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Define Pharmacoeconomics.
Comparing both:
- 1) The benefit of one health care intervention (pharma)
- 2) The cost of providing said intervention (economics)
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Define Cost-Minimization Analysis.
- CMA compares the costs of interventions only.
- The interventions are assumed to have the exact same outcomes.
- Example, two generic drug companies make the same generic drug (simvastatin).
- Since the outcomes of using the same drug are the same, the cost is the only variable between companies.
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Define Cost-Effectiveness Analysis
- CEA measures the outcomes based upon "natural units" (mmHg for BP, HDL for cholesterol, symptom free days)
- Thus the outcomes for the compared interventions must be the same. (you can't compare a statin to a ACE)
- Can only take into account one outcome at a time.
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Define Cost-Utility Analysis
- Takes into account the quality of years of extended life by assigning a score to the length of effect of the intervention.
- A look at both the mortality (extended years of life) and morbidity (quality of each extended year).
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Define Cost-Benifit Analysis
- This CBA assigns a monetary value to the outcomes, so decisions can be made on implementing interventions that have different outcomes.
- However, it is difficult to assign dollar amounts to health care outcomes.
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Define Cost of Illness.
A combination of:
- 1) Direct Costs
- 2) Indirect Costs
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Define Direct Costs.
Costs associated with providing the treatment or prevention of specific intervention. (Rx, hospital costs, doctor visits)
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Define Indirect Costs.
- The costs associated with the loss of productivity due to having a disease or illness.
- (missing days of work, lost productivity to do work)
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