A Review on Importance of Contingent Value in Pharma Sector

Abstract

In comparison to other health economists' methods for benefit calculation, Contingent valuation (CV) was argued to theoretical benefits. However, in practice, as applicable to healthcare concerns, it seems that methodology has not analyzed benefits, as its impact on national decision making in medical sector has still not been exercised. This is not due to continued thriving methodological lack study in this field. It is product, somewhat unorganized and non-systematic, of such operations. To encourage analysts to reach beyond assessment of cost-effectiveness of offering a given degree of environmental products, there needs to be few ways of estimating benefit of supplying various degree of services compared to their costs. While other measures are feasible, such units are expressed more naturally in money terms. The major goal of pharmaceuticals is to enhance the economic value of pharmacy services. The contingent valuation (CV) provides a way to value importance of pharma services. The Contingent Valuation method provides benefit in terms of individual monetary amount provided by both product and services. The present paper provides a brief review about CV method, importance in raising economic value of pharmacy along with its implications. The review also provides some guidelines i.e. National Oceanographic and Atmospheric Administration (NOAA) that should be followed in order to raise the economic value.