Lecture notes
What is Health Economics
- Module
- Health Economics
- Institution
- The University Of Edinburgh (ED)
Health Economics Lecture 1
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What is health economics?14 January 2020 10:05
• The application of economic theory, models and empirical techniques to
analyze individuals, health care providers and governments decision making
w.r.t. health and health care.
• Provides unique and systematic intellectual framework to analyse NB issues
in healthcare
Basis of health economics
• Demand for health care is infinite (increased expectations and tech change)
• Resources are scarce (doctors, nurses, drugs)
• Choices are necessary (expand new cancer drugs or public health
preventative initiatives)
• Prioritisation is required for investment and disinvestment
• Costs & benefits must be compared
Questions health economics can address
• Should a new drug be used in the health service?
• Should a new preventative health care intervention or other public health
initiative be implemented/rolled out?
• Why do some countries populations receive so much more surgery than
similar Britain's?
• Why is it hard to reduce waiting lists?
Is health economics important?
• We care about health – health care impacts health
• In every developed economy, heath care is a major component of spending,
, Is health economics important?
• We care about health – health care impacts health
• In every developed economy, heath care is a major component of spending,
investment and employment
○ 2013: total health expenditure in UK was 9.8% of GDP
○ 2018: USA has highest proportion of GDP accounted for by health, 17%.
• Rising in developed countries in absolute terms and percentage of GDP, though
trend has levelled off since financial crisis
○ Longer life expectancy
○ Ageing population
○ Expensive new medical treatments and tech
• It's an economic good because the resources that are used to produce health care
services are finite
• Our wants for health care have no known bounds
• Decisions need to be made about how to fund, produce and distribute health care
Opportunity Cost
• Benefits forgone from those resources not being used in their next best alternative
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