Version 1
: Received: 29 June 2024 / Approved: 1 July 2024 / Online: 1 July 2024 (15:01:52 CEST)
How to cite:
Long, B.; Zhou, J.; Tan, F.; Bellur, S. Deciphering Factors Contributing to Cost-Effective Medicine Using Machine Learning. Preprints2024, 2024070089. https://doi.org/10.20944/preprints202407.0089.v1
Long, B.; Zhou, J.; Tan, F.; Bellur, S. Deciphering Factors Contributing to Cost-Effective Medicine Using Machine Learning. Preprints 2024, 2024070089. https://doi.org/10.20944/preprints202407.0089.v1
Long, B.; Zhou, J.; Tan, F.; Bellur, S. Deciphering Factors Contributing to Cost-Effective Medicine Using Machine Learning. Preprints2024, 2024070089. https://doi.org/10.20944/preprints202407.0089.v1
APA Style
Long, B., Zhou, J., Tan, F., & Bellur, S. (2024). Deciphering Factors Contributing to Cost-Effective Medicine Using Machine Learning. Preprints. https://doi.org/10.20944/preprints202407.0089.v1
Chicago/Turabian Style
Long, B., Fangya Tan and Srikar Bellur. 2024 "Deciphering Factors Contributing to Cost-Effective Medicine Using Machine Learning" Preprints. https://doi.org/10.20944/preprints202407.0089.v1
Abstract
This study uses machine learning to identify key factors influencing the cost-effectiveness of over-the-counter (OTC) medications. By developing a novel cost-effectiveness rating (CER) from user ratings and prices, we analyzed data from Amazon. The findings indicate that FSA/HSA eligibility, symptom treatment range, safety warnings, special effects, active ingredients, and packaging size significantly impact cost-effectiveness across cold, allergy, digestion, and pain relief medications. Medications eligible for FSA or HSA funds, treating a broader range of symptoms, and having smaller packaging are perceived as more cost-effective. Cold medicines with safety warnings were found to be cost-effective due to their lower average price and effective ingredients like phenylephrine and acetaminophen. Allergy medications with kid-friendly features showed higher cost-effectiveness, and ingredients like calcium, famotidine, and magnesium boosted the cost-effectiveness of digestion medicines. These insights help consumers make informed purchasing decisions and assist manufacturers and retailers in enhancing product competitiveness. Overall, this research supports better decision-making in the pharmaceutical industry by highlighting factors that drive cost-effective medication purchases.
Medicine and Pharmacology, Medicine and Pharmacology
Copyright:
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
