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Intro to Healthcare > Lec 25 - Pharmacoeconomics > Flashcards

Lec 25 - Pharmacoeconomics Flashcards

1
Q

Economics

A

study of production, distribution, and consumption of goods and services

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2
Q

Supply trend

A

price paid by buyers for product/service

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3
Q

Law of Supply

A

as price for product/service increases, producers will increase supply in the market

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4
Q

Supply affected by…

A
  1. Technological advance
  2. Cost of resources
  3. # of sellers in market (important)
  4. Price of related goods
  5. Producer preference and expectations
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5
Q

Demand

A

consumer interest in purchasing product/service

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6
Q

Law of Demand

A

as price of product/service increases, demand falls

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7
Q

Demand affected by…

A
  1. Income of consumers (imp)
  2. Price of related goods
  3. # of consumers in the market (imp)
  4. Consumer preferences and expectations
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8
Q

Health Economics

A

study of how people (pt, healthcare officials, gov’t) allocate scarce resources to promote, maintain and improve health

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9
Q

Why is Health Economics unique?

A
  • Variety of plans and conditions
    – variations in products/services and quality
  • high barrier to entry/exit
  • inelastic demand
    – constant
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10
Q

What does the ECHO Model stand for?

A

E = Economic
C = Clinical
H/O = Humanistic Outcomes

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11
Q

Economic outcomes

A
  1. Direct costs
  2. Indirect costs
  3. Intangile costs
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12
Q

Clinical Outcomes

A
  1. Result of medications or interventions on medical condition
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13
Q

Humanistic Outcomes

A
  1. Impact a medical condition or treatment on pt quality of life/daily functioning
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14
Q

Pharmacoeconomics

A

study of economic decision making involving efficient utilization of pharmaceuticals

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15
Q

What is considered in Pharmacoeconomics?

A

Limited resources of healthcare payers and society

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16
Q

What is Pharmacoeconomics (PE) used for?

A

To measure and compare cost of treatment options AND associated outcomes

17
Q

Importance of Pharmacoeconomics

A
  1. High cost of healthcare and medications
    - try to determine which services/products are most valued in comparison of their price
  2. Cost Control
    - try to find economical ways to mitigate these rising costs
18
Q

Cost-Minimization Analysis (CMA)

A

Type of study used in PE
- simplets form of PE analysis
- outcomes assumed to be equivalent
– e.g. comparing generics with the same indication
- only COST compared

19
Q

Cost-Effectiveness Analysis (CEA)

A

Type of study used in PE
- measures outocmes in natural units
– Ex: cholesterol levels, BP
- assess COST and OUTCOMES
– compares new drug vs. current therapy

20
Q

Cost-Benefit Analysis (CBA)

A

Type of study in PE
- considers COST and BENEFIT in MONETARY terms
– does the subject provide more benefit than cost?
- Disadv: challenging to put collar value on health otucomes

21
Q

Cost-Utility Analysis (CUA)

A

Type of stuyd in PE
- beyond measuring effectiveness and assess quality of life extended
– Quality over quantity
– 1.0 = perfect health
– 0.0 = death

22
Q

ISPOR

A
  • International Society for Pharmacoeconomics & Outcomes Research
  • multistakeholder, nonprofit org
  • GOAL: improve healthcare decision making via info from RESEARCH
23
Q

HEOR

A
  • Health Economics & Outcomes Research
  • assess and provide data to support health care decision making
24
Q

Top 10 Trends in HEOR (top 5)

A
  1. Real World evidence
    a. Electronic health records (EHR
    b. Rx drug claims
    c. Health care/medical claims
  2. Value assessment
    a. How much does it cost?
    b. Normal supply/demand does not apply when deciding pricing
    i. Lack of transparency
    ii. Patients differ
    iii. Insurance is a factor
  3. Health equity
  4. Healthcare financing
  5. Patient engagment
25
Q

Top 10 Trends in HEOR (top 6-10)

A
  1. Drug and healthcare pricing
  2. Public health
  3. Health technology assessment
  4. Health data
  5. Artificial intelligence

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