Health Economics

Summary: Introduction Development of Health Economics as a subject Early Pioneers in the field Importance of understanding Health Economics Conclusion Reference Introduction: “Health economics is the application of economic theory, models and empirical techniques to the analysis of decision making by people, healthcare providers and governments with respect to health and health care.”         Apart from strong backup from economic theory health economics also comprises a body of theory developed specifically to understand the behavior of patients, doctors and hospitals, and analytical techniques  developed to facilitate resource allocation decisions in health care. Developments of Health Economics as a subject: The health economics is a component of public health, a component that It can be used to examine health issues and medical treatment. Health economists consider the origin of their discipline to Petty W,  who propose valuation of human life base...

Summary: Health vs Healthcare Economics of Health vs Economics of Healthcare Differences by means Conclusion References Health vs Healthcare: The existence of these different terms implies that the concept of health is a complex and significant economic matter. Furthermore, it also suggests that the field of health economics encompasses questions that go beyond just the provision of medical services by healthcare professionals (referred to as 'healthcare'). Health Economics studies not only the provisioning of healthcare but under health economics, economists also aim to analyze how the healthcare is impacting patients health. Moreover, health economics also focuses its interest on other aspects of the social and economic life of individuals that affect health in one or the other way. This includes analyzing the effects of education, unemployment, housing and lifestyle etc.. Economics of Health vs Economics of Healthcare: It is important to understand the difference between the...

Summary: Growth and Developments in Health Sector Recent Developments in Health Sector Budget and Health Areas of Improvement References Growth and Developments in Health Sector: As of April 2000-March 2024, The FDI inflow(Foreign Direct Investment) of Drugs and Pharmaceuticals sector stood at US $22.57 billion.  Inflows in sectors such as Hospitals and diagnostic centers and medical surgeries appliances stood at US $10.26 billion and US $3.28 billion. As of 2022-23, FDI Inflows in India stood at US $36,746 million. Recent Developments in Health Sector: As of August 1, 2023 a total of 24.33crores Ayushman Cards have been created and as of October 2023, a total of 26crore Ayushman cards have been created. As of February 20, 2023 more than 220.63crores COVID'19 vaccine doses have been administered across the country while, as of May 11, 2023 more than 2.20billion COVID'19 vaccine doses have been administered. As of July 15, 2023 India has exported 30.12crore vaccine doses. The He...