Current Issue : July-September Volume : 2013 Issue Number : 3 Articles : 1 Articles
Role of pharmacoeconomics (PE) has grown significantly in recent years worldwide and PE is recognized as an evidence-based marketing tool. An understanding of the economics of pharmaceuticals in health care systems is provided by PE which is considered a key to affordable medicines. PE evaluation includes Cost-Effectiveness Analysis, Cost- Minimization Analysis, Cost-Benefit Analysis, and Cost-Utility Analysis. PE analysis drives to guide health care decision makers in allocating limited medical resources in a best possible manner. PE does not aim to reduce healthcare costs or saving allocated funds, but analyses the therapeutic costs to the society. Cost-effectiveness Analysis (CEA) is generally used to compare alternative programs with a common health outcome/assess the consequences of expanding an existing program. CEA of drugs is used to make decisions about resource allocation, pricing and use. Cost-minimization analysis is used when equivalent clinical outcomes are present for two competing interventions. Cost-Benefit Analysis in health care is the analysis of health care resource expenditures relative to possible medical benefit and is used in determining the degree of access to, or benefits of, health care to be provided. Cost-Utility Analysis has considerable potential for measuring the value of public health services along with other techniques. PE studies supplement clinical trials of new drugs and treatments by taking costs into consideration. Experts are of the opinion that pharmacy and medical graduate must be familiar with the pharmaceutical market and a well-known healthcare system so that they can apply PE research in medical and pharmacy practice decision making. PE, the study of the cost-effectiveness of medicinal drugs is becoming an essential management tool for drug subsidisation programs all over the world, and has important applications in both developed and developing countries....
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