Pharmacoeconomics: From Health - Related Qual...

Pharmacoeconomics: From Health - Related Quality Of Life Point Of View

Author Name : Priscilla Nikhitha T, Akshitha Reddy G, Dr. Asha Jyothi V

ABSTRACT

Pharmacoeconomics is the field of study that evaluates the beha`vior of individuals, firms and markets in health care and that usually focuses on the cost (inputs) and consequences (outcomes) of health care interventions, such as the use of drugs, devices, procedures, services and programs. Pharmacoeconomics is the branch of economics that uses cost- benefit, cost-effectiveness, cost-minimization, cost-of-illness and cost-utility analyses to compare pharmaceutical products and treatment strategies. Health outcomes research and patient- reported outcomes in particular; aim at understanding patient value in terms of impact of disease and its treatment on physical functioning and psychosocial well-being, known also as “health-related quality of life” (HRQL). The major challenging area of interest for both pharmacoeconomics and research is the role of Quality Adjusted Life Years (QALYs) in economic evaluation. The high price of medicines and increasing expenditure on pharmaceuticals is a serious concern for governments in low-income countries where already over half of the population lacks regular access to essential medicines. India must develop the platform for pharmacoeconomics with a validating methodology and appropriate training, for the insurance companies to give better facility at minimum cost. The role of clinical pharmacist including Pharm D graduates are expected to be more beneficial than conventional pharmacists, as they will apply the principles of economics in community and hospital pharmacy.

Key Words: Pharmacoeconomics, Cost- minimization, Health Related Quality of Life, Quality Adjusted Life Years.