Significance of Cost effectiveness
Cost effectiveness is the evaluation of the economic value of a treatment or intervention in relation to its costs and outcomes. This concept is crucial in various fields including drug formulation, healthcare interventions, and treatment methods. It determines how effectively a product achieves desired results for its cost, guiding decisions on treatment options. Cost effectiveness allows for comparisons between different therapies, like Ayurvedic versus modern treatments, and assesses their financial viability while ensuring quality care and optimal resource utilization.
Synonyms: Economic efficiency, Value for money, Return on investment, Cost-benefit ratio, Affordability, Financial viability, Economic feasibility
The below excerpts are indicatory and do represent direct quotations or translations. It is your responsibility to fact check each reference.
The concept of Cost effectiveness in scientific sources
Cost effectiveness is a measure of economic efficiency that evaluates an intervention's costs against its health outcomes, analyzes the viability of testing methods, and assesses the benefits of treatments, particularly in herbal medicine.
From: The Malaysian Journal of Medical Sciences
(1) This refers to the balance between the expenses of a treatment and the benefits it provides, which is being assessed for DBS in Malaysia.[1] (2) This term refers to a measure of how efficiently a treatment or intervention achieves its desired outcomes in relation to the financial resources required.[2] (3) This is a measure of how well a treatment works in relation to its cost, and the text discusses the cost-effectiveness of different insulin types in various studies.[3] (4) An assessment of the economic efficiency of a treatment method in relation to its health outcomes.[4] (5) NBS has proven to be cost-effective in reducing neonatal mortality and morbidity, especially when expanded screening programs are implemented.[5]