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Enhancing the Budget Impact Model for Institutional Use: A Tool with Practical Applications for the Hospital Oncology
Hospital Pharmacy
|June 30, 2016
Summary
Hospital pharmacies need tools to manage rising cancer drug costs. An interactive budget impact model (BIM) helps evaluate new non-small cell lung cancer (NSCLC) agents, aiding financial planning for institutional oncology budgets.
Area of Science:
- Health Economics
- Oncology Pharmacy Management
- Pharmacoeconomics
Background:
- Rising costs of cancer care necessitate tools for budget impact assessment.
- Hospital pharmacies face challenges in managing the economic impact of new oncology drugs.
Purpose of the Study:
- To develop an interactive budget impact model (BIM) for evaluating new agents in non-small cell lung cancer (NSCLC).
- To create an institutional module within the BIM tailored for practices purchasing medications.
- To support pharmacy decision-making regarding oncology drug expenditures.
Main Methods:
- Utilized published data for treatment regimens, doses, duration, toxicity, and costs.
- Developed an interactive Excel-based model adaptable to local population data.
- Outputs included cost of care, reimbursement, and margin analysis by treatment regimen.
Main Results:
- The base case model estimated a total cost of $699,413 and reimbursement of $729,487 for NSCLC post-progression treatments.
- A margin of $30,075 was projected for the institutional oncology pharmacy.
- Results are sensitive to input data variations, emphasizing the need for customized analysis.
Conclusions:
- Institutional pharmacies require proactive planning tools for new drug budget impacts.
- An interactive, Excel-based institutional BIM can offer evidence-based support for financial decision-making.
- The developed BIM addresses the specific needs of practices managing institutional oncology pharmacy budgets.
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