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10 May 2024
The biotechnology revolution has brought about significant changes in the healthcare industry, with finance and economics emerging as major issues in the use and success of new medical technologies, including biosimilars. Healthcare finance has become a major social issue in nearly every nation, and the evaluation and scrutiny of pricing and value of new treatments has become an industry unto itself.
The value of a new medical technology should be determined from the perspective of the market, not just from the company or the research team. It is the tangible effects that a new treatment will have on the patient and the health care system that determines its value, most often not the technology supporting it. Value assessments should take into consideration factors that influence value positively and negatively; ultimately, leading to an overall value perception by the stakeholder.
Pharmacoeconomics is the field of economic evaluation of medical technologies, and it has emerged to fill the needs of the area. Pharmacoeconomic analysis plays a crucial role in disease management, helping to evaluate and identify cost-effective medications for the treatment of diseases. Several pharmacoeconomic techniques are used to examine a new medical technology or treatment option, e.g., Cost–Benefit Analysis (CBA), Cost-Effectiveness Analysis (CEA), and Cost-Utility Analysis (CUA).
As societies continue to focus on the cost of health care interventions, it is important to be concerned about the economic and clinical implications of the products we bring into the system. Delivering value, in the form of improved outcomes, economic savings, or both, is an important part of pharmaceutical science and marketing.
In this book, 6th Edition of the Pharmaceutical Biotechnology, chapter 10 by Dr. Amit Patel and Dr. Kartick Shirur, the authors provide an in-depth analysis of the economic considerations in medical biotechnology, highlighting the importance of Pharmacoeconomics in the evaluation of new medical technologies, describing each approach with an example, along with the role of value in the development and marketing of new products.
Here is a link to access the complete ebook https://link.springer.com/book/10.1007/978-3-031-30023-3
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