Health economics: an expanding niche field
Health economics is an exciting and dynamic field that is currently experiencing rapid expansion. Health economists are therefore in demand throughout the country and the world.
What is health economics?
What do health economists do?
How do you become a health economist?
Where do health economists work?
Salaries
Employment prospects
Find out more
What is health economics?
The specialist field of health economics focuses on how resources are allocated to and used in different health systems, and the effectiveness of that resources allocation at meeting the increasing health needs of individuals and communities. The scope of health economics is broad but usually focuses around topics such as the demand for and supply of health care, and factors that influence health.
What do health economists do?
Health economists look at health systems and health resources allocation. They perform a variety of tasks that may include, but are not limited to, the following:
- apply economic analysis techniques to assess the functioning of health care markets
-
evaluate health care programs and policies to ensure they are high quality, safe, cost-effective,
sustainable and equitable - evaluate the demand and supply of health care
- advise government on health policy
- conduct research into all aspects of health care and health care systems.
Health economists typically possess excellent analytical and research capability and are able to communicate complex concepts and ideas in simple terms. They generally have excellent oral and written communication
skills, and strong mathematics and abstract thinking skills.
How do you become a health economist?
The health economics profession in Australia is made up of a diverse mix of people from a wide range of disciplinary backgrounds. Many health economists are pure economists who have qualifications in economics and who have, typically, completed graduate courses to specialise in health economics. Others have qualifications and professional experience in areas outside economics, particularly in public health.
Health economics courses ranging from graduate certificate to masters level are offered at a range of universities throughout the country. You can find out more about available courses in The Good Universities Guide to Postgraduate Career Upgrade Courses 20089 which can be ordered from the bookshop .
Where do health economists work?
Though it is currently a relatively small profession in Australia, job opportunities for health economists are expanding in response to the continual drive to reform health care systems, and the growing importance of economic evaluation in health policy. There is consequently an increasing demand for trained health analysts with an economics background.
Health economists are employed across the private and public sectors. In the private sector, they work for pharmaceutical companies, biotechnology companies, and private health insurers, among others; in the public sector they work for health-related departments in both state and federal government. Health economists also find work as researchers in universities and research institutes, as consultants in specialist consulting firms, and in various non-government organisations (such as the World Health Organization and the World Bank).
Salaries
According to The Good Universities Guide 2009, the starting salary for economics graduates is around $45,446, which compares very well to other graduate groups. After specialisation and a few years in the workforce, health economists can earn around $70,000 or more. Senior health economists and those with substantial experience can expect to earn in excess of $100,000.
Employment prospects
Demand for professionals with qualifications in health economics is increasing rapidly both in national and international health agencies and development organisations. And with the continual increases in populations and ever-increasing demands on health care systems everywhere, it is likely that the opportunities for health economists will only increase in the future.
Find out more
The Economic Society of Australia, www.ecosoc.org.au
Australian Health Economics Society, www.ahes.org.au
International Health Economics Association, www.healtheconomics.org