A Discussion of Pharmacoeconomics Applied to Blood Substitutes
Pharmacoeconomics examines the costs and the consequences of health interventions. The results of pharmacoeconomic studies provide the economic reasons to use a particular product based on direct comparisons of costs and outcomes of competing products or interventions. In today’s healthcare marketplace, providers, and specifically managed care organizations (MCOs), are forced to make difficult choices about which products will be made available for use in their organizations. It is now imperative to make pharmacoeconomic study results available to decision makers for review in order to achieve product acceptance for use in most organizations (Clifton and Blumenschein 1995). Without the results of a pharmacoeconomic study at product launch, the likelihood of product use and acceptance in today’s market is extremely low. Therefore, implementing pharmacoeconomic studies during clinical trials is recommended.
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