Health Economics is the branch of economics concerned with issues related to efficiency, effectiveness, values, and behaviour in the production and consumption of health and health care.
It is the study of how resources are allocated within the health care industry for the promotion, maintenance and improvement of health and healthcare facilities. This includes the study of health care and health-related services, their costs and benefits and how scarce resources are distributed as well as the promotion of healthy lifestyles and positive health outcomes.
Principles of health economics including the notions of scarcity, supply and demand, distinctions between need and demand, opportunity cost, discounting, time horizons, margins, efficiency and equity.
Healthcare economists examine how a medical operation's resources are allocated. They then use that information to determine the best way to deliver efficient, cost-effective services such as the allocation of doctors, nurses, and other medical professionals in large healthcare facilities and funding for drug research.
Universities and colleges in Ireland are offering Health Economics courses in the following subject areas:
There are many Health Economics courses that take place over 1 year to 4 years depending on the course and modules selected. There are also part-time courses and night courses available so you can be sure to fit in your studies no matter what your schedule is like.
Courses will cover theory work through lectures, assignments, tutorials and taught modules. Assessments will take place on a continuous basis with written examinations and practical assignments combined in order to achieve a qualification.
You could also consider work experience or volunteering in areas such as accountancy, banking or finance. Contact local employers to see if they can help you. Individual government departments may also be able to offer work experience and you should contact the department directly to find out more.
Work Experience will not only give you the opportunity to obtain a deeper knowledge and understanding of the industry, it will also give you a chance to do some essential networking with other industry professionals and gain valuable contacts for the future.
After completing a course in Health Economics you will be able to get started in a career that uses specific knowledge of the Healthcare Industry and Economics.
Working hours will depend on whether you are employed by a company with set business hours or if you are contracted to various facilities or companies. The hours are usually full time, Monday to Friday. You could expect to work some evenings to cope with your workload at busier times, although weekend or shift work is uncommon.
Self-employment or freelance work is sometimes an option but only after gaining a considerable track record of expertise and many years experience. You’ll need to build up both contacts and a good reputation before embarking on consultancy work.
You may need to travel during the day to meet clients or colleagues and to attend or present work at conferences. There may be some international travel, which may include overnight and weekends on occasion. There may be opportunities to work abroad for a period of time if you're working in the private sector.
After completing a course in Health Economics you may choose to pursue further study in a specialist field to increase your knowledge base and skillset. Postgraduate study can also be used as a means to change career focus or to gain professional qualifications required to practise in certain career areas such as health, agriculture or regional economic development, international economics, finance, law, management studies, mathematics or politics.
What skills could be helpful for a career in Health Economics?
There are a number of transferable skills that would certainly benefit anyone working within the Health care industry or economics – good communication skills, an ability to handle complex data and apply mathematical and statistical analysis methods, problem-solving and analytical skills, a good understanding of specialised software and computer programs and time management.
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