Want To Make A Real Difference In Global Health? This Degree Can Help You Do That

The landscape of global health is complex and constantly evolving, presenting immense challenges in resource allocation, access to care, and the adoption of innovative technologies. Addressing these challenges effectively requires a unique blend of economic insight and analytical prowess. This is where the field of health economics and decision modelling comes into its own, offering a powerful toolkit for improving the health and care of people across the globe.

Want to make a real difference?

For graduates equipped with the right skills, a career in health economics and decision modelling offers a compelling opportunity to tackle some of the world’s most pressing health issues. An MSc in Health Economics and Decision Modelling provides a robust foundation for this impactful career path. Such a course typically delves into the core principles of economics as they apply to healthcare, exploring topics such as market failures in healthcare, the demand and supply of health services, and the behaviour of healthcare providers and patients.

Gain the skills to shape healthcare

A significant component of such a program focuses on health technology assessment (HTA). HTA is a multidisciplinary process that evaluates the clinical effectiveness, cost-effectiveness, economic, social, and ethical implications of health technologies. These technologies can range from new pharmaceutical drugs and medical devices to public health programs, screening initiatives, and diagnostic tools. The importance of HTA is rapidly increasing worldwide as healthcare systems strive for efficiency and sustainability. By systematically assessing the value of different interventions, HTA informs crucial decisions about which technologies should be adopted, funded, and integrated into healthcare systems.

Integral to HTA is health economic modelling

This involves the development of analytical frameworks, often using mathematical and statistical techniques, to predict the costs and health outcomes associated with different healthcare interventions over a specified time horizon. As healthcare becomes increasingly sophisticated and costly, the demand for skilled professionals who can build and interpret these models is surging. Health economic modelling allows for the comparison of different treatment pathways, the evaluation of long-term impacts, and the identification of the most efficient allocation of resources.

Pursuing an MSc in Health Economics and Decision Modelling equips graduates with highly sought-after analytical skills. Students learn to critically evaluate clinical trial data, synthesise evidence from multiple sources, and apply statistical methods to health economic problems. They gain expertise in constructing various types of economic models, such as cost-effectiveness analyses, cost-utility analyses (often using Quality-Adjusted Life Years—QALYs), and budget impact models. Furthermore, they develop the ability to interpret model outputs and communicate complex findings to a range of audiences, including policymakers, clinicians, and industry stakeholders.

The career opportunities for graduates with these specialised skill sets are diverse and global. One prominent avenue lies within health economics consultancies. These firms play a crucial role in conducting HTA projects for a variety of clients. They advise government agencies and reimbursement bodies on the value and affordability of new health technologies, helping to shape national healthcare policies and drug access decisions. For the pharmaceutical industry, health economics consultancies provide expertise in demonstrating the economic value of their products, supporting market access and pricing strategies.

Beyond consultancies, numerous career paths exist worldwide. Graduates can find roles in government and public health organisations where professionals work in policy development, resource allocation, and the evaluation of public health programs at local, national, and international levels. In the pharmaceutical and medical device companies, graduates contribute to health economics and outcomes research (HEOR) departments, focusing on demonstrating product value, pricing, and market access. Academic research institutions offer roles in conducting research in health economics, developing new modelling methodologies, and contributing to the evidence base. International organisations offer opportunities to work on global health initiatives, focusing on improving healthcare access and efficiency in developing countries. Healthcare providers apply health economic principles to improve the efficiency and quality of care delivery within hospitals and other healthcare organisations.

ISPOR– The International Society for Pharmacoeconomics and Outcomes Research has an excellent resource for career planning in health economics.

In conclusion, a career in health economics and decision modelling offers a unique opportunity to blend intellectual rigour with a profound social purpose. By developing the analytical skills to evaluate the clinical and economic value of health technologies, graduates from MSc programs in this field are well-equipped to tackle some of the world’s greatest health challenges, ultimately contributing to improved health and care for populations across the globe. The increasing reliance on evidence-based decision-making in healthcare ensures that the demand for these skilled professionals will continue to grow, making it a dynamic and rewarding field for those seeking to make a real difference.

The author is Professor of Health Economics and Decision Modelling at the University of Sheffield, UK.