FPGEE for National Association of Boards of Pharmacy (NABP) Practice Exam

Which of the following is a method used in pharmacoeconomic research?

1. Cost-benefit analysis

2. Cost-revenue analysis

3. Cost-savings analysis

4. Cost-variance analysis

The correct answer is: Cost-benefit analysis

Cost-benefit analysis is a fundamental method used in pharmacoeconomic research because it allows researchers to compare the costs of a healthcare intervention to the benefits it provides, usually measured in terms of health outcomes or quality of life. This approach helps determine whether the benefits outweigh the costs and assists in making informed decisions about resource allocation in healthcare. By quantifying both costs and benefits, decision-makers can evaluate different treatments or interventions to identify the most effective and efficient options for patients and the healthcare system as a whole. The other methods mentioned, while they may have merit in specific financial analyses, do not typically apply directly to pharmacoeconomic evaluations in the same fundamental way. Cost-revenue analysis focuses on the relationship between revenues and costs, which is more relevant in a business context than in evaluating healthcare interventions. Cost-savings analysis examines only the savings from a particular intervention without providing a comprehensive view of benefits compared to costs. Cost-variance analysis involves assessing variations in costs from a budget, which is important for financial management but does not assess the economic value of pharmacotherapy in comparison to its costs.