Cost Benefit Analysis and US Health Care Research Paper

Cost Benefit Analysis and US Health Care - Research penning ExampleThis paper will describe how Cost Benefit Analysis (CBA) and Cost Effectiveness Analysis (CEA) can assist the US wellnesscare to get over the issue of rising costs.Cost-Effectiveness Analysis and U.S. Health Care is an article written by Uwe E. Reinhardt and published in the Todays Economist blog. In the basic part of the article, Reinhardt particularly says about the current significance of comparative effectiveness analysis in the US healthcare. The author suggests that clinical practice guidelines promulgated by medical examination specialty societies must be based on a well structured comparative effectiveness analysis so as to translate better outcomes to patients as well as the Federal government. He also recommends the introduction of a comparative cost-effectiveness analysis with intent to establish least-cost therapeutic strategies adapted of achieving a given therapeutic goal. Reinhardt clearly tells t hat cardinal distinct groups oppose cost-effectiveness analysis in the US healthcare. According to the author, the manufacturers of pharmaceutical and biotechnology products or of medical devices often constitute the first group whereas the second group is comprised of individuals who sincerely believe that health and life are priceless (Reinhardt, 2009).In the article, Reinhardt mainly describes two interconnected approaches, such as comparative effectiveness analysis and comparative cost-effectiveness analysis to improve the overall health benefits delivered to patients and to trim down the cost of health products and services. Comparative effectiveness analysis is a better tool to compare and evaluate two potential choices and to identify the most feasible one. Under this method, optimistic and negative consequences of different choices under consideration are scrutinized, and finally the most effective choice is identified. The major strength of the comparative effectiveness a nalysis is that it