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Pharmacoeconomics (PE) means different things to different people. To BioMedical Insights, it means using a set of analytic and strategic tools to help our clients answer tough economic and financial questions. By understanding health care markets and delivery systems, we identify the drivers of costs, who's at risk for these costs, and how new technologies can offset them. Our PE analyses are conducted so that their findings are easy for you and your customers to understand. BioMedical Insights provides PE analyses to meet the following objectives:
Financial planning for strategic product development
PE models can help you prioritize your investment and R&D agendas by identifying those markets that have the most to gain or lose from an economic standpoint. PE analyses can help you determine your return on investment, facilitate pricing decisions, and solidify revenue forecasts.
Corporate and product outcomes planning
PE studies come in different shapes and sizes. But they are not the solution to every problem. Why spend time and money on a study that has no meaning to your customers, or even worse, has a negative impact on your product's image? We help our clients understand the different types of PE analyses, when they should be employed, and how they can be executed effectively and efficiently. Our services range from helping clients develop corporate PE capabilities to designing studies for specific products and markets.
Economic decision support
PE analyses should be tailored for specific audiences with their needs in mind. Audiences may include managed care organizations, P&T committees, physicians, public policy experts, provider purchasing agents, and patients. These customers are making decisions about budgets, formularies, and treatment guidelines. PE analyses can be used to develop marketing and sales tools that help your customers reach economically sound decisions.
Why is corporate outcomes planning necessary?
BioMedical Insights believes that pharmacoeconomic and other outcomes initiatives should be cost-effective in their own right by providing a sound return on investment. Therefore, before proceeding with any initiative, we work with clients to:
- define objectives
- identify market needs
- assess study impact and feasibility
- develop solutions consistent with budgets
As a result, our clients make prudent decisions about whether and how to perform studies.
How do we calculate the cost of a particular disease?
The first priority should be to determine the treatment pathways and the resources consumed to provide care. BioMedical Insights works with clinical thought leaders and provider customers to determine the standards of care and treatment outcomes.
To translate care delivery into costs, we tap into recognized, reliable industry sources to identify and quantify the cost drivers. We have access to innumerable reference sources, including:
- health care claims data from public and private sources
- published data from the clinical and health services literature
- fee schedule and prospective payment levels for Medicare, Medicaid agencies, and private insurers
- manufacturers' wholesale and retail prices
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