Economics of Healthcare
“Health economics” can be defined as the application of Economic principles, theories, tools and concepts to the topics of health and healthcare in order to manage health institutions and health delivery system efficiently. Health economics studies issues related to the efficient utilization of scarce economic resources (e.g., Human resource, materials, and financial resources) to improve health. This includes both resource allocation within the economy to the health sector and within the healthcare system to different activities and individuals. The purpose of this module is to introduce students to fundamental concepts of economics as it is applied to healthcare, with a emphasis on innovation.
(1) Articulate the role that economics play in health and healthcare delivery; (2) Provide an example of an economic principle and how it may be used to evaluate the macroeconomic or microeconomic perspective on a health policy or specific intervention; and (3) Demonstrate conceptually how economics influences decision making in healthcare.
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