Do you need a master’s degree in health economics? Have you wondered what is health economist? What career prospects are in store for those armed with such an academic qualification? Let’s look at the issue in detail.
Role of Health economist in the pandemic
The world has faced many pandemics in the past and will encounter many more in the future. After every pandemic, the world has witnessed change. Society has adapted successfully to every new challenge a pandemic brings.
So what does health economics have to do with a pandemic? The outbreak of the COVID-19 pandemic has devastated the economy of several countries. India has not been an exception. For any country, at the core of meeting as a grave, a challenge as COVID-19 is the ability of institutions and individuals to manage and allocate resources. This is where the role of specialists in health economics becomes very crucial. The main article for Health Economics can be found here.
But what is health economist?
Economic theorist and Nobel laureate Kenneth Arrow is credited with pioneering the term and theory of health economics. He talked about how medical care markets are characterized by high levels of uncertainty. “Information, in the form of skilled medical care, is precisely what is being bought from most physicians,” he wrote.
Still, wondering what course after mbbs?
A master’s degree in health economics equips a physician and other professionals in the medical care industry with the knowledge of how best to manage resources in a health emergency. The program will enable professionals to graduate into effective decision-makers in the domain of health economics, and its allied functional areas. The top medical colleges in India provide a specialization in this course.
Health economics is emerging as a hybrid specialization with new career opportunities in the field is rapidly created. You could work for a conglomerate, academia, government, a non-profit, or as an individual consultant. The opportunities exist globally and this course after mbbs is much needed.
Top Indian medical colleges providing health economics courses in India
A master’s degree in health economics is offered by the top two colleges in India, Manipal Academy of Higher Education and Tata Institute of Social Sciences (TISS). This is a first-of-its-kind comprehensive two-year program. It is offered in offline mode only as of now. Anyone with a bachelor’s degree in health sciences is eligible to apply for this course.
TISS has only 23 seats with a course fee of ₹31,000. Those intending to join the course may get help from those who have already completed the program. The program has been created in collaboration with the prestigious London School of Economics and Political Science (LSE). The program will have an international focus and teaching would cover literature from across the globe with a specific focus on South East Asia and India.
Manipal Academy charges a much higher fee but offers scholarship opportunities and promises an average starting salary of ₹4.1 lakh. A statement of purpose is required followed by an interview round.
Jobs In Health Economics In India
A simple search with ‘health economics’ as the keyword phrase throws up around 10,900 jobs on LinkedIn, 4500 on Glassdoor, 15,400 on Monster. The average salary of an experienced health economist is ₹21 lakh a year. This surely answers the question that what is health economist and why should young graduates opt for them?
Some of the job titles in the field of health economics are
- Research Lead, Health Economics and Outcomes.
- Director, Health Economics.
- Expert Scientific Writer.
- Advisor, Health Financing.
- Project Manager, Health Financing.