Brilliant answer

Study Title

Healthcare products pricing

Search Terms and Databases Searched

· Healthcare services problems

· Pricing as a problem in healthcare.

· Problems of healthcare services in healthcare in the US.

· Google Scholar

· ProQuest

Social Health problem

In modern society, the cost of healthcare has been on the rise, especially for the treatment of lifestyle diseases such as cancer and diabetes, it's the shocking figures for treatment of such diseases that are causing depressions amongst patient relatives and dependents in the contemporary age.

Research Problem

According to Prasad et al. (2017), if the current high pricing of drugs continues in the US, over 100,000 premature deaths could be recorded annually due to the rising cost of healthcare.

Annotated Bibliography

Garrison, L. P., & Towse, A. (2017). Value-based pricing and reimbursement in personalized healthcare: introduction to the basic health economics. Journal of personalized medicine, 7(3), 10.

In this literature article, the authors develop their conceptual understandings of value-based outcomes, pricing, and reimbursement in healthcare. In general, the whole idea presented by the publication is centered on cost-effectiveness in healthcare as an issue of concern in modern-day healthcare provisioning. The authors, therefore, delve into the aforementioned items of cost-effectiveness effects in healthcare through analysis of both meaning and relationship. The primary question explored in the article is the models to apply in personalize healthcare. The article proposes the answer to the probe as leveraging on technology and competitive innovation power to achieve long-term efficiency in health economics balance. According to the authors, innovation can be an effective tool to spread value throughout the health services stakeholders, including suppliers to payers who receive the services and products such as medication drugs. Thus, the cost-effectiveness in healthcare analysis proposed seeks to make the impression of health economics as a value transfer chain linking both the social and economic collective good for all.

Sarpatwari, A., LaPidus, A. K., & Kesselheim, A. S. (2020). Revisiting the National institutes of health fair pricing condition: promoting the affordability of drugs developed with government support. Ann Intern Med 172(5):348-350. https://doi.org/10.7326/M19-2576.

The article's main focus is the cost of prescription drugs in the US that has been on a gradual rise for the last 3 decades. According to the authors, prescription drugs in the US have been the most significantly affected by increased prices amongst the healthcare services and products, recording over 100% increase on a decade-to-decade comparison. The cost of prescription drugs cannot be explained from an inflation standpoint nor some abnormal raw material price increases but rather just the monetization of healthcare products by drug-making companies. In the long run, prescription drugs have pushed up healthcare costs in the US, leading to government interventions, especially in the US senate. According to the article, the US policymakers have urged the national institutes of health to develop fair prescription drug prices better than interventions in 1989. The report builds up to the research on the rising cost of healthcare in the US.

Robinson, J. C., Brown, T. T., & Whaley, C. (2017). Reference pricing changes the ‘choice architecture ‘of health care for consumers. Health Affairs, 36(3), 524-530.

Reference pricing is a new innovative healthcare model for insurance provisioning pricing that has hit the market, allowing healthcare consumers to select low acuity and low-priced care. According to the authors, the model has been associated with high effectiveness in assuring quality health for many due to its accommodation of market shifts to low pricing and reduced costs of expenditures for healthcare. The authors further add that reference pricing could potentially stimulate more cost-reducing innovation and competition. While examining reference pricing as a lead model in the pricing reforms in healthcare, the authors explored previous articles to gain insights on its impacts on patient choice, provider prices, surgical complications, consumer cost-sharing, and employer spending. Reference pricing therefore not only provides standard coverage for many but also levels the field in healthcare for consumers by presenting a cost-effective payment option.

References

Garrison, L. P., & Towse, A. (2017). Value-based pricing and reimbursement in personalized healthcare: introduction to the basic health economics. Journal of personalized medicine, 7(3), 10.

Prasad, V., De Jesús, K., & Mailankody, S. (2017). The high price of anticancer drugs: origins, implications, barriers, solutions. Nature reviews Clinical oncology, 14(6), 381.

Robinson, J. C., Brown, T. T., & Whaley, C. (2017). Reference pricing changes the ‘choice architecture ‘of health care for consumers. Health Affairs, 36(3), 524-530

Sarpatwari, A., LaPidus, A. K., & Kesselheim, A. S. (2020). Revisiting the National institutes of health fair pricing condition: promoting the affordability of drugs developed with government support. Ann Intern Med 172(5):348-350. https://doi.org/10.7326/M19-2576