Health economic and outcome research (HEOR) consist of pharmacoeconomic research and health technology assessment activities. HEOR provides evidence based justifications and profitable value of healthcare interventions and therapies. HEOR supports health care authorities to understand the impact of therapies and treatment options. HEOR plays a vital role in internal decision making process and deliver useful information for licensing and R&D, as well as pricing and market strategies. It also helps to define reimbursement with existing and newly introduced medical technologies.
The cost and demand of healthcare is increasing day by day due to increased technology, standard of living, life expectancy and increased demand in heathcare quality and services. High pricing of medicines and limited resources facilitates the need of Pharmacoeconomics. It reduces spending of resources without any competitive benefits at all the stages in the development of medicines i,e when they are researched, produced, and marketed. It supports clinical pharmacologists in promoting rational prescribing as well evaluates perspective, time horizon and cost.
Pharmacoeconomic evaluations are stepwise starting from problem identification and determination of study perspective to find out the specific treatment options, thereby selecting appropriate model. It measures input and output of investment, identify the resources necessary to conduct the analysis and establish the possibilities for the outcomes to the alternative. It also designs a decision tree, conducts analysis and present the result to acknowledge any assumption. The methods involved in pharmacoeconomics helps in interpreting issues related to cost & health benefits and weigh the cost of alternative drugs against the outcomes and policies.
Health technology assessment (HTA) is an evaluation of effects and impacts of health technology systematically. Its a multidisciplinary art to measure the socio-economic, organizational and ethical issues. HTA evaluates evidence of safety, effectiveness of real world and cost, patient reported outcomes as well as social, legal, ethical, and political impact and also long term consequences of a health care technology. The main objective of conducting an assessment is to inform a policy in decision making. Recently a reference document on HTA has been developed by World Health Organization which details about the concept and various support programmes of HTA.
Health economic and outcomes research acts as an important tool to support clinical decisions, individual patient treatment, formulary management, contribution to medication policies, resource allocation. HEOR supports drug inclusion or exclusion to the formulary for a cost effective treatment. Economic modeling and techniques of pharmacoeconomics supports the treatment of patient and analyze them by means of cost minimization analysis, cost effectiveness analysis, cost benefit analysis and cost utility analysis.
At WorkSure® we provide clear, quantifiable, and prescriptive methodology to decide among alternative outcomes in clinical decision analysis through its economic modeling capabilities. We recognize, measures, and relate the costs and consequences of drug therapy to healthcare systems and provide well trained, highly experienced team of economists, medical professionals and biostatisticians. We are highly specialized in Pharmacoeconomics studies, modelling in health care budget analyses. We have successfully completed Pharmacoeconomics projects for various healthcare institutions to optimize their resources and activities accordingly. We relates patients, society, and economy to drug therapy. We establish guidelines or standards of practice, creates a cadre of trained producers and consumers of Pharmacoeconomics work. We provide education on the relevant features of this discipline for practitioners, private sector executives and to government officials.