What is Health Economics?

What is Health Economics?

“In a system with limited resources, health professionals have a duty to establish not only that they are doing good, but that they are doing more good than anything else that could be done with the same resources.” – Alan Williams (Professor of Health Economics, University of York)

Health Economics is a subfield of economics that is concerned with an efficient and fair allocation of health care resources in an environment of uncertainty. It provides an objective framework for health professionals to make informed decisions by balancing costs and benefits. Health workers form the final links between health provision and the consumer, and the use of cost-effective but efficient treatment methods, sound diagnostic abilities, and the generation of health data and its analysis are all dependent upon the health provider.

Fuchs (2000) suggested health economics has a “two-hat” nature – it can be described both as a behavioral science and as an input into healthcare practice and policy. There are many in the healthcare industry who can make use of health economics including Health Providers, Policy Makers, Healthcare Funders, and Health Manufacturers with each discipline using the science in a unique way to suit their needs.

If you want to learn more about how Health Economics can aid your business, please contact us today or read about our online Health Economics Course.