The Economics of Healthcare: Challenges and Reform

Abstract

We have made an attempt to study The Economics of Healthcare as the science of evaluating and acknowledging the impact of Economic factors on the Healthcare systems globally, its beneficial effects and the shortcomings, with the intention to suggest effective measures to improve existing procedures. The evaluation and comparison of Pharmaceutical and Drugs Industries systems existing in successful Healthcare geoeconomic zones, globally. Different countries and pockets within countries have highly developed Health Education systems, haevery encouraging processes and Insurance systems supporting Healthcare with excellent statistical data maintained. We have also dealt with the Challenge of the efficacy of Healthcare economics to efficiently deliver Healthcare at the optimum price, with very controlled costs and in shortest possible time.
Methods
The methodology used to arrive at the results was referencing the data from the defined sources, like Articles on the subject, Related works/Books, Medical Journals and Published Reference Tomes like ‘Merck’, some media reports published in the ‘Hindu’, specifically relating to India and the subcontinent and findings published by WHO were also gleaned and compared.
Results
The Major findings of this study are; The Healthcare workforce employed worldwide is far short of the WHO defined workforce requirement of 44.5 per 10,000, whereas in India the figures are still more distressing at 20.8 per 10,000, much below even the threshold requirement of 22.8 per 10,000. Together with the fact that at least 20% of the trained professionals are not active in the field of Healthcare. The World Health Organization (WHO) estimates a projected shortfall of 10 million health workers by 2030.
Conclusions
The conclusions we have drawn from the study have focussed mainly on the employability factor, trained professionals, have not been able to get proper niche-based employment or the remunerations are not commen surate with their qualifications and experience. Personnel is only part of the issue, Healthcare equipment is in short supply, not because of dearth of availability of quality equipment, but the Economics of procuring and maintaining one is beyond the feasible capabilities of many institutions. Governmental intervention is imperative, as in UK and Canada, where the facilities are offered free to the citizens, there are other problems, like unacceptable delays in healthcare delivery, in these countries, giving rise to Medical Tourism.

Published
2024-06-01
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How to Cite
Aslam Sheikh, M., & Aslam Sheikh, A. M. (2024). The Economics of Healthcare: Challenges and Reform. Shanlax International Journal of Economics, 12(3), 13-18. https://doi.org/10.34293/economics.v12i3.7633
Section
Articles