HEALTH ECONOMICS

Health Economists are professionals who investigate how our resources are used in health care. They also focus on the distribution and the maintenance of occupational health in the health care system. They may work in the public side of health care or they may be employed by privately owned companies. A health Economist will use their skills and the tools learned during their education and career experience to analyze health care and its many sub fields. Health economists will evaluate health care policies and appease numerous challenges in the health care.

Top Career Paths: Health Economics

Careers in Health Economics

 · Biotechnology Companies

 · Private Health Insurance Companies

 · Public Health Insurance Companies 

· Pharmaceutical Companies

 · World Health Organization (WHO)

Responsibilities

Application of macroeconomic and microeconomics tools to a range of:

a. Health system funding

b. Models of care 

d. Determination of health and commodity costs 

e. Benefits and resource implications to enable effective decision making 

f. Investigate and assess health care policies affecting occupational health Responsibilities 

c. Specific health project(s)

g. New product planning

h. Health technology assessment

Work for the government

One of the biggest employers of health economists is the government. Especially in countries which have centralized healthcare, like the UK or Portugal, a great deal of planning and administration is required to operate a healthcare system. Issues like finding the balance between making procedures widely available and cost-effective require careful management and an economics-based outlook. Other types of work done by health economists employed by the government include researching policies in the area of occupational health or health and safety or the assessment of applications for medical benefits or other support programs.

Work for an international agency

Another possibility for health economists is to work for an international agency such as the World Health Organization, the World Bank, or UNICEF. These agencies both research and manage healthcare programs in the developing world and in other under-served communities. This can involve assessing the healthcare needs of a community, proposing systemic changes to improve the healthcare experience, or training and supporting healthcare providers. It could also involve working with the pharmaceutical industry in order to provide the drugs and treatments that are required in an economically feasible and scalable manner.

Work in consultancy

There are many more organizations besides the government and various international agencies which require insights into healthcare. You could find work as a consultant in the healthcare field, for example in advising a medium size company on how they should institute and manage their health insurance benefits for employees. Consultancy work can be highly demanding, as you are dropped into a new environment and must not only get to know an organization quickly but also suggest ways that their health care issues can be improved. If you are a problem solver and you are confident enough to work independently, then consultancy can be both challenging and financially rewarding. However, if you prefer a more sedate pace of work and you value the opportunity to get to know and bond with your co-workers, then consulting may not be for you.

Work in academia

There is also the opportunity to work in academia. If you have enjoyed your experience in university so far, and have a particular passion for research, then this setting could suit you. In order for all healthcare workers to know what the best policies are and what the standards should be, research needs to be performed by an impartial group, which is where universities and research institutions come in. For those who have a strong grasp of abstract concepts and a broad knowledge of methodologies used within the field, then academia offers the chance to explore the areas of research which are of most interest to you and to participate in many intellectually stimulating discussions.

However, it can be hard for young researchers to break into academia, as there are a limited number of positions available in a research context and competition is intense. There can also be a lack of job security as many young researchers are employed on only short-term contracts of six months to a few years, which can be stressful.

Health Economist Salary Range

How much does a Health Economist make? The average Health Economist salary is $93,348 as of September 25, 2020, but the salary range typically falls between $84,405 and $106,536. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of years you have spent in your profession. With more online, real-time compensation data than any other website, Salary.com helps you determine your exact pay target.

As of Oct 13, 2020, the average annual pay for a Health Economist in the United States is $89,990 a year.

While ZipRecruiter is seeing annual salaries as high as $147,500 and as low as $21,000, the majority of Health Economist salaries currently range between $60,000 (25th percentile) to $114,000 (75th percentile) across the United States. The average pay range for a Health Economist varies modestly (up to $54,000), which suggests there may be fewer opportunities for advancement based on skill level, but increased pay based on location and years of experience is still possible.

Based on recent job postings on ZipRecruiter, the Health Economist job market in both Accra, GH and the surrounding area is very active. People working as a Health Economist in your area are making on average $89,990 per year or the same as the national average annual salary of $89,990. ranks number 1 out of 50 states nationwide for Health Economist salaries.

To estimate the most accurate annual salary range for Health Economist jobs, ZipRecruiter continuously scans its database of millions of active jobs published locally throughout America.

Find your next high paying job as a Health Economist on ZipRecruiter today.

Compensation in Health Economics

These are some of the compensations in the health economics

a. Senior Health Economist: NSW Health Department

Location: Chats wood, NSW, UK

Salary: $120,757 to $135,395

b. Associate Director, Global Health Economics and outcomes research

Location: London, UK

Salary: £60,000 – £70,000