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MGT-8010DBA Applied Management Capstone Project - North Central University
Project - The identification of a problem in the Oncology Market that through research will provide a unique solution the identified market topic.
1. Refine the problem identified in the previous assignment by developing an analysis. Includes the background, issues, and potential impacts.
2. Analyze the problem and hypothesized potential solutions.
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Solution: COST OF IMPLEMENTING REGULATIONS IN ONCOLOGY-RELATED ISSUES
The study that deals with the different tumors in human body and their development is known as Oncology. In other word, oncology is the branch of the medicine, which research about cancer. There is no doubt that it is one of the costly diseases in the world, which often lead the patient to path of death. The disease is not only fatal but also expensive for the patient. In the year, 2014 the cancer patients had to bear nearly four billion dollar and around eighty seven billion dollar was expended in the United State cancer related health care.
A study was conducted to describe, assess, and classify the social troubles experienced by cancer patients. Ninety cancer patients at all stages participated in the individual interview were taken into record. Result show that there were thirty-two social problems were recognized. The categories of problems are
• Managing in home
• Health and welfare services
• Monetary related
• Legal Matters
Modern science has conquered medicine for the last century along with service of the oncology patients. There is advancement of cancer treatment and introduction of detecting cancer through various modern equipment has come to a great help. There is a growing portion of cancer patient becoming well day-by-day. Patients have errands in their home, workplace, and other social areas. A cancer verdict may threaten these areas of his life. The problem with associations and communications is correlated with economic, employment, body image, and household problems.
Chemotherapy in one of essential product of cancer treatment, hence concerns are raised that there is shortage of oncology drugs which results in disruptions of treating patients. Cost of the drug is one factor for shortage. It is raised due to third party, patient, and families. They often try to stock the medicine creating artificial scarcity in the market. Various researches are conducted for oncology products. Patients need to pay for the medicine they purchase. Manufactures and medicine companies calculate the value of an oncology treatment. Second area of investigation is based on the cost implications adjoining the oncology care model. It is based on the acceptance of new pharmacy policy. The third area is associated with the waste of medicine as drugs are not being accepted by patients (Bertolini, Sukhatme,& Bouche 2015).
Background of the problem
Increasing number of cancer incidence has become a common global phenomenon. Health care cost has raised much in the world. Cancer patients receive world's most costly treatment. The financial burden comes up front with patient's family and relatives. Scientist and health organisation all over the world are discussing on how to reduce the cost of the treatment. There have been reports to discuss cancer care costs with their suppliers. The most favorable presentation of price data and associated clinical workflow is not well understood. Acknowledgment and communication about price may enable information switch over, support indecision of management. It is linked to patient happiness, treatment choice, reduced patient financial load, and health outcomes (Cazap, Magrath, Kingham, & Elzawawy 2016). Several evaluation have been established a need for a supply that both patients and clinicians could assess. Using participatory design helps all the project team members to represent patient economic services, pharmacy, medical oncology, nursing, and social work. Conversation with everyone helps to shape the plan, substance, language, and workflow. The input from the stakeholder group often prescribed cancer patient protocol this includes medication names and healthcare common coding system which is used for billing. The goals of the evaluation were probability and acceptability of the resource. The successful growth and launch by staff time is required to develop the resource (Pretorius 2016).
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Analysis of the issues
Cancer is one of the fatal diseases in United States. At the same time this is a disease that has an enormous effect on the patient and his family's pocket. The reason behind the soaring expenditure of cancer is discussed below.
The high price of drugs: The price of the medicines of cancer has become almost double with last five years. As per a recent report, the price of each latest cancer medicine that had brought in the market was more than 100,000 dollar (Souza et al., 2018). The average price of the new medicines that has released in the year 2017 was approximately 150,000 dollar.
The patients postpone the treatment: The huge price of the drug and the diagnosis terrified the patients. Moreover, some of the patients do not have the health insurances. As a result, they postpone their treatment and thus end up with a more expensive and critical treatment.
Shortage of the specialist: The shortage of the oncologists is another reason of its high cost of treatment (Dossett et al., 2017). Most of the time, the poor patients cannot afford the fees of the doctors as well as the hospital's bills. The scarcity of the quality doctors often makes cancer treatment expensive.
Impact of the federal policy changes: In spite of the contribution of the private health plans, systematic changes happened that are handled by the federal policy.
The role of Accountable Care Organization: Most of the care which the organization is care for, gives stress on the preliminary care. They do not focus on the cancer or oncology.
Oral drug: Most of the health plans are concerned with the medicines that are required for the cancer treatment. However, the oral drug is out of stocks.
Expensive chemo therapy: The high price of the chemo therapy is often unaffordable for most of the patient in United States.
Hypothesized potential solution
The growing burden of cancer needs sustainable solutions to ensure continued access to effective and safe treatment to everyone. Every patient has right to get medical treatment in spite of financial means, gender or population. To explore the issues and potential solutions health organisation is working in large scale. To regulate spending to access cancer treatment a ceiling is made. The main solution to overcome the cost can be stated as
Enhance/ rearrangement of Budget
In order to battle the problems of high cost cancer drugs, the effective distribution of financial resources is required. This includes in providing a budget for specific medical treatments and works as a preventative diagnostic measures. The less finance the society has, the more important is to distribute it in efficient way.
Amplification of Cost- Effectiveness Analysis
Cost- effectiveness is an important analysis for the value of treating cancer patient. The system analysis is important in amalgamating the value of treatment from
Collective compromise and reserve Funds
Significant steps are being taken to reduce high cost medicine by reducing administrative cost, creating low cost prices for counties, which cannot afford the most modern cancer treatment. Work is going on globally to meet the need of cancer patient drug in effective way. Organisation like UNASUR, MERCOSUR and other government bodies are working with themselves so that they can negotiate in purchasing the high cost medicine. Twelve South American countries are also working with the group to negotiate with medicine (Bennette, Richards, Sullivan, & Ramsey, 2016).
Discrepancy and tiered pricing
Differential pricing refers to the act of making certain cancer medicine high as per the income of the country. Economically developed countries do not face much problem if the medicine becomes expensive whereas it becomes a crisis for the less developed countries. The problem of global pricing of every medicine plays an important role in the price rise. The permission to overlook the patent act is one of key solution. Order to manufacture anticancer products can help in reducing the prices. Medicine can become more affordable.
Use of Generic and same composition
Pharmaceutical companies often take the chances of increasing medicine prices by taking the licensing of certain medicine. This process can be avoided so that generics and same composition medicine can be produce to reduce the cost. It does not mean that company should produce duplicate medicine. This medicine should be equivalent with original one. Careful examination should be conducted to guarantee safety, transparency, and potency of the drug as per clinical studies. Generics and same composition medicine reminds us that there is a answer to the problem of high cost drugs of cancer patient.
Millions of patients in United States suffer from this critical disease every year. The expenditure of cancer treatment is increasing in an alarming rate. Without the proper medical coverage or insurance policy the cancer patient could be destitute. That is the reason that the patients needs to have an adequate medical coverage that can provide enough monitory support in case of emergency.
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