What is Applied Pharmacoeconomics?
Pharmacoeconomics is a field that utilizes a combination of scientific and economic methods to evaluate and compare the value of one drug or therapy to another. The studies provide scientifically grounded data to assist in optimal allocation of health care resources.
Why Applied Pharmacoeconomics?
In this track, students will learn to critique and apply pharmacoeconomic methods as they relate to cost-minimization, cost-effectiveness, cost-utility, and cost-benefit to improve clinical decision making. Graduates of the program may participate in a team effort to design and evaluate interventions to improve clinical, economic and humanistic outcomes within a health system. The skills to evaluate and analyze data to advise complex decisions will give health care professionals a competitive advantage.
Who is this program for?
Students entering the Applied Pharmacoeconomics track can pursue careers in dozens of health care-related fields. Common career paths include:
- Pharmaceutical Representatives
- Regulatory Compliance Professionals
- Health Care Administrators
- Health Insurance Professionals
- Drug Industry Professionals
- Legal Professionals
This program accepts either a Bachelor’s of Science or a Bachelor’s of Arts which makes building a stronger career in pharmaceuticals more accessible to students who did not initially anticipate a career within the field. While the coursework is challenging, it does not require a background in economics to be successful. However, students will benefit from a strong background in the business of health care.
What will you learn?
The coursework combines applied economics with health care sciences to prepare students to efficiently evaluate and compare the value of one drug or therapy to another.
Develop skills to analyze and evaluate data and assist in complex decision making regarding:
- Market failures
- Human capital
- Producer and consumer behavior
- Minimizing patients’ risk exposure
All tracks are available as graduate certificates and Master’s degree programs. Credits earned as a certificate student can be transferred towards the Master’s degree. Non-degree seeking students can also take courses for their career development.
How much does it cost?
Courses are $750 per credit hours plus fees. Approximate costs:
- Master’s Degree, 30 credit hours, $22,500
- Graduate Certificate, 15 credit hours, $11,250
Sample Plans of Study – MS and Certificate
- Master’s Degree
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