Pharmacoeconomics and Pharmacy Management

Pharmacoeconomics and Pharmacy Management

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Description: basic understanding of the concept of pharmacoeconomics, basic principles of pharmacoeconomics, Pharmacoeconomics, financial aspects of pharmaceutical care, multidisciplinary concept, Pharmaceutical Care, responsible provision of drug therapy, Definition of Pharmacoeconomics, PE and the practice of pharmacy, Subsets of Clinical Decision Making, Clinical implications of PE, Applied Pharmacoeconomics.

 
Author: John Vella (Fellow) | Visits: 3081 | Page Views: 3857
Domain:  Business Category: Management Subcategory: Medical and Pharma 
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Contents:
Pharmacoeconomics and Management in Pharmacy I

[John Vella B.Pharm.(Hons.) M.Sc.(Pharmacoeconomics)]

2010

[UNIT PH 3340]

1

Introduction
� The aim of this unit
� To impart a basic understanding of the concept of pharmacoeconomics � To develop the basic skills required to apply this understanding in a practical context

� At the end of the unit
� You will have a grasp of the basic principles of pharmacoeconomics(PE) and be in a position to evaluate and criticise literature on the subject � You will realise that PE is applied to everyday situations, including one of those most relevant to us, pharmacy administration � You will be in a position to apply your newly acquired knowledge to practical use

J. Vella 2010

[PH 3340]

2

Introduction
� I expect
� You to take an open-minded approach and research practical examples and utilise them both in lectures and also in written evaluation

� I will
� Make the subject as interesting as possible and try my best to connect the theoretical with real-world applications

J. Vella 2010

[PH 3340]

3

Basic concepts and definitions

2010

[UNIT PH 3340]

4

Pharmacoeconomics
� Is a multidisciplinary concept � Encompasses pharmacy and economics

� By definition is the study of the financial aspects of pharmaceutical care

J. Vella 2010

[PH 3340]

5

Pharmaceutical Care
� The responsible provision of drug therapy for the purpose of achieving definite outcomes that improve a patient's quality of life1

1

Hepler, D.D. & Strand, L.M., Opportunities and Responsibilities in Pharmaceutical Care, Am.J. Pharm.Educ., 53, 7S-15S(1989).
J. Vella 2010 [PH 3340] 6

Economics
� The study of the utilisation and distribution of scarce resources which could have a variety of potential applications, both in a present and also in a future context � By nature, no resource is infinite and thus a system for its allocation must exist, or be devised
J. Vella 2010 [PH 3340] 7

Pharmacoeconomics
� Is thus the science of applying economic theory to pharmaceutical healthcare ends � Scare pharmaceutical resources are put to the best possible use � And implemented to achieve the best cost to effect benefits � A more technical definition is.....

J. Vella 2010

[PH 3340]

8

Definition of Pharmacoeconomics (PE)

� Description and analysis of the costs and consequences of pharmaceutical products and services and their impact on individuals, health care systems and society.

J. Vella 2010

[PH 3340]

9

PE as a science
� It is a new discipline � Only started being mentioned in literature in the 1980's, with the first PE journal published in 1979 � Becoming even more relevant as financial realities become more important � In pharmacy one must achieve a balance between needs and resources
J. Vella 2010 [PH 3340] 10

PE as a dispenser of pharmaceutical `justice'

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PE and the practice of pharmacy
� PE allows decisions to be taken on who, how and when to treat � Hard choices must be made when practising pharmacy, as there are never enough resources to treat all potential patients � PE is often ignored by administrators due to time and or budgetary constraints, resulting in even more misuse of valuable resources
J. Vella 2010 [PH 3340] 12

Social Context
� PE enables pharmaceutical care to be put into real-life context � Innovation in pharmacy is futile without the possibility of evaluating its widespread, affordable and accessible application � Can be on a macro- or micro-economic scale

J. Vella 2010

[PH 3340]

13

The increase in PE studies over time
35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 1965 1975 1980 1985 1990 1995 PE studies

J. Vella 2010

[PH 3340]

14

PE, clinical pharmacy and pharmaceutical care

2010

[UNIT PH 3340]

15

Conflicting interests in healthcare administration

� There is an overlap of functions
� Various interests vie for primacy � Taking an objective view while prioritising the patient's well-being
J. Vella 2010 [PH 3340] 16

Interlinked Subsets of Clinical Decision-Making

clinical

economic

humanistic

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Outcomes to be considered
Outcome

Clinical

Eradication of disease and physical survival Quality of life, including physical, emotional and social well-being

Humanistic

Economic

Cost of treatment options, alternatives, and the global effect on society

J. Vella 2010

[PH 3340]

18

Clinical implications of PE
� Time and money can only be spent oncechoice is inevitable � Pharmacoeconomics and outcomes research strengthens the evaluation process � Enables the delivery of better value in patient care � Increases access to pharmaceutical care

J. Vella 2010

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19

Cyclical relationship between Outcomes, Pharmacoeconomics and Pharmaceutical Care
OUTCOMES RESEARCH

PE STUDIES

PHARMACEUTICAL CARE
J. Vella 2010 [PH 3340] 20

Aims & Uses
� The primary aim is to enable providers to supply a high quality pharmaceutical service at the lowest possible cost � Outcomes research helps to answer some of the tricky questions posed earlier � By setting a measure of cost-efficacy to a particular health treatment

J. Vella 2010

[PH 3340]

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Aims & Uses
Main applications of pharmacoeconomic studies

Drug Therapy Evaluations
J. Vella 2010 [PH 3340]

Justify the cost of pharmaceutical care
22

Application
Outcomes researchA manner in which to evaluate the economic implications of research in general

CostA quantification of the value of resources consumed by a program or drug therapy of interest

ConsequencesA measure of the effects, outputs or outcomes of program or drug therapy of interest
J. Vella 2010 [PH 3340] 23

Applied Pharmacoeconomics

definitions Application principles

theory

methods

J. Vella 2010

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Perspective
� Patient- the actual recipient of treatment

� Prescriber- the professional choosing the treatment
� Provider-the institution supplying it � Payer- the one forking out the money � Societal- the global effect of the cost on others
J. Vella 2010 [PH 3340] 25

Bibliography and Acknowledgements
� � � � � � Deshpande PR, PharmD, Dept. of Pharmacy Practice, Manipal University, Manipal, India. Pharmacoeconomics, Microsoft Powerpoint Presentation Drummond M, Sculpher M, Torrance G, O'Brien B, Stoddart G. Methods for the Economic Evaluation of Health Care Programmes. 3rd ed Oxford: Oxford University Press; 2007 International Society for Pharmacoeconmics and Outcomes Research (ISPOR), Introduction to Pharmacoeconomics, ISPOR Distance Learning Program Rascati, K. Essentials of Pharmacoeconomics; Philadelphia:LippincottWilliams & Wilkins; 2008 Satyanarayana K, St.Peter's Institute of Pharmaceutical Sciences, Pharmacoeconomics, Microsoft Powerpoint Presentation Shull S PharmD, MBA. Basics of Pharmacoeconomics and Outcomes Research:Application to Patient Care, Microsoft Powerpoint Presentation

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