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Summary of Pharmacoeconomics

Pharmacoeconomics could be a branch of health economics that sometimes focuses on balancing the prices and benefits of an intervention towards the utilization of limited resources, aiming at maximizing value to patients, healthcare payers and society through data driven higher cognitive process.

These decisions are often guide by a health technology assessment (HTA) process that inform governmental players about medical, social, and economic implications of development, diffusion, and use of health technologies – including clinical pharmacy interventions. This paper aims to produce an outline of the important concepts in costing in healthcare, including studies classification in keeping with the kind of study method (e.g. budget-impact analysis, cost-minimization analysis, cost-effectiveness analysis, cost-utility analysis), styles of costs (e.g. direct, indirect and intangible costs) and outcomes (e.g. events prevented, quality adjusted life year - QALY, disability adjusted life year - DALY).

Other key components of an economic evaluation like the models’ perspective, time horizon, modelling approaches (e.g. decision trees or simulation models because the Markov model) and sensitivity analysis also are briefly covered. Finally, we discuss the methodological issues for the identification, measurement and valuation of costs and benefits of pharmacy services, and suggest some recommendations for future studies, including the utilization useful of Assessment Frameworks.