Abstract

AN OVERVIEW OF PHARMACOECONOMICS

Ravula Shivaprasad, M. Meena Kumari*, Yellakonda Srikanth, Mathaiah Nikita Singh, Dondra Srilatha and J. V. C. Sharma

ABSTRACT

*Community and health care is very cost sensitive because the general health expenditures are increasing. Accordingly, products and services in healthcare goes beyond evaluation of safety and efficacy during which the economic impact of these goods and services on the worth of health care is additionally considered .As in economics, efficiency is that the key concept with within the pharmacoeconomics, and this principle helps one to style strategies for purchasing the simplest amount of benefits for a given resource use. * Resources like materials and machinery allocated for healthcare are low; not less possible. Usages are infinite. Hence, it’s a challenge for healthcare professionals to supply quality patient care with minimum cost. Given the restrictions on healthcare resources, there's increased interest in assessing the worth for money, or economic efficiency of healthcare treatments and programs. Economic evaluation, analyzing costs and outcomes of several alternative therapies also can be a useful approach; though are often very difficult to accomplish.

Keywords: cost minimization analysis, cost utility analysis, cost effectiveness analysis, cost benefits analysis, pharmacoeconomics.