Saturday, 14 November 2015

Pharmacoeconomics: quantify the value of pharmacotherapy through balancing costs and outcomes

Pharmacoeconomics (PE), a sub discipline of health economics, evaluates the behavior of individuals, firms, and markets relevant to the use of pharmaceutical products, services, and programs, and with the focus on the costs (inputs) and consequences (outcomes) of that use. Cost-minimization analysis, cost-effectiveness analysis, cost-utility analysis and cost-benefit analysis are the four techniques commonly used for economic evaluation, but vary in measurement of value of health benefits and outcomes. PE assessment of formulary actions has become a standardized part of many pharmacy and therapeutic committees (PTC). PE studies are also helpful in fixing the price of a new drug and re-fixing the price of an existing drug, finalizing a drug formulary, creating data for promotional materials of medicines, compliance of requirement for drug license, including a drug in the medical/insurance reimbursement schemes, introduction of new schemes and programs in hospital pharmacy, drug development and clinical trials PE has use in health policy decision making and can be applied by a number of healthcare professionals such as policy makers, primary healthcare providers, health-care administrators, and health managers.

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