How Is Pharmacoeconomics Applied

Governments, health insurers, and providers use pharmaco-economic data to make decisions regarding the introduction, pricing, and reimbursement of new health technologies. Many drug formularies (a preferred list of drug products) are already being developed using pharmacoeconomic analysis and evaluation. It is important for a pharmaceutical company introducing a product for approval to have the proper pharmacoeconomic data ready for presentation to the appropriate agency(s) in order to avoid (or at least to mitigate) any delays and the potential for lost revenues that may result from such delays. From a methodological perspective, pharmacoeconomic evaluations may use the following types of economic analyses: cost-benefit, cost-utility, cost-effectiveness, cost-minimization, and cost-consequence. (See the glossary at the end of this chapter for a definition of each type.) Pharmacoeconomics is also one method of analysis used in the practice of evidence-based medicine. Defined by the Center for Evidence-Based Medicine, evidence-based medicine is the conscientious, explicit, and judicious use of current best evidence in making decisions about the care of individual patients. The practice of evidence-based medicine means integrating individual clinical expertise with the best available external clinical evidence from systematic research.

A few words of note: As this chapter covers only one topic, it is organized by resource type: databases, Web sites, tutorials, reports, journals, and books.

The amount of information available on pharmacoeconomics is vast and growing; therefore, this bibliography is meant to be a starting point. Pharmacoeconomics touches on all parts of the pharmaceutical value chain, so you may find that other chapters in this book mention related resources.

Pharmacoeconomics overview information is abstracted from HEED, MEMO—University of Dundee, and ISPOR; these sources are cited in this chapter.

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