Applying economic theory and methodology to problems and occurrences associated with health is known as "health economics." Economic theory, and more specifically neoclassical microeconomic theory, frequently assumes that a competitive process of adjusting demand and supply of goods and services would result in the best distribution of limited resources. Both the public and policymakers should avoid from interfering with this procedure. If it isn't, economic incentives for shifting supply and demand will be thrown off, preventing market forces from reaching the allocative optimum. Economic assessment studies provide a systematic technique to contrast two or more health technologies that might be used in different ways by analysing the costs and outcomes of each choice.As an outcome comparison, one can use both general metrics like life years gained or utilities and disease-specific metrics like time to relapse or events averted. The first section, titled "Design of the Health Care System," covers research subjects in health economics. Healthcare finance strategies, health insurance market challenges, regulatory frameworks, and provider remuneration plans are all topics covered by health economics. It also has to deal with the economic assessment of medical advancements and therapies. Some of these topics include the costs of illness, cost-effectiveness and cost-utility studies, as well as the question of whether these concepts accurately reflect the value of human life. The purpose of this review is to talk about various facets of disease's health economics.
All Science Journal Classification (ASJC) codes
- Pharmaceutical Science
- Drug Discovery