Effective Utilization of Pharmacoeconomics for Decision Makers

Abstract

Increased worldwide cost consciousness with regard to healthcare spending has resulted in a greater reliance of health systems on pharmacoeconomics as a tool for obtaining optimal value, attaining better outcomes, and controlling spending. In such capacities, pharmacoeconomics is often used as a basis for pricing, purchasing, and reimbursement decisions. Current barriers to the use of pharmacoeconomic data are related to the international coexistence of various evolutionary states of the theory and implementation of pharmacoeconomics, the fragmentation of healthcare budgets, and the diversity of healthcare systems and clinical settings. One result of these barriers is the decision makers’ need for more rigorous, more directly relevant pharmacoeconomic data that are presented in an interactive, customizable manner. Other stakeholders in the healthcare market have been noticeably affected by decision makers’ use of pharmacoeconomics and the more stringent data demands. Physicians have experienced decreased autonomy, patients have experienced delayed drug access and possibly compromised care, and manufacturers have endured greater financial burden and risk. This paper identifies ways in which manufacturers can maximize the effectiveness of their pharmacoeconomic activities to efficiently meet decision-maker needs, overcome some of the current barriers to the use of pharmacoeconomics, and minimize deleterious effects on major healthcare stakeholders.