Overview of Health Economics: Key Concepts and Principles
Health economics is a vital field that explores the relationship between economics and healthcare, focusing on efficiency, value, and behavior in health production and consumption. It encompasses topics like determinants of health, demand and supply of healthcare, health sector budgeting, and equity in healthcare outcomes. The main objective is to optimize the allocation of scarce resources for healthcare services while considering cost and benefits. Principles include scarcity, demand and supply dynamics, opportunity cost, efficiency, and equity.
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ANBARASI G ASSISTANT PROFESSOR, DEPARTMENT OF HOSPITAL ADMINISTRATION, BONSECOURS COLLEGE FOR WOMEN, THANJAVUR
According to WHO defines Health is defined as a state of complete physical, mental and social wellbeing and not merely the absence of disease or infirmity .
According to Marshall Economic is defined as the study of humans, in relations to the ordinary business of life. It studies that portion of the personal and social activities which are closely related to the attainment of material resources, related to welfare of its utilization.
Health Economics is defined as a branch of economics concerned with issues effectiveness, value and behaviour in the production and consumption of health and healthcare. related to efficiency,
Meaning and scope of Health Economics. Determinants of health. Demand for health and healthcare. Supply of health care. Health care Markets. The relationship between economic growth and health. Health sector budgeting and planning. National health system. Equity in health outcomes and in health care. International health.
Its main objective is study of using the scarce resources are allocated among alternative uses for the care of sickness. To promote , maintain and improved the health and health care services. To study the cost & benefits of health related services and health itself are distributed among individuals
Health Influences Value of Health Demand for Health care Supply for Health care Microeconomic evaluation at treatment level Market Equilibrium Evaluation at whole system level Planning, budgeting, Monitoring mechanism
Principles of health economics including : The notion of scarcity Demand and supply Distinction between need and demand Opportunity cost. Discounting Time horizons Margins Efficiency Equity
Resources Scarcity Opportunity cost Efficiency Production of Health Health care Market
Due to increase in life expectancy Changes in family structure and norms Advances in health researches Higher expectation among people Public Awareness Medical Advances
Health economics uses economic concepts and methods to understand and explain how people make decisions regarding their health behaviours and use of health care. It also provides a framework for thinking about how society should allocate its limited health resources to meet people s demand/need for health care services, health promotion and prevention.
