Author(s): Kamery Pitts
Pharmacoeconomics is a discipline of health economics that studies the costs and outcomes of pharmacological products and services. It aids in the formation of an economic relationship that encompasses medication development, production, distribution, preservation, pricing, and subsequent human use. Cost reduction, cost efficiency, cost benefit, and expense utility analysis are some of the principles that are used in Pharmacoeconomics analysis. When comparing two medications in the same class of drugs, Pharmacoeconomics can be quite useful in decision-making. This aids in establishing accountability by demonstrating that a manufacturer's statements about a drug are valid. Pharmacy professionals and administrators will be able to make better and much more informed judgments about the goods and services they deliver if Pharmacoeconomics is properly used.