Creating vaccines, manufacturing, distributing, and injecting them into individuals is a complex process requiring multiple decisions by multiple groups and individuals. On the supply side there are pharmaceutical companies, regulatory authorities, distributors, and thousands of health care workers who have to make strategic choices. On the demand side there are parents, relatives, friends, and their social network who have to choose to receive a vaccine and the scheduled boosters. After they receive a vaccine, they may or may not change their exposure to risks of disease.
The field of economics can be helpful at understanding decisions related to supply and demand. Economics focusses on choice under uncertainty. This class will review the relevant components of economics that can help inform decisions that drive the supply and demand for vaccines. There is a common misconception that economics is only relevant to goods that trade on the private market-and vaccines are heavily subsidized and provided publicly in most cases. However, the principles of supply and demand still apply to publicly provided goods and the economic principles are enriched by the need to understand how these private decision impact the entire public.
At the conclusion of this course, students will be able to:
Explain economic concepts and how to use them for planning and decisions
Explain health system building blocks and their interconnections
Apply economic tools to understand what determines price
Explain government subsidies and their role in health care delivery
Identify determinants of demand for health products
Identify how public health programs like vaccines fit with universal health coverage
Apply the fundamental principles of health insurance to vaccine delivery
Appraise the role of the government in health and healthcare
Summarize how healthcare systems and health policies change as medical technology advances and costs rise
Analyze the economics of health policies designed to expand universal health coverage, improve quality, and contain costs
Appraise the interplay of public and private sectors in health
Discuss the economic challenges that arise regarding the global availability and the country adoption of new vaccines
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