Navigating Healthcare Economics: Optimizing Therapeutic Efficacy and Cost with Pharmacoeconomics

Indu Rania; Ray Moumita; Mangal Sudipto

doi:10.18502/jppm.v11i1.20273

Indu Rania Department of Pharmaceutical Technology, JIS University, Kolkata, West Bengal, India.
Ray Moumita Department of Pharmaceutical Technology, JIS University, Kolkata, West Bengal, India.
Mangal Sudipto Department of Pharmaceutical Sciences, Jharkhand Rai University, Raja Ulatu, Namkum, Ranchi, Jharkhand, India.

DOI: https://doi.org/10.18502/jppm.v11i1.20273

Keywords: Pharmacoeconomics, Direct costs, Indirect costs, Intangible costs, Cost-utility analysis (CUA), Cost-effectiveness analysis (CEA), Average cost- effectiveness ratio (ACER), Incremental cost-effectiveness ratio (ICER), Disability- adjusted life year, Health-related quality of life (HRQOL)

Abstract

Background: In today's healthcare landscape, escalating costs underscore the pressing need for pharmacoeconomic evaluations, particularly in low- and middle-income countries (LMICs) where medication expenses can dominate healthcare budgets. Pharmacoeconomics, a multidisciplinary field, scrutinizes the costs and benefits of healthcare interventions, offering vital insights for optimizing value within resource constraints.

Methods: This article provides an overview of pharmacoeconomics, tracing its historical development, methodologies, and diverse applications in healthcare decision-making. Despite its significance, obstacles persist in the widespread adoption of pharmacoeconomic studies, including limited funding, expertise shortages, and data deficiencies. Addressing these challenges is paramount to harnessing the full potential of pharmacoeconomics in informing resource allocation and enhancing healthcare efficiency and sustainability worldwide.

Results: As healthcare payers increasingly prioritize cost-effectiveness, the demand for pharmacoeconomic evaluations continues to grow, highlighting the urgent need for overcoming barriers to implementation. By embracing pharmacoeconomic principles, stakeholders can navigate complex healthcare landscapes, optimize patient outcomes, and promote equitable and efficient resource allocation. Ultimately, integrating pharmacoeconomics into healthcare decision-making processes holds promise for fostering a more resilient, effective, and patient-centered healthcare system for all.