Pharmacoeconomics is a field of economics that compares the costs and outcomes of various pharmaceutical products and treatment strategies. The different types of health costs include direct (medical and non-medical costs), indirect and intangible costs. The pharmacoeconomic analyses are usually done based on a single or multiple perspectives; namely patient, health care provider, payer or societal perspective(s). The various methods of pharmacoeconomic evaluation are cost-of-illness analysis, cost-minimization analysis (CMA), cost-effectiveness analysis (CEA), cost-benefit analysis (CBA) and cost-utility analysis (CUA). The results of the pharmacoeconomic analyses can be used in clinical decision making, formulation and management of formulary, framing policies and guidelines for drug use and allocation of scarce health resources.
KeywordsCost-minimization Cost-effectiveness Cost-benefit Cost-utility
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