How do you apply economics in the field of medicine?

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07-07-2015
Economics

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How do you apply economics in the field of medicine?

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Helloiamprinceidn Helloiamprinceidn · Answer 1 · 2015-07-07T15:37:04+08:00

We have this thing called health economics. Economics can be applied in health care by determining if a certain investment is worth the benefits that you will get from it.

For instance, if you are going to finance a research project that aims to find a cure for cancer, is the money that you are going to invest worth the result of the findings?

Economics in health care is very crucial in decision making. Decisions like proper allocation of resources. What resources? In the community, we have the vaccines, syringes (the most common among others) and man power allocation. How are you going to divide these limited resources? Who are you going to prioritize?

Economics in health care/medicine is also being applied through various health care plans like PhilHealth. Again, this talks about proper allocation of funds.

Hope I was able to help. :)

Sagot :

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