Pharmacoeconomics is one of the most important directions that helps minimize healthcare costs through drug therapy. Freeing the budget without harming the quality of treatment is one of the most vital universal goals of the healthcare sphere. Pharmacoeconomics helps examine and manage the expenditures related to drugs through cost analysis. The results of such an analysis are taken into account when planning investment policy and developing treatment standards. Pharmacoeconomics helps to combine the aims of increasing the quality of healthcare with the constantly rising pricing policy in markets (Rascati 2). This science allows the use of cost-effective methods that require high efficiency. The main essence of pharmacoeconomics is methodological approaches that allow to analysis the healthcare sector’s cost-effectiveness to use the funds of both individual users and the state as a whole. Accounting for treatment outcomes correlates with pharmacoeconomics from conventional treatment economics.
Discussing the concrete example of assessing the value of a prescription drug’s impact on decision-making, the substantiation of the prospects of developing and producing new drugs should be mentioned. Pharmacoeconomics establishes the grounding of the choice of optimal medicines for the formation of regulatory documents in the healthcare sphere. All these aspects contribute to making efficient decisions regarding treatment options. Pharmacoeconomics has various applications in different spheres of healthcare. From the practical point of view, pharmacoeconomics solves the problems of a particular industry in healthcare, taking into account its specifics and features of functioning. Economically, this science allows a rational use of the limited resources of the health care system and the funds of patients. From the social perspective, pharmacoeconomics creates conditions for providing the entire population with a guaranteed level of quality medical care from the state.
Work Cited
Rascati, Karen. Essentials of Pharmacoeconomics. Wolters Kluwer: Lippincott Williams & Wilkins, 2008.