Unlocking Efficiency: The Art of Cost Effectiveness: A Narrative Review

In addition to being widely used, cost-effectiveness analyses are intuitive tasks that people perform on a daily basis. Health economic assessment is becoming more and more crucial in normal medical care because of population growth, growing demands, progressively decreasing resources, and ongoing therapeutic advancements. In order to ensure an efficient evaluation of innovative interventions for public health policy, the health economic assessment needs to analyse the results and costs of actions and technology with as much objectivity as feasible. Put differently, it is imperative to ascertain the extent to which patients or society are prepared to pay for innovative interventions in relation to current options, considering the available means. Furthermore, under fixed budget health care systems, rising costs may drive out other currently offered health care services. Researchers must employ conventional procedures and interpretations in consideration of regional characteristics based on social and economic determinants as well as clinical practice in order to undertake such assessments. Using such a strategy could be crucial to converting the existing healthcare system to a value-based one. Concepts regarding the significance and methods of health economic evaluation in clinical practice will be covered in this narrative review.