Pharmacoeconomics (i.e., cost-effectiveness) for a specific therapeutic (i.e., medication) for a particular type of cancer is an assessment of the following features of the medication:
• Efficacy (i.e., the short-term and long-term effectiveness)
• Safety (i.e., the risks of short-term and long-term side effects)
• Cost of the therapeutic and its administration
• Cost of managing the short-term and long-term side effects
Comparison of the pharmacoeconomics of different therapeutics is a way to evaluate the relative benefits, risks, and direct and indirect costs of the different medications.