Economic evaluation in healthcare pdf

Resultant analysis is useful in making decision when allocating resources to the health sector. In the UK, economic evaluation is used to give a guideline on national policy formulation as included in the technology appraisals [2]. Economic evaluation in health care is not just about analysis and for decision making, it has now been an integral part in the medical facilities and is widely used in medical fields to allow for better resource allocation and to ensure the maximum and great and effective benefit of the process [3].

It is argued that Economists, as well as medical researchers, are at the moment implementing and will in the future continue to do economics evaluation in the health sector. It is a comparative measure to check as economics is not only about the theoretical approaches but also focuses on the quantitative analysis that is there to facilitate the smooth running of the medical fields [15].

It is rigorous because of the analytical evaluation involved. The process alone is composed of many stakeholders involved.

This means the data and information received and gathered are verified and have guaranteed evidence in case modification is needed. Economic evaluation has embraced the use of modern technology in a wide view. The incorporation of technology has not only made work easier that has facilitated the speed to which data is gotten in quite a reliable and efficient way minimizing the errors and possible mistakes that human can. Health Economics 3 make [7]. Technology appraisal has used various approach for assessments and other countries like Australia have identified many success stories of health economic evaluation focusing on the best standards and best practices in the medical fields [19].

Economic may be viewed as just in terms of costs and benefits but that alone is not enough. There have to be various merits on which to base such important decisions to make proper judgment and also the decision makings that surround the facility [22].

There is limited evidence on the impact of health insurance on the health and economic well-being of beneficiaries in developing countries. India is currently pursuing several strategies to improve health services for its population, including investing in government-provided services as well as purchasing services from public and private providers through various schemes. Prospects for future growth and development in this field are required in India because rapid health care inflation, increasing rates of chronic conditions, aging population, and increasing technology diffusion will require greater economic efficiency into health care systems.

Keywords: economic evaluation; health economics; health technology assessment. Published by Elsevier Inc. All rights reserved. Abstract Health economic studies provide information to decision makers for efficient use of available resources for maximizing health benefits.