Standard Principles Of Economics And Oncology

Major issues rise when the economics is combined with the oncological science. It is obvious oncogenic cells treatment are so cost effective. The reason for this may be due to limited resource availability. Economic standard of individual play a major role when it is decision making of medical treatments as it cannot be afforded by all. Depending on the severity of cancer development, surgeons choose the type of treatment according to economical situation of a patient.

Care costing increases unsustainably

Cancer is considered as second top most cardiovascular disease by considering economic feasibility. Economic considerations include diagnosis cost, screening cost, treatment cost, side effects treatment cost and palliative care cost. These costs ultimately increase the corporate social hurdle and burdens.

Economic factors involved in medical decision making

As the need for improved technologies increases, following economic factors are to be considered.

• Cost minimization
• Cost utility
• Cost effectiveness

Cost minimization: In terms of cost effectiveness, treatment that is not economically effective is chosen. This is possible only be comparing the interventions of two drugs namely A and B.  Both drugs may have same response but each drug has different phase II trials. For instance darbepoietin and erythropoietin are used to treat anemia but both cannot be compared. With cost effectiveness consideration it is easy to find very less cost effective drug. It also helps in proper selection of growth factors like hematopoietic growth factors.

Cost utility: Cost effectiveness concentrates more on quantity rather than quality as it targets only survival. Death of an individual depends on quality, which is not considered in cost effectiveness factor. Ratio of quality treatment and utility factor should be 1.0 for healthy individual. If utility ratio is 0, death of an individual occurs. Cost effectiveness is converted in to cost utility by cost per quality adjusted life year (QALY), a validated method. Utility helps in comparison of different diseases state and clinical conditions. Cost utility finds difficulty in proper assignment of utility ratios. Life score quality increases treatment differentiation.

Cost effectiveness: This economic consideration helps in comparison of drug strategies quantitatively and not qualitatively. Ways by which cost effectiveness factor can be improved are

• Lower the costs
• Increase the effectiveness

Perception of public towards cancer treatment varies from individual to individual. Healthcare rationing provides single standard system patients, physicians and payers.

Questions:

• How economic plays role in medical decision making?
• How to apply cost effective data?
• What are benefits of combining costs and economic considerations?