To download the study The Value of Self-Medication
To download the accompanying infographic
New Study by WSMI on The Value of Self-Medication
A major review of health economic studies from around the world, titled “The Value of Self-Medication – Summary of Existing Evidence” has been published.
This research, conducted by leading health economists, Joshua Noone and Christopher M. Blanchette from Precision Health Economics, in the U.S., demonstrates the benefits of responsible self-medication in reducing healthcare costs. The authors analysed a large number of study types, including theoretical models, retrospective studies of medical records and surveys.
The data confirms that products used for self-care of common health conditions, chronic and noncommunicable diseases help to alleviate pressure on government healthcare spending. The cost savings benefit patients, the healthcare system and the broader economy.
Self-care reduces the need for doctor’s visits and makes more of their time available for urgent or severe cases. Other benefits are greater access to effective treatments, increased productivity and patient autonomy, and reduced costs to third-party payers.
Looking ahead to the future, more data is needed on patient burden and productivity differences between self-medication and prescription drugs. In addition, more targeted research should be carried out on commonly-used nonprescription products many of which have been on the market for a long time, often decades, and yet, have not been extensively evaluated for their economic benefit.