Authors
- . Akram Ahmad 1
- . Isha Patel 2
- . Sundararajan Parimilakrishnan 1
- . Guru Prasad Mohanta 1
- . HaeChung Chung 3
- . Jongwha Chang 3
1 Department of Pharmacy Practice, Annamalai University, Annamalai Nagar, Tamil Nadu, India
2 Department of Clinical, Social and Administrative Sciences, University of Michigan, Ann Arbor, MI, USA
3 Department of Public Health Sciences, The Pennsylvania State University, Pennsylvania, USA
Abstract
Phamacoeconomics can aid the policy makers and the healthcare providers in decision making
in evaluating the affordability of and access to rational drug use. Efficiency is a key concept
of pharmacoeconomics, and various strategies are suggested for buying the greatest amount
of benefits for a given resource use. Phamacoeconomic evaluation techniques such as cost
minimization analysis, cost effectiveness analysis, cost benefit analysis, and cost utilization
analysis, which support identification and quantification of cost of drugs, are conducted in a
similar way, but vary in measurement of value of health benefits and outcomes. This article
provides a brief overview about pharmacoeconomics, its utility with respect to the Indian
pharmaceutical industry, and the expanding insurance system in India. Pharmacoeconomic
evidences can be utilized to support decisions on licensing, pricing, reimbursement, and
maintenance of formulary procedure of pharmaceuticals. For the insurance companies to
give better facility at minimum cost, India must develop the platform for pharmacoeconomics
with a validating methodology and appropriate training. The role of clinical pharmacists
including PharmD graduates are expected to be more beneficial than the conventional
pharmacists, as they will be able to apply the principles of economics in daily basis practice
in community and hospital pharmacy.
Keywords
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