Question

Pharmacoeconomics question

Describe and apply the basic components for conducting a rigorous and sound local pharmacoeconomic evaluation methods

Note: A short description is enough

Answer 1

Pharmaeconomics:- It refers to the scientific authority that compares the value of one pharmaceutical drug therapy to another. It is a sub part of health economics. It evaluates the cost and effects of a pharmaceutical good.

Components of Pharmaeconomics:-

Pharmaeconomics is categorized in following manner:

1. Economic

a. Cost benefit.

b. Cost effectiveness.

c. Cost Minimization.

d. Cost Utility.

2. Humanistic

a. Quality of life.

b. Patient Preference.

c. Patient Satisfaction.

Pharmaeconomic evaluation methods:- Pharmaeconomic evaluations managed in today’s healthcare settings can be either partisan or full economic evaluations. The methods used most commonly by healthcare are,

1. Cost of Illness Evaluation.

2. Cost Minimization Analysis.

3. Cost Benefit Analysis.

4. Cost Effectiveness Analysis.

5. Cost Utility Analysis.