TAILIEUCHUNG - What is health economics?

Genomics and other "omics” technologies have largely contributed to the identification and the development of biomarkers. Due to genetic causes of variability among individuals, genotyping and gene expression analysis are indeed key elements of the emergence of personalised medicine. However, genomic technologies have limitations (functional significance of genetic variants, false negatives, etc) and cannot encompass all approaches for the development of stratification biomarkers. A multiplex approach integrating various technologies (“omics”, phenotype studies, imaging, functional in vivo studies, etc.) should be privileged. Stratification biomarkers can be identified by several means in pre-clinical studies, epidemiological studies or clinical trials. Ideally, their. | What is. series Second edition Health economics Supported by sanofi-aventis What is health economics Alan Haycox BA MA PhD Reader in Health Economics University of Liverpool Management School For further titles in the series visit Economics is the science of scarcity. The application of health economics reflects a universal desire to obtain maximum value for money by ensuring not just the clinical effectiveness but also the cost-effectiveness of healthcare provision. Achieving value for money implies either a desire to achieve a predetermined objective at least cost or a desire to maximise the benefit to the population of patients served from a limited amount of resources. This requires services to be evaluated for cost-effectiveness . An associated concept is that of efficiency which measures how well resources are used in order to achieve a desired outcome. Opportunity cost represents an invaluable mode of thought in health economics as it makes clear the explicit trade-offs that underlie resource use in the health services. The true cost of using scarce healthcare resources in one manner is their unavailability to fund alternative beneficial services. All economic evaluations have a common structure which involves explicit measurement of inputs costs and outcomes benefits . Health economics can help to inform and improve decisionmaking through the systematic and objective application of applied common sense . Such applied common sense which symmetrically balances costs and benefits represents a valuable mode of thinking for decision-makers irrespective of whether a formal economic evaluation is undertaken. Date of preparation April 2009 1 NPR09 1101 What is health economics What is health economics Economics is the science of scarcity. It analyses how choices are structured and prioritised to maximise welfare within constrained resources Box 1 . We all use economics on a daily basis Do I buy the cheaper car or pay a bit more for the nicer

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