Pharmacoeconomics utilizes economic methods to evaluate and compare the value of one drug or intervention to another. With serious concerns about the value and cost of drugs and healthcare, and continuing pressure to reduce budgets, everyone is asking the question, “Where should I spend healthcare dollars to get the most value?” Pharmacoeconomics answers this question.

Pharmacoeconomics and its related fields of health economics and outcomes research (HEOR), provides insights that guide optimal resource allocation. Pharmacoeconomic data are used by clinicians, health systems, health insurers and payers, policy-makers, health technology assessment agencies and even patients. This exciting area of study identifies quality patient care by balancing economic, humanistic and clinical outcomes, taking the emphasis away from “what’s the cheapest?”