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This applied field of study enables the problems involved with providing and promoting global health issues globally, to be systematically and rigorously examined. The overall goal of health economics is to understand the behavior of individuals, health care providers, public and private organizations and governments, when decisions are made, and this is typically achieved by applying economic theories of consumer, producer and social choice. <br>
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This applied field of study enables the problems involved with providing and promoting global health issues globally, to be systematically and rigorously examined. The overall goal of health economics is to understand the behavior of individuals, health care providers, public and private organizations and governments, when decisions are made, and this is typically achieved by applying economic theories of consumer, producer and social choice. As a branch of economics, it’s mainly concerned with the issues surrounding efficiency, effectiveness, value and behavior throughout the production and consumption of health and healthcare, and is extremely important when it comes to determining how health outcomes and lifestyle patterns can be improved.
When did we first start using the term ‘health economics’? Often credited with the creation of health economics as a branch of classic economics, Kenneth Arrow wrote an article in 1963, theorizing about the conceptual distinctions between health and other goods.
What makes health economics different to other areas? The presence of a third-party agent, intractable uncertainty in several dimensions, intervention by the government, barriers to entry, externality and asymmetric information are all factors that make health economics distinguishable from other forms of economics. When referring to a third-party agent in healthcare terms, it involves the patients’ health insurance provider, who is financially responsible for the healthcare goods and services that the insured patient consumes.
Patient outcomes can never be predicted with 100% accuracy, just as with financial concerns, meaning that uncertainty is part and parcel of health and healthcare. Asymmetric information is known as the gap in knowledge that exists between a physician and a patient; that which creates a distinct advantage for the physician. When it comes to externalities, these commonly occur when healthcare and health is being considered, and perhaps most notably in the context of the health impacts of infectious diseases or opioid abuse, for example.
What financial information do health economists evaluate? Multiple types of financial information are evaluated by professional health economists, including costs, charges and expenditures. What is the primary purpose of health economics? Used to help promote healthy lifestyles and positive health outcomes through studying healthcare providers, hospitals and clinics, managed care and public health promotion activities, health economics can also be used to address more pressing, global issues, such as migration, climate change, obesity and pandemics, to name but a few.
Why do we need health economics? In studying how resources that may be in short supply are allocated among alternative uses for the care of sickness, and used to promote, maintain and improve health, along with the costs, benefits and distribution patterns of healthcare and health-related services, health economics seeks to help medical professionals deliver the largest array of services to the biggest number of patients.
If you require more detailed information about health economics, or are looking for a service that can help you design an observational study, conduct retrospective and prospective database studies or provide you with health policy expertise relevant to the changing global healthcare environment (among many others), a reputable life sciences organization might be able to help you.
Agile Scientific in Columbus is a life sciences organization that brings decades of industry knowledge, expertise, processes, best practices, and systems to companies. Agile Scientific’s clinical services function to accelerate all facets of drug development, ensure compliance at a global level and optimize pipeline value / ROI. Agile Scientific Group LLC is fortunate to partner with smaller virtual organizations and Fortune 500 Life Sciences companies alike. We have extensive experience providing focused, pragmatic clinical solutions to our sponsor Life Science organizations and CRO’s across all areas of Drug Safety, Regulatory Affairs, HEOR / Pharmacoepidemiology, Quality Assurance.
