What is Health Economics and Economic Evaluation?
What is health economics?
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.
What is economic evaluation?
Economic evaluation is closely related to health economics. Economic evaluation generates evidence-based information, mainly through cost-effectiveness analysis or cost-benefit analysis, to assist and improve decision making of allocating health care resources. All public health decisions have resource implementations and it is critical to consider these when making decisions.
Health economics and economic evaluation are two important fields. Their theoretical perspectives and empirical methodology are essential for health care workers, health and medical professionals, health policy makers and others who wish to pursue a professional career in health.