Economic Evaluation in Health Sectors

Running head: Economic evaluation
ECONOMIC EVALUATION
Name of student
Course name
Course ID

1
Economic evaluation
Table of Contents
Question 1: Justification behind the need for the economic evaluation and aligning them with
theories.............................................................................................................................................2
Question 2: Forming well-defined study question incorporating technology.................................3
Question 3: Justification for choosing appropriate measure of economic evaluation based on
study question..................................................................................................................................3
Question 4: Identification of resources that has been identified in the category C1, C2, C3, C4...4
Question 5: Outline the information and sources that are being used to collect resource and cost
evaluation of economic evaluation..................................................................................................6
Question 6: Describing the valuation of resource input in economic evaluation............................7
Question 7: Explain and justify how you will collect and value the health outcomes....................7
Reference list...................................................................................................................................9

2
Economic evaluation
Question 1: Justification behind the need for the economic evaluation and aligning them
with theories
Economic evaluation is one of the improved technology and process that helps in
identification of process that actually helps in the incorporation of advanced level of technology
so that the economy can increase the benefit of health sectors. The main benefits from the
economic evaluation in the health sector are as follows
 It will be helpful for identification of maximum benefit that the consumers can get from
the spending in medical.
 Economic evaluation is going to increase the access to regional variations within the
health sectors.
 Through the economic evaluation, the economy of Australia can identify the cost and
benefit that is associated with the health sector. This will benefit the customers in
identifying the quantity of medical goods and services they can consume within their
affordability. This will also benefit the suppliers as they can identify the price at which
they can produce the goods and services.
 Economic evaluation will allow the consumers to increase the bargaining power with
suppliers regarding medical goods and services.
Along with the normal demand and supply theory, the cost benefit analysis is also playing a
significant role in the economic evaluation within the Australian health sector. On the other
hand, through the development of cost-benefit analysis both the producers in the form of
government and private entities and consumers in form of individuals will be able to identify
their respective cost and benefit. However, the bargaining power of the individual regarding the
benefit of the health care’s services will allow the market to become competitive in nature. Better