In recent years, there has been a growing demand for Health Economists in the medical industry. But what is Health Economist and how do you become one? A detailed description of Health Economics is provided here.
A Health Economist is crucial for dealing with the ever-present problems in most developing and well-developed countries. South Africa is one of many countries that has an average healthcare system. The key to providing healthcare for all while maintaining economic feasibility is in the hands of a Health Economist. Master’s course in Health Economics is the right answer for after MBBS which course. Less explored, but abundant and increasing options.
So what is Health Economist and what do they do?
The main duties of a Health Economist include:
- Directing agendas towards effective use of resources
- Calculate and analyze the various costs and financial risks involved in the workings of the organization
- Suggest new and efficient methods of treatment
- Ensure that high-quality healthcare is accessible to all patients
- Develop methods to reduce costs
- Provide education or training sessions to other employees, especially doctors, in the organization about the basics of health economics
So, if you have a natural inclination for these roles you have an idea after MBBS which course to pursue.
What is Health Economist study route in South Africa
To work as a Health Economist in South Africa, a degree from the same country is highly preferred. South Africa offers a range of high-ranking universities to study Health Economics.
Once you have graduated, you are eligible to work in the public or private sector.In the public sector, your work will mainly be focused on the health policies set by the South African government. The main task here is to achieve the set goals cost-effectively. Private sector South Africa job market is more specific and requires the health economist to analyze the efficiency and costs of certain products or treatments. In South Africa, economists are currently hired by world-renowned companies like Pfizer and Costello Medical.
South Africa job prospects for Health Economists
The above roles and responsibilities require a deep understanding of the healthcare industry and basic principles of economics. A good Health Economist must possess excellent analytical and problem-solving skills, along with a strong grasp of mathematics. The best way to hone these skills is to attain a master’s degree in Health Economics.
Most companies offer an above-average salary. The median salary of South Africans is close to 47,200 USD per annum. A health economist earns a minimum of around 58,400 USD per annum, while the top earners receive a salary of up to 73,400 USD. This is more than enough to live a comfortable life in South Africa as an individual or with family.
South Africa job perks and lifestyle
South Africa is known for its laid-back lifestyle, which ensures a friendly and comfortable working environment. If you are an individual living an average lifestyle, you may expect to spend anywhere from around 680 USD to 2,400 USD per month. This leaves behind enough money to save for the future.
Health Economics boasts a high job satisfaction rate with an average job stress rate of 6.3. A good work-life balance is ensured for these economists. A medical professional transitioning from the high-stress life of clinical practice will be glad to enjoy regular working hours and better benefits. Economics employment is projected to rise by 14% within the next ten years. This will open up even more job availability for fresh graduates.
If you are still unsure about a South Africa job, here are some of the top reasons why it is worth making the move
- Low cost of living – ensuring you a higher standard of living without burning a hole in your pocket!
- Warm climate with sunshine all year round – the weather is very similar to many regions in India, with warm days and cool nights
- Friendly people – as a cultural melting pot, South Africa welcomes everyone and makes you feel right at home
- Healthcare system- The private offered in South Africa is just as good as any other developed country.
- Exquisite food culture
- Population of Indians- South Africa is no stranger to Indians. There is a substantial number of Indians that have made South Africa their home. Among them, many are working in the healthcare industry.
In conclusion, what is Health Economist and Health Economics? Health economics is an interesting non-clinical career option. It takes the essential knowledge of clinical practice and economics and merges it to create better medical professionals. Most doctors that become Health Economists have done it because they wish to expand their horizons and learn more about the healthcare industry.
So, now that you know what is Health Economist and why South Africa could be your match, if you have a passion for learning and keen analytical skills, consult our experts to know more about Health Economics. Launching your non-clinical career path can be intimidating. It takes careful planning and the right guidance to make the switch. Our experts can help you identify the right path and ease the process.For our expert advice on Health Economics in South Africa, please fill the form below: