PHARMACOECONOMICS AND THE FORMULARY DECISION-MAKING PROCESS

What is pharmacoeconomics and why is there growing interest in this co ncept by those who work in or serve the medical community? This articl e provides a brief explanation of this concept and its importance from an institutional perspective. Additionally, the tasks typically assoc iated with the position of a pharmacoeconomist in the hospital setting are defined. Also described are the types of cost analyses that can b e used, the relationship between pharmaceutical care and pharmacoecono mics, and finally, two examples of how pharmacoeconomic principles are actually being used in the formulary decision-making process at a maj or tertiary care center-The Cleveland Clinic Foundation.