Pharmacoeconomics has been identified as one of the veritable fields that will enhance the availability of medicines and other necessities in the Nigerian health sector, which will in turn boost the economy of the country.
Speakers at one of the plenary sessions of the ongoing 97th Annual National Conference of the Pharmaceutical Society of Nigeria (PSN) said on Wednesday that pharmacoeconomics will help to provide alternative treatment plans that are cheaper and more effective for diseases.
The theme of the session is, “Pharmacoeconomics and Global Partnerships to Facilitate Medicines and Healthcare Sundries Availability”.
In his address at the session, which was chaired by PSN former President, Pharm. Azubuike Okwor, the lead speaker, Dr Emmanuel Omehe said pharmacoeconomics compares the cost and effect of pharma products and services, adding that it is a field that helps policy makers and healthcare providers to make the right decision.
He pointed out that pharmacoeconomics has a big role to play in medicines production, as it helps in assessing financial burden of a new medicines therapy on a healthcare system, adding that the field helps in price regulation as well in identifying essential medicines. He noted that pharmacoeconomics helps in the cost of research & development as well as innovation.
Dr Omehe averred that there is urgent need for global partnership by players in Nigeria’s health sector, saying global partnership will enable players to compare price and effect.
Also speaking at the session, another speaker, a Professor at the Department of Clinical Pharmacy, Faculty of Pharmacy, University of Benin, Tony Waka Udezi explained that pharmacoeconomics studies the economic implications of pharmaceutical products and their value in healthcare. He pointed out that pharmacoeconomics is important to medicine availability, as it helps to improve decision making for resource allocation, assesses cost effectiveness of treatments, affordability and optimal use of medicines.
While highlighting the roles of pharmacoeconomics to medicines and healthcare sundries availability, Prof. Udezi stated that the field helps in Cost Benefit Analysis by comparing costs of healthcare interventions versus outcomes. He added that pharmacoeconomics helps in Budget Impact Analysis, as it helps to understand the economic impact of new medicines on healthcare budgets, adding that pharmacoeconomics ensures that medicines and devices prove additional beneficial outcomes for every penny.
While stating the importance of global partnership, the professor harps on the need for collaboration, which, according to him, encourages sharing of resources and knowledge. Other importance of global partnership, according to the professor, include investment that mobilises funding for research and infrastructure; innovation that drives development of affordable treatments, as well as better disease surveillance and response.
Also speaking at the session, wife of the PSN president, (Mrs) Stella F. Usifoh, also a professor at Faculty of Pharmacy, University of Benin, averred that there is urgent need for pharmacoeconomics in Nigeria, so as to enhance availability of medicines and other necessities in the Nigeria healthcare system.
According to her, pharmacoeconomics will provide an assessment of ADR’s, – efficient pharmacovigilance and reducing negative consequences, provides broad insight into a drug or disease’s medical and financial implications, helps in optimising budget utilisation for best possible treatments without heavy cost-related burden on the patients.
She added that pharmacoeconomics provides alternative treatment plans that are cheaper and more effective for diseases, as newer drugs could be more cost effective and therapeutically efficient than the overused older drugs; enhance good prescription and also enhance effective formulary management by aiding the decision-making process of policies by Pharmacy and Therapeutics.
Meanwhile, according to Prof. Usifoh, there are many barriers to pharmacoeconomics which include absence of a national body to govern pharmacoeconomics, inability to make mindful decision, lack of belief in the importance of pharmacoeconomics, lack of funding to conduct pharmacoeconomics evaluations, as well as lack of data among others. She however disclosed that there are guidelines that can help to achieve pharmacoeconomics.
“Integrating pharmacoeconomics with global partnerships can significantly improve medicine availability and quality of healthcare. We should encourage all stakeholders to collaborate for better healthcare outcomes. Governments needs to Invest in healthcare infrastructure and adopt pharmacoeconomics principles”, Prof. Usifoh said.
She also called on the private sector to engage in public-private partnerships and adopt affordable pricing strategies; even as she urged global organisations to continue to provide technical assistance and funding support.
