For example:
Value of stitching knife wound: (40 QALYs) * (30,000 GBP/QALY) = 1.2M GBP
Cost of stitching knife wound: (let's say) 1000 GBP
Decision process:
Is the cost less than the value? 1000 < 1.2M, so yes. Therefore, pay for the procedure.
Whereas:
Value of expensive cancer procedure on 70-year-old: Let's say 5 QALYs just to make up something, taking into account expected lifespan and QOL and chance of remission, etc, times the same 30k GBP, = 150k GBP.
Cost of procedure: 1M GBP
Decision process:
Is the cost less than the value? 1M > 150k, so no. Therefore, don't pay for the procedure.
To address the important scientist point you made, I could see it being in the interest of society to give some people extra special care (e.g. the US president gets top care), although mostly it's hard to value what should qualify someone, as you say. I think in some heartstrings cases we see GoFundMe's and such filling the gap; perhaps that's the proper role for charity in the system?