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Pharmacoeconomics PowerPoint Presentation

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Description : This presentation on Pharmacoeconomics was created by the School of Pharmacy Relations Committee for AMCP. This presentation tries to define pharmacoeconomics, differentiate various pharmacoeconomic evaluation methods, discuss various considerations essential to evaluating a pharmacoeconomic analysis and provide examples of how pharmacoeconomics is applied in practice and various roles for the pharmacist.

Tags : Managed Care Pharmacy, healthcare, Academy of Managed Care Pharmacy, pharmacists, Managed Care Organizations, Student Pharmacist, Medication Therapy Management, Part D, Prescription Drug, Pharmacoeconomics

Published on : Jul 01, 2020 | Views : 4116 | Downloads : 8

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Slide 1-

Pharmacoeconomics Created by the School of Pharmacy Relations Committee for AMCP Updated: January 2020
Slide 2-

Objectives Define pharmacoeconomics Differentiate various pharmacoeconomic evaluation methods Discuss various considerations essential to evaluating a pharmacoeconomic analysis Provide examples of how pharmacoeconomics is applied in practice and various roles for the pharmacist
Slide 3-

Background - Pharmacoeconomics Process of identifying, measuring, and comparing costs and consequences of therapies and determining which alternative produces best outcomes for resources invested
Slide 4-

True or False The goal of pharmacoeconomics is to find the cheapest alternative
Slide 5-

Types of Economic Evaluation
Slide 6-

Cost of Illness Evaluation Aims to identify and measure total costs attributable to a particular disease Can demonstrate economic burden of disease Units of Measurement Cost – Monetary ($) Consequence – Not measured
Slide 7-

Cost Minimization Analysis Compares costs for therapeutically equivalent drugs to identify the least costly alternative Units of measurement Cost – Monetary ($) Consequences – assumed equivalent
Slide 8-

Cost Benefit Analysis Primarily used to determine allocative efficiency Units of Measurement Cost – Monetary ($) Consequences – Monetary ($)
Slide 9-

Cost Effectiveness Analysis Compares costs of two or more alternatives versus outcomes measured in natural units (eg: BP, HbA1c) Units of measurement Cost – Monetary ($) Consequence – health outcome (eg: BP, HbA1c) ICER – Incremental Cost Effectiveness Ratio ICER = ∆Cost/∆Effect = (CTx1 – CTx2)/(ETx1 – ETx2)
Slide 10-

Cost Utility Analysis Analysis that account for both quality and quantity of life which are expressed as “utilities” Utilities represent patient preferences and quality of life associated with disease and/or treatment Units of Measurement Cost – Monetary ($) Consequence – Quality adjusted life year (QALY) Quality adjusted life year – factor of life expectancy and utility ICER = ∆Cost/∆Effect = (CTx1 – CTx2)/(QALYTx1 – QALYTx2)
Slide 11-

Cost Effectiveness Plane 11
Slide 12-

Cost Effectiveness Plane 12 Reject Accept
Slide 13-

Recap of Pharmacoeconomic Analyses
Slide 14-

Considerations for Designing or Evaluating Pharmacoeconomic Studies Costs Direct medical – e.g., medication and administration Direct non-medical – e.g., transportation for treatment Indirect – e.g., lost wages due to illness Intangible – e.g., pain, suffering Perspective Patient, Provider, Payer, Society Perspective dictates what costs are considered
Slide 15-

Considerations for Designing or Evaluating Pharmacoeconomic Studies Discounting - value of money changes over time A dollar is worth more today than in the future Sensitivity Analysis Challenges results and tests assumptions by altering variables Accuracy and transparency Clearly documented study design, assumptions, inputs Face Validity Do the assumptions/input and alternatives reflect reality
Slide 16-

Economic Modeling Analytic models used to predict economic consequences of coverage, treatment, and access decisions Constructed by health plans, pharmaceutical manufacturers, academic groups, and consultants These models are associated with uncertainty
Slide 17-

One-Way Sensitivity Analysis Change one parameter at a time while keeping all others constant
Slide 18-

Probabilistic Sensitivity Analysis Instead of changing one or more variables at a time, all variables are simultaneously changed using a simulation
Slide 19-

Applications in Practice & Roles of the Pharmacist Assist in the design and implementation of research studies Evaluate pharmacoeconomic literature Apply results to clinical decision making Individual patient care Formulary/utilization management Disease management Resource allocation
Slide 20-

Helpful Resources Navarro RP, ed. Managed Care Pharmacy Practice. 2nd edition. Jones and Bartlett Publishers: Sudbury, MA; 2009. www.ispor.org https://icer-review.org/ https://www.equator-network.org/wp-content/uploads/2013/04/Revised-CHEERS-Checklist-Oct13.pdf Husereau D, Drummond M, Petrou S, et al. Consolidated Health Economic Evaluation Reporting Standards (CHEERS)—Explanation and Elaboration: A Report of the ISPOR Health Economic Evaluation Publication Guidelines Good Reporting Practices Task Force. Value in Health. 2013; 16:231-250.
Slide 21-

Conclusion Pharmacoeconomic evaluations consider cost compared to consequences of treatment alternatives Results are used to support population-level decisions regarding medication coverage and use Best-Practice principles should be used in designing pharmacoeconomic studies to optimize transparency and reduce bias
Slide 22-

Purpose of Quality Measures Quality measures are a mechanism to help quantify the quality of care provided Quality measures address aspects of care such as: Utilization of evidence-based medicine Efficiency and effectiveness Quality of Life Patient Satisfaction Useful in pay-for-performance and value-based purchasing reimbursement programs
Slide 23-

Thank you to AMCP member Pranav Patel and Michael Pazirandeh for updating this presentation for 2020.
Slide 24-

To improve patient health by ensuring access to high-quality, cost-effective medications and other therapies. Mission & Vision

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