Judan, Merrene Bright D.

(IPA) Phar 174

2015-00957

TASK NO. 1

1. Discuss the importance of pharmacoeconomics for future pharmacists.

Pharmacoeconomics is important in the field of pharmacy. Like any other profession

or industry, health care involves resources and expenses. Pharmacoeconomics deals with
managing these limited resources because nothing is free in this world. Pharmacoeconomics
can help future pharmacists in many aspects. It can be used in cost-effectiveness studies,
which aims to achieve an objective with the least resources, and cost minimization analysis,
wherein two interventions with the same outcome are evaluated for the least cost. As future
pharmacists, having a good background at pharmacoeconomics helps us in making sound and
practical decisions as health is not only theoretical but it is also a commodity which comes at
a cost. Nowadays, there are many people who have trouble accessing and buying drugs due to
the expensive prices of these drugs. In the Philippines, regulations on drug pricing is not that
strict that’s why drug prices are still high relative to other countries. This is where
pharmacists come into play. As future pharmacists, we have the responsibility of
safeguarding that resources are utilized in the best way possible and that the benefits of our
choices, whether economic- or health-related, outweighs the risks.

2. Why is pharmacoeconomics important in pharmacy practice?

Since health is a commodity which comes with a cost, it is very important that we
manage these resources properly in order to prevent unnecessary costs. Pharmacoeconomics
has a large role in the field of pharmacy practice. It has advanced health care as seen by the
existence of national drug formularies, generics law, and laws on universal access of cheaper
and quality drugs. For example, in making a national drug formulary, the price of drug is a
key determinant of health outcomes. If medicines are expensive, people will have limited
access to health care and this will intensify the disparity – the rich will become healthier and
the poor will become less healthy. It is the job of the government to ensure that this disparity
is minimized, if not totally eliminated. But behind every good government is a good
pharmacist-leader-regulator. In aiming for universal health coverage, economic
considerations should be given equal importance as clinical considerations.
 Another example is the recent hoarding of N95 masks in the Philippines. Had there
been a law regulating prices of drugs and medical devices in emergency situations at all
levels (i.e. from suppliers, manufacturers to retailers), we should have prevented the surge in
pricing of these masks.

3. What are the different applications of pharmacoeconomics? Give at least 3 and

briefly explain each.

 Pharmacotherapy. Drug therapy outcomes should be based on these three basic

areas: economic, clinical, and humanistic. Traditionally, most drug interventions are
based mainly on clinical risks and benefits of treatment but in reality, economic
considerations should be considered. We can’t always force a patient to buy a first-
line drug if they cannot afford it.
 Drug and Medical Devices Acquisition. In hospitals and drug stores, knowledge in
pharmacoeconomics is essential to prevent unwanted opportunity costs. It is no longer
appropriate to make selection decisions solely based on acquisition costs. We should
look into other hidden and time-related costs (i.e. maintenance, cleaning, setup costs).
 Resource allocation. Pharmacoeconomics ensures that resources are properly
allocated. It includes regulation of the private and public sector and proper use of
health technologies. For instance, even though the new dialysis machine is more
advanced in terms of features than the old dialysis machine, the hospital might not
need it since the old machine is still functioning properly and it can still accommodate
the current number of patients. As a common saying goes, do not buy what you don’t
need. Pharmacoeconomics ensures that decisions are cost effective and at the same
time health outcomes are maximized and not significantly compromised.

References

Purkiss, R. (2006). Pharmacocoecomics: The importance for pharmacists. The

Pharmaceutical Journal, 13(2006). Retrieved, January 23, 2020, from
https://vle.upm.edu.ph/pluginfile.php/38384/mod_resource/content/9/PE_pharmacists.
pdf

Reeder, C. E. (1995). Overview of pharmacoeconomics and pharmaceutical outcomes

evaluations. Americal Journal f Health-System Pharmacy, 52(4). S5-S8.
https://doi.org/10.1093/ajhp/52.19_Suppl_4.S5