Dictionary

The Dictionary provides concise definitions of health economics terms, arranged alphabetically for quick reference. Use it to understand unfamiliar terminology or confirm the meaning of a specific term.

351–400 of 527 terms in P

P

Price CapTermPrice Ceiling, Maximum Allowed Price
A government-imposed upper limit on the price a manufacturer may charge for a drug, used as direct price regulation in some systems.
Price ControlTermPrice Regulation, Statutory Price Limit
A government-imposed limit on the price charged for a good or service, set as either a ceiling or a floor.
Price CutTermMandated Price Decrease, Price Lowering
A reduction in a drug's price, whether voluntary or mandated, affecting a treatment's ongoing cost-effectiveness and overall budget impact.
Price DistortionTermDistorted Pricing, Market-Signal Distortion
A deviation of a good's market price from the level that would prevail under efficient conditions, often caused by tax, subsidy, or regulation.
Price Elasticity of DemandConceptDemand Price Sensitivity, PED
Price elasticity of demand measures the proportional change in quantity demanded associated with a proportional change in price, holding other determinants of demand constant.
Price Elasticity of HealthcareTermHealthcare Demand Elasticity, RAND HIE Elasticity
An empirical estimate of how sensitive healthcare use is to changes in out-of-pocket price, most famously quantified by a large randomised experiment.
Price Elasticity of ICERTermICER Price Sensitivity, ICER Elasticity
A measure of how sensitively a treatment's ICER responds to price changes, used to identify the price at which it crosses a cost-effectiveness threshold.
Price ErosionTermPrice Decline, Post-Patent Erosion
The gradual decline in a drug's price over time, most commonly following generic or biosimilar competition after patent exclusivity is lost.
Price FreezeTermPrice Standstill, Frozen Pricing
A government or payer policy temporarily preventing a manufacturer from increasing a drug's price for a specified period.
Price GrowthTermPrice Increase, Price Rise
The component of rising healthcare expenditure attributable to increases in input prices, such as wages or drug costs, rather than volume or intensity.
Price IndexationTermPrice Linking, Indexed Pricing
A mechanism tying a drug's allowed price increases to a specified inflation index, limiting growth to a predictable, generally modest rate.
Price LinkageTermPrice Referencing, Cross-Country Price Linking
A policy or contractual arrangement connecting a drug's price in one market to its price in another, such as international reference pricing.
Price MonitoringTermPrice Surveillance, Price Tracking
The ongoing tracking of a drug's price over time and across markets, used to assess trends and inform policy or negotiation.
Price NegotiationTermPrice Bargaining, Payer-Manufacturer Bargaining
The process through which a manufacturer and payer discuss and agree a drug's price, informed by health economic evidence and negotiating leverage.
Price ParityTermUniform Pricing, Cross-Market Price Equality
A contractual or policy requirement ensuring a drug's price in one market does not exceed, or fall below, its price elsewhere.
Price PremiumTermPricing Premium, Value Premium
The additional amount a manufacturer charges for a treatment relative to an existing comparator, reflecting the treatment's demonstrated incremental clinical benefit.
Price ProtectionTermPrice Guarantee, Price-Increase Cap
A contractual clause limiting or preventing future price increases beyond an agreed threshold for a specified period, giving payers cost certainty.
Price RevisionTermPrice Adjustment, Price Review
A formal change to a drug's established price, whether up or down, typically following periodic review or renegotiation with a payer.
Price ScheduleTermPricing Schedule, Tariff Table
A comprehensive listing specifying the predetermined price a payer or provider will charge or reimburse for each specific service.
Price SpilloverTermPrice Contagion, Cross-Border Price Effect
The effect by which a pricing decision for a drug in one market influences its price elsewhere, most notably through reference pricing links.
Price StrategyTermPricing Strategy, Commercial Pricing Approach
A manufacturer's overall approach to setting and managing a treatment's price across its market life and different geographic markets.
Price TransparencyTermPricing Transparency, Open Pricing
The degree to which actual prices paid for healthcare goods and services, including negotiated discounts, are made publicly available rather than kept confidential.
Price-Volume AgreementTermPVA, Volume-Linked Pricing Deal
An arrangement linking a treatment's price to its total utilisation volume, giving payers a mechanism to manage budget exposure as use expands.
Pricing DossierTermPrice Justification Dossier, Value-and-Price File
A comprehensive document supporting pricing and reimbursement discussions with a payer or assessment body, including clinical, economic, and comparative pricing evidence.
Pricing PolicyTermDrug Price Policy, Medicines Price Regulation
The overall set of rules a government or payer uses to determine or influence pharmaceutical prices within its jurisdiction.
Pricing SubmissionTermPrice Submission Package, P&R Submission
A formal request from a manufacturer to a payer or pricing authority seeking approval for a specific new treatment price.
Primary CareTermFirst-Contact Care, General Practice Care
Basic, first-contact healthcare typically provided by general practitioners, serving as the entry point into a health system and ongoing coordination.
Primary Care CostTermGP Cost, First-Contact Care Cost
The expense of healthcare services delivered by general practitioners and other primary care providers, a health system's typical first point of contact.
Primary Care CoverageTermGP Coverage, First-Contact Coverage
A measure of the extent to which a population has access to basic, first-contact healthcare services, a foundational coverage indicator.
Primary Care ModelTermPatient-Centred Medical Home, PCMH
An organisational approach emphasising accessible, community-based, first-contact care as the health system's foundation, with primary care coordinating overall needs.
Primary Data CollectionTermPrimary Data Gathering, First-Hand Data Collection
The process of gathering new data directly from original sources for a specific purpose, unlike secondary analysis of existing data.
Primary EndpointTermPrimary Outcome, Principal Endpoint
The main outcome measure a trial is specifically designed and statistically powered to assess, the principal basis for judging its success.
Primary HealthcareTermPrimary Health Care, Comprehensive First-Level Care
An approach to health system organisation emphasising accessible, community-based, first-contact care as the foundation of the entire system.
Primary PreventionTermFirst-Level Prevention, Risk-Factor Prevention
Preventive intervention aimed at stopping disease onset in people who have not yet developed it, unlike secondary prevention's early detection focus.
Primary Prevention EconomicsTermEconomics of Primary Prevention, Pre-Onset Prevention Economics
The application of health economic evaluation specifically to interventions preventing disease onset in people who have not yet developed the condition.
Primary ResistanceTermIntrinsic Resistance, Innate Resistance
A situation where cancer fails to respond adequately to treatment from the outset, without ever showing an initial period of disease control.
Primary Service AreaTermCore Catchment Area, Main Service Zone
The specific geographic area from which most of a facility's patients originate, representing its core, most immediate market.
PRIME DesignationTermPRIME Scheme, Priority Medicines Designation
A European Medicines Agency support scheme for medicines addressing significant unmet need, offering enhanced regulatory interaction akin to US breakthrough designation.
Principal Agent ModelConceptAgency Model, Delegation Model
A formal framework analysing situations where a principal delegates decisions to an agent whose interests may not fully align with their own.
Principal ComponentConceptPCA, Component Extraction
A principal component is an uncorrelated linear combination of centered variables whose loading vector identifies a successive direction of maximum variance in the data.
Principal-Agent ProblemConceptAgency Cost Problem, Principal-Agent Dilemma
The principal-agent problem arises when patients or payers rely on providers who know more than they do, act unobserved and may pursue other interests.
Principal-Agent Problem in HealthcareConceptPhysician-Patient Agency Problem, Clinical Agency Problem
The specific version of the principal-agent problem in the physician-patient relationship, where clinical expertise gaps create both helpful guidance and risk of distorted recommendations.
Principal-Agent RelationshipTermAgency Relationship, Agency Arrangement
An arrangement in which one party, the agent, acts on behalf of another, the principal, whose interests may diverge due to differing incentives or information.
Prior AuthorizationConceptPre-Approval Requirement, Prior Auth, Preauthorization, Prior Authorization Process, Prior Authorization Requirement
A health plan’s advance review of a patient-specific service, medicine or item against coverage criteria before it is provided.
Prior DistributionConceptPrior, Bayesian Prior
In Bayesian statistics, the probability distribution representing existing beliefs about a parameter before observing new data.
Prior OddsTermPre-Data Odds, Baseline Odds
The odds that a hypothesis is true before incorporating new evidence, the starting point for Bayesian updating alongside a likelihood ratio.
Prior ProbabilityTermPrior Belief, Pre-Data Probability
The probability assigned to a hypothesis before accounting for new evidence, representing existing belief later updated through Bayesian analysis.
Prior UtilisationTermPrior Use, Previous Utilisation
An individual's past pattern of healthcare service use, commonly used as a predictor within risk adjustment models of future costs.
Priority RankingTermPrioritisation Ranking, Ranked Priority List
The process of ordering competing programmes or technologies by relative value or urgency, guiding resource allocation within a fixed budget.
Priority ReviewTermExpedited Review, Fast Regulatory Review
A regulatory designation shortening the standard review timeline, typically granted for treatments addressing serious conditions with significant improvement over existing therapies.