What began as a movement by government payers in other parts of the world is now making its mark here in the United States. Pharmacoeconomics — the scientific discipline that compares the value of one pharmaceutical drug to another to assess its value and cost-effectiveness — has become the fourth hurdle companies have to address, behind efficacy, safety, and quality.
“Where pharmacoeconomics, as a tool to understand the impact and the value of different treatment decisions, impacts reimbursement decisions or formulary coverage decisions is how well a payer can understand the overall impact and the overall value of using a product,” says Bob Mauch, Ph.D., Pharm.D., president of Xcenda. “Given that, pharmacoeconomics, or the need to understand the value products create in the marketplace, is increasing rather dramatically.”
In some countries — Australia, Canada, and the United Kingdom, for example — pharmacoeconomic data are a requirement before a reimbursement decision can be made.
Lynn Okamoto, Pharm.D., general manager, healthcare analytics, at United BioSource, says there are two aspects of drug evaluation where pharmacoeconomic…
Experts on this Topic
Cheryl Hankin, Ph.D. Founder, President, and Chief Scientific Officer, BioMedEcon, Moss Beach, Calif.; BioMedEcon applies rigorous scientific methods to create coherent, objective, and practical formulary decision models, pharmaceutical and drug-delivery market entry strategies, and healthcare policy recommendations. For more information, visit biomedecon.com.
Rebecca Hyde. Partner, Strategyx LLC, Somerville, N.J.; Strategyx, an inVentiv Health company, is a strategic management consultancy dedicated to the development of actionable and effective brand, market segment, and organization design strategies. For more information, visit strategyx.net.
Bob Mauch, Ph.D., Pharm.D. President, Xcenda, Palm Harbor, Fla.; Xcenda, an AmerisourceBergen Specialty Group company, is a manufacturer-focused consulting company providing customized solutions for facilitating patient access to pharmaceutical and biotechnology products. For more information, visit xcenda.com.
Lynn J. Okamoto, Pharm.D. General Manager, Health Care Analytics, United BioSource Corp., Bethesda, Md.; UBC is a global pharmaceutical services organization that helps emerging and established life-science companies develop and commercialize medical products. For more information, visit unitedbiosource.com.
Jonothan Tierce. General Manager and Center of Excellence Leader, Global Health Economics and Outcomes Research (HEOR), IMS Health, Norwalk, Conn.; IMS Health is a provider of market intelligence to the pharmaceutical and healthcare industries. For more information, visit imshealth.com.