Economic analysis allows healthcare decision makers to make resource allocation decisions, by performing cost-benefit analysis of the various interventions. Such analyses are important in the area of pharmacogenomics. It is expected that pharmacogenomics is most likely cost-effective, since it reduces the incidence of adverse drug reactions, which can reciprocally reduce healthcare expenditure at the national level.
This working group is currently evaluating the impact of pharmacogenomic testing in reducing the healthcare costs of anticoagulation therapy and treatment for nicotine addiction, while these projects will soon be expanded in various healthcare systems to assess whether pharmacogenomics can indeed reduce the overall costs of these treatment modalities.
References:
Snyder SR, et al. (2014). Economic evaluation of pharmacogenomics: a value-based approach to pragmatic decision making in the face of complexity. Public Health Genomics 17(5-6): 256-264.
Vozikis A, et al. (2016). Test Pricing and Reimbursement in Genomic Medicine: Towards a General Strategy. Public Health Genomics 19(6): 352-363.