Pharmacoeconomics | Market MetRx
Among our many offerings, we also perform pharmacoeconomic modeling for our clients. Pharmacoeconomics compares the value of one pharmaceutical drug or drug therapy to another.
These studies evaluate the cost and effects of a pharmaceutical product. The costs are monetary costs and the effects are expressed in terms of monetary value, efficacy or enhanced quality of life of a pharmaceutical product. There are several types of pharmacoeconomic analysis:
Cost-minimization
This type of analysis is conducted when comparing two drugs of equal efficacy and tolerability. Depending on the economic vantage point that is being taken in the analysis will affect the types of resource expenditures and benefits that will be considered to be relevant to the analysis.
Cost-benefit
Cost-benefit analysis involves a process of weighing expected costs against the expected benefits of one or more actions in order to choose the best or most profitable option.
Cost-effectiveness
A type of economic analysis that compares the costs and effects of two ore more courses of action. Cost refers to the resource expended and is usually measured in dollars. The measure of effects depends on the action that is being considered.
Cost-utility
This type of analysis allows the comparison of different health outcomes by measuring them all in terms of a unit of measure known as the Quality Adjusted Life Year (QALY).
Budget Impact Analysis
A budget impact analysis is used to assess the affordability and financial impact of a new health care intervention. These studies help in guiding pharmaceutical companies in positioning their products.