Pharmacoeconomics

Abstract

Pharmacoeconomics refers to the scientific discipline that compares the value of one pharmaceutical drug or drug therapy to another. It is a sub-discipline of Health economics. A pharmacoeconomic study evaluates the cost (expressed in monetary terms) and effects (expressed in terms of monetary value, efficacy or enhanced quality of life) of a pharmaceutical product. We can distinguish several types of pharmacoeconomic evaluation:cost-minimization analysis, cost-benefit analysis, cost-effectiveness analysis and cost-utility analysis. Pharmacoeconomic studies serve to guide optimal healthcare resource allocation, in a standardized and scientifically grounded manner. Pharmacoeconomics research facilitates the translation of health technology assessment into useful information for healthcare decision-makers to ensure that society allocates scarce health care resources wisely, fairly and efficiently. Pharmacoeconomics research include health economics, clinical epidemiology, decision analysis, modeling, risk assessment, patient-reported outcomes (quality of life), database analyses, observational studies, and patients registries.