technology

Contact Information


PhD Economics, Yale University, 1980
BA Summa Cum Laude, Amherst College, 1974

Joel W. Hay


Joel W. Hay is Professor and Founding Chair in the Department of Pharmaceutical Economics and Policy in the School of Pharmacy, with a joint appointment in the Department of Economics and in the Leonard Schaeffer Center for Health Policy and Economics at the University of Southern California. He also served as the USC Project Coordinator for the Rand Evidence-Based Medicine Practice Centers of Southern California funded by the US Agency for Health Research and Quality, and Co-Investigator at the USC Alzheimer Research Center funded by the California Dept. of Health Services. He is a Health Economics Research Scholar at the UCLA Center for Vaccine Research. He is a founding Executive Board member of the American Society for Health Economics and of the International Society for Pharmaceutical Economics and Outcomes Research.

His previous positions include: Senior Research Fellow, the Hoover Institution, Stanford University (1985-1992); Senior Policy Analyst, Project HOPE (1983-1985); Asst. Professor, Dept. of Behavioral Sciences and Community Health, and Dept. of Economics, University of Connecticut (1980-1984); and Asst. Research Professor, University of Southern California (1978-1980). . He received his B.A. summa cum laude from Amherst College in 1974 and his M.A. (1975), M. Ph. (1976) and Ph.D. in economics (1980) from Yale University.

Dr. Hay (Google Scholar h-index: 49) has authored or coauthored over 600 peer-reviewed scientific articles, abstracts, commentaries, editorials and reports in the fields of pharmaceutical economics, health economics, outcomes research, disease management, statistics, econometrics, epidemiology and health care in journals including more than 200 peer-reviewed scientific articles and commentaries in journals such as: American Journal of Cardiology, American Journal of Health-Systems Pharmacy, American Journal of Managed Care, American Journal of Public Heath, Archives of Neurology, Haemophilia, Health Care Financing Review, Health Policy, JAMA, Journal of AIDS, Journal of the American Geriatrics Society, Journal of Business & Economic Statistics, Journal of Clinical Gastroenterology, Journal of Health Economics, Journal of Health Politics, Policy and Law, Journal of Human Resources, Journal of the Royal Statistical Association, Medical Care, New England Journal of Medicine, Pediatrics and Value in Health.

Dr. Hay has served as a consultant to U.S. Centers for Medicare and Medicaid Services, U.S. Agency for Healthcare Research and Quality, U.S. Centers for Disease Control and Prevention, U.S. Public Health Service, U.S. Food and Drug Administration, U.S. Environmental Protection Agency, Government of Hungary, Hong Kong Centre for Economic Research, Hong Kong Medical Executives Association, World Bank, California AIDS Commission, California Medi-Cal Drug Advisory Board, California Attorney General, County of San Diego Medically Indigent Adult program, and County of Sacramento Homeless Program. Dr. Hay has also written numerous health-related editorials published in papers such as Los Angeles Times, New York Times, Wall Street Journal, San Francisco Chronicle, San Diego Union, Sacramento Bee and Newsday.

Dr. Hay has served as a Member of the Expert Advisory Panel on Drug Utilization Review, United States Pharmacopeial Convention; an Executive Committee member for the federally-sponsored Southern California Evidence-Based Medicine Practice Center; and a member of the JAMA Web Site HIV/AIDS Editorial Review Panel. Dr. Hay is a founding member of the Board of Directors of the International Society for Pharmacoeconomics and Outcomes Research, a founding member of the Board of Directors of the American Society for Health Economics and a founding member of the International Academy of Health Preferences Research. He conducted a study of hospital and pharmaceutical costs for the national Blue Cross Blue Shield Association ( This report has been discussed in several national media, including NPR, CSPAN, USA Today, US News and World Report and others.

Joel Hay was Founding Editor-in-Chief of Value in Health the peer-reviewed scientific journal of the International Society for Pharmacoeconomics and Outcomes Research until 2003. This journal, started in 1998, became Medline-listed in 2002. In its first impact factor, Value in Health was ranked #1 in two categories for the year 2004, by the ISI Journal Citation Reports® (JCR) with an impact factor of 3.657. Value in Health led all other journals listed both in the Health Care Sciences and Services category in the JCR Science Edition and in the Health Policy & Services category in the JCR Social Sciences Edition.

Selected Projects/Publications

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Hay J, Bailit H, Chiriboga D. The Demand for Dental Health. Soc Sci Med, 1982; 16:1285-1289.

Hay J, Leahy M. Physician-Induced Demand. J Health Econ 1982;1:231-244.

Hay J. Impact of Public Health Care Financing on Private Hospital Costs. J Health Politics Policy Law, 1983:7:945-952.

Yett D, Der W, Ernst R, Hay J. Physician Pricing and Health Insurance. Health Care Financing Rev, 1983;1:69-80.

Hay J, Leahy M.Competition Among Health Plans: Some Preliminary Evidence. Southern Economic J 1984; 50:831-847.

Hay J, Olsen R. Let Them Eat Cake: Comparing Models of the Demand for Medical Care. J Bus Econ Stat 1984;2:279-282.

Yett D, Der W, Ernst R, Hay J. Fee Screen Reimbursement and Physician Fee Inflation. J Human Res 1985;20:278-291.

Sloan F, Hay J. Medicare Pricing Mechanisms for Physician Services. Med Care Rev, 1986;43:59-100.

Welch B, Hay J, Miller D, et al.. The Rand Health Insurance Study: A Summary Critique. Med Care, 1987;25:148-156.

Hay J, Leu R, Rohrer P. OLS & Sample Selection Models of Health Care: Monte Carlo Comparison. J Bus Econ Stat, 1987;5:499-506.

Hay J, Ernst R. The Economic Costs of Alzheimer's Disease. Am J Pub Health, 1987;77:1-7.

Hay J, Osmond D, Jacobson M. Projecting the Medical Costs of AIDS in the United States. J AIDS, 1988;1:466-485.

Hay J. Econometric Issues in Modeling the Costs of AIDS. Health Pol, 1989;11:125-145.

Wittels E, Hay J, Gotto A. Medical Costs of Coronary Artery Disease. Am J Cardiol, 1990;65:432-440.

Hay J, Daum R. Cost-benefit Analysis of H influenzae Type B Prevention. Pediatr Infect Dis J, 1990;9:246-252.

Hay J, Robin E. Cost-Effectiveness of Alpha-1 Antitrypsin Therapy in Treatment of Congenital COPD. Am J Pub Health, 1991;81:427-433.

Hay J, Wittels E, Gotto A. Economics of Lovastatin for Cholesterol and Coronary Artery Disease Reduction. Am J Cardiol, 1991;67:789-796.

Hay J, Hay A. Inflammatory Bowel Disease Costs-of-Illness. J Clin Gastro, 1992;14:309-317.

Hay J, Wolak F. A Procedure for Estimating the Unconditional Distribution and Its Variability of the HIV Cumulative Incidence Curve. J Royal Stat Soc, Series C, 1994; 43:599-624.

Bozzette S, Parker R, Hay J. Cost Analysis of Approved Antiretroviral Strategies in Advanced HIV. JAIDS, 1994;7:355-362.

Ernst R, Hay J. The Economic and Social Costs of Alzheimer's Disease Revisited. Am J Pub Health, 1994;84:1261-64.

Ashraf TA, Hay J, Pitt B, Wittels E, Crouse J, Davidson M, Furberg C, Radican L. Cost Effectiveness of Pravastatin in Secondary Prevention of Coronary Artery Disease Am J Cardiol 1996; 78:409-414.

Hay J, Ernst R, Meissner C. Respiratory Syncytial Virus Immune Globulin Cost Effectiveness. Am J Managed Care 1996;2:851-861.

Ernst R, Hay J, Fenn C, Tinklenberg J, Yesavage J. Cognitive Function & the Costs of Alzheimer's Disease. Arch Neurol, 1997; 54:687-693.

Clark F, Azen S, Zemke R, Jackson J, Carlson M, Mandel D, Hay J, et al. Occupational Therapy for Independent-Living Older Adults: A Randomized Controlled Trial. JAMA, 1997; 278:1321-1326.

Hay J, Yu W, Ashraf T. Pharmacoeconomics of Lipid-lowering for Coronary Heart Disease Prevention. Pharmacoeconomics, 1998; 15:47-74.

Hay J. Ernst, R., Kessler, G. Cost-effectiveness of alternative factor VIII. Haemophilia, 1999;5:191-202.

Hay J. Reporting Pharmacoeconomic Model Results. Value Health 1998;1:187-193.

Hay J, Yu W. Drug Patents and Prices, Can We Achieve Better Outcomes? in Triplett J, ed. Measuring the Prices of Medical Treatments, Brookings Press, Washington, DC. 1999:152-195.

Hay J, Jackson J. Methodological Issues in Conducting Pharmacoeconomic Evaluations and Modeling Studies. Value in Health, 1999. Vol. 2 (No. 3), pp.78-81.

Liu G, Hay J. Economic Evaluation of Ganciclovir for CMV. Pharm Res. 2000, 17(8): pp. 909-917.

Hay J. Conjoint Analysis in Pharmaceutical Research. J Managed Care Pharmacy 2002; 8(3):206-209.

Hay J, LaBree L, Luo R, Clark, F, Carlson M, Mandel D, et al. Cost Effectiveness of Preventive Occupational Therapy for Independent Living Adults. J Am Geriatrics Soc. 2002 50(8):1381-1388.

Yuan Y, Hay J, McCombs J. Mortality and Hospitalization Impacts Of Pharmacy Consultation In Ambulatory Care. Am J Managed Care. 2003; 9(1):101-112.

Chiou C-F; Hay J; Wallace J, Bloom B; Neumann P, Sullivan S, Yu H-T, Keeler E, Henning J, Ofman J. Development and Validation of A Grading System for the Quality of Cost-Effectiveness Studies. Medical Care 2003; 41:32-44.

Ofman J, Sullivan S, Neumann P, Chiou C-F, Henning J, Hay J. Examining The Value and Quality of Health Economic Analyses: Implications of Utilizing The QHES. J Managed Care Pharmacy, 2003; 9(1):53-62.

Forrest S, Goetghebeur M, Hay J. Hospital Expenditure Growth in the United States 1990-2002: Findings from the Literature. Am J Managed Care. 2003, 9(S2):S41-S53.

Hay J. Hospital Cost Drivers: An Evaluation of 1999-2001 State-Level Data. Am J Managed Care. 2003, 9(S2):S72-S83.

Etemad L, Hay J. Cost Effectiveness Analysis of Pharmaceutical Care in a Medicare Drug Program. Value in Health. 2003, 6(4):425-435.

Chen L, Hay J. Cost-Effectiveness Of Implanted Cardioverter Defibrillator for CHF. J Card Pharm Ther. 2004; 18:161-170.

Narayan S, Hay J. Cost-effectiveness of generic methylphenidate versus Adderall® (ADHD) in children. Expert Review of Pharmacoeconomics & Outcomes Research, 2004; 4(6):1-8.

Hay J. The Cost Effectiveness of Cardiovascular Medicines. Current Atherosclerosis Reports, 2005, 7:79-80.

Hay J, Sterling K. Cost Effectiveness Analysis of Fibrates for Dyslipidemia. Pharmacoeconomics. 2005, 23(2):133-141.

Letourneau-Wagner J, Hay J. Cost Impacts of Vaccination in the United States. Managed Care Cons 2005;4[2]:11-25.

Hay J, Leahy M. Cost Effectiveness of Oral Antihistamines in Medi-Cal. Value in Health Health 2005; 8(4):506-16..

Zhang L, Hay J. Cost Effectiveness Analysis of Triptans vs Cafergot in Migraine. CNS Drugs 2005; 19(7): 635-642.

Hay J. Where's the Value in Health Care?Value in Health; 2006; 9(2):11-14.

Stephens JM, Botteman MF, Hay JW. Impact of Antidiabetic Medications on Utilization, Costs, and Glycemic Control within Managed Care Organizations: A Review of the Literature. J Managed Care Pharmacy 2006; 12(2):130-142.

Spalding J, Hay J. The Cost-Effectiveness of Tumor Necrosis Factor Alpha Inhibitors as First-Line Agents in Rheumatoid Arthritis. Pharmacoeconomics 2006; Vol. 24 (12): pp. 1221-1232.

Zeiger R, Hay JW, Contreras R, Chen W, Quinn V, Seal B, Schatz M Risk-Stratified Medical Costs for Asthma Patients in a Managed Care Organization (MCO). J Allergy and Clinical Immunology. 2008;121:885-92.

Yuan Y, Iloeje U, Li H, Hay JW, Yao GB. Long-Term Cost Effectiveness of Entecavir in Suppressing Viral Replication in Chronic Hepatitis B (CHB) Patients Compared with Lamivudine. J Managed Care Pharmacy. 2008; 14(1):21-33.

Hay JW. Using Pharmacoeconomics to Value Pharmacotherapy. Clinical Pharmacology and Therapeutics. 2008; 84(2):197-200.

Le Q, Hay JW. Cost-Effectiveness Analysis of Lapatinib in HER2-Positive Advanced Breast Cancer. Cancer 2009;115:489 98.

Hay JW, Scranton R, Yucel K, Guo A, Balzer T, Gaziano J. Cost Impact Of Diagnostic Imaging For Lower Extremity Peripheral Vascular Disease (PVD). Value in Health 2009; 12(2):262-266.

Hay JW, Smeeding J et al. Good Research Practices in Measuring Drug Costs for Cost Effectiveness Analysis: A Report of the ISPOR Drug Cost Task Force. Value in Health 2010; 13(1):3-7.

Hay JW, Kaliner M. Review of the Pharmacoeconomics of Second-Generation Antihistamines in the Treatment of Allergic Rhinitis: A U.S. Perspective. Current Medical Research and Opinion. 2009; 25(6): 1421-1431.

Hay JW, Zhou Z. Commentary: A systematic review of the cost-effectiveness of rFVIIa and APCC in the treatment of minor/moderate bleeding episodes for haemophilia patients with inhibitors. Haemophilia 2010; 16(2):366-368.

Mark TL, Joish VN, Hay JW, Sheehan D, Johnson S, Cao Z. Antidepressant use in geriatric populations: the burden of side-effects and interactions on adherence and costs. In press, American Journal of Geriatric Psychiatry 2010.

Skrepnek GH, Seal B, Tangirala M, Hay JW. Adverse Dental Outcomes Associated With Intravenous Versus Oral Bisphosphonate Use In Patients With Osteoporosis. General Dentistry, November/December, 2010; 58(6):484-92.

Hay JW, Katon W, Ell K, Lee P-J, Guterman J. An Economic Evaluation of Collaborative Care Management of Major Depression among Low-Income, Predominantly Hispanics with Diabetes. Value in Health, 2012 Mar-Apr;15(2):249-54.