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News Article

Pharmacoeconomic Studies to Improve Healthcare Services

By Rodrigo Andrade | Tue, 08/23/2022 - 11:51

Healthcare services across the world constantly grapple with balancing limited budgets and the growing needs of the population. Under these circumstances, pharmacoeconomic studies aim to use a data-based approach to facilitate decision making, shifting how healthcare providers approach treatment while considering multiple areas of a patient’s life. This field can also improve supply chain management in healthcare from the manufacture to the delivery of medicines.

“Pharmacoeconomics helps health professionals make better decisions. It is a fundamental tool to ensure that institutions and hospitals make the best possible decisions when selecting a therapy by considering the benefits and costs of new treatments,” Omar Tomey, Medical Director, AbbVie, told MBN.

The National Library of Medicine defines pharmacoeconomics as “the branch of economics that uses cost-benefit, cost-effectiveness, cost-minimization, cost-of-illness and cost-utility analyses to compare pharmaceutical products and treatment strategies.” These analyses aim to address the issues that cause shortages of medicines and long-term costs and numerous other problems.

Pharmacoeconomic studies are playing an increasingly important role in healthcare. For example, the US government’s recently approved Inflation Reduction Act of 2022 will allow for the direct negotiation of 20 medicines for the elderly and the disabled, while also setting a limit to drug prices increases and to out-of-pocket costs for individuals enrolled in the program, as reported by MBN. This an example of how different analysis regarding cost can entirely shift the accessibility of health services.

Mexico Health Summit 2022 ECHO, hosted by Mexico Business from Aug. 31 to Sep. 2, will feature industry leaders to discuss the latest trends impacting one of the most important sectors for the country’s economy.

Join the conversation on ‘Pharmacoeconomics: Innovation and Access’ where Sandra Sánchez from PharmAdvice, Cristian Von Schulz from Merck, Mauricio Rodríguez from APOTEX, David de Pinho from Sanofi, Rafael Gual from CANIFARMA and Juan Luis Serrano from Sánchez Devanny will discuss how this field is impacting healthcare provision around the world.

Do not miss the opportunity to get the insights of the Mexican health industry directly from the leaders who are transforming the sector. Tickets for the summit are available here. Join the future of B2B conferences now!

Rodrigo Andrade Rodrigo Andrade Junior Journalist & Industry Analyst