Methods for Population Adjustment with Limited Access to Individual Patient Data: A Simulation Study

Population-adjusted indirect comparisons are used to estimate treatment effects when access to individual patient data is limited and there are cross-trial differences in effect modifiers. Increasingly, health technology assessment agencies are accepting evaluations that use these methods across a diverse range of therapeutic areas. Popular methods include matching-adjusted indirect comparison (MAIC) and simulated treatment comparison (STC). Despite this increasing popularity, there is limited formal evaluation of these methods and whether they can be used to accurately compare treatments. Thus, we undertake a comprehensive simulation study to compare standard unadjusted indirect comparisons, MAIC and STC across 162 scenarios. This simulation study assumes that the trials are investigating survival outcomes and measure continuous covariates, with the log hazard ratio as the measure of effect -- one of the most widely used setups in health technology assessment applications. The simulation scenarios vary the trial sample size, prognostic variable effects, interaction effects, covariate correlations and covariate overlap. Generally, MAIC yields unbiased treatment effect estimates, while STC is often biased because the measure of effect is non-collapsible. Standard indirect comparisons are systematically biased, particularly under stronger covariate imbalance and interaction effects. Standard errors and coverage rates are often valid in MAIC but underestimate variability in certain situations. Interval estimates for the standard indirect comparison are too narrow and STC suffers from bias-induced undercoverage. MAIC provides the most accurate estimates and, with lower degrees of covariate overlap, its bias reduction outweighs the loss in effective sample size and precision.