Without doubt, medical technology is indispensable for people's health and higher quality of life in some areas; and contributes billions of greenbacks to the economy. Total healthcare spending worldwide was $7.2 trillion in 2013, accounting for 10.6% of global GDP and forecast to grow at >5% annually to 20181. Increases in spend are being driven in large part by increases in life expectancy, leading to ageing populations. Health economics is related to value, behavior competence & effectiveness in the production and consumption of both health and health care.
Health economists study the functioning of health care systems & health-affecting behaviors such as drinking, smoking etc. There are many sub-categories under health policies like National Healthcare policy, personal health care policy, Nursing Healthcare policy, pharmaceutical policy, and Environmental Health and public healthcare policies such as vaccination policy, tobacco control policy and breastfeeding promotion policy.
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