One example of this calculation is QALYs (Quality Adjusted Life Years) which is used in the UK to determine what drugs are worthwhile: https://www.nice.org.uk/news/articles/changes-to-nice-s-cost...
replyAdding a formula just hides the harshness of the decision. It does not change the fact that some people who could have been saved, will die as a result of the policy.
replyAll answers are wrong. But at least the one that you highlight can help us track over time if we are making progress to saving more people.