Health economic evaluations are ‘the comparative analysis of alternative courses of action in terms of their costs (resource use) and their consequences’. They can help quantify the costs and benefits of health technologies – such as new pharmaceutical and biopharmaceutical products – but also procedures, devices and diagnostic agents.
This approach balances costs and benefits, represents a valuable mode of thinking for decision-makers, irrespective of whether a formal economic evaluation is undertaken.
The application of health economics reflects a universal desire to obtain maximum value for money by ensuring not just the clinical effectiveness, but also the cost-effectiveness of healthcare provision and increased patient satisfaction.
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