The Economic of Healthcare: Comparing Public and Private Healthcare Systems

Healthcare represents a significant aspect of the global economy, and various countries are adopting different models to manage their healthcare systems: the public and private systems. Economic analysis of these systems is therefore essential because these systems determine the quality and availability of healthcare services and influence economic stability and social justice within nations. This paper incorporates comparative UK, US, China, Canada and Switzerland cases to review the economic principles, the business management policies, social perspective of the private and public healthcare systems. The essay introduces the importance of public and private healthcare to the economy followed by the comparison and integrated analysis of the business management and the sociological dimensions of the private and public healthcare systems. The paper recommends policymakers to opt for a fair and harmonised model to ensure quality medical needs of all citizens. This can be possible by adopting regular and formulation of policies to cater for the dynamic needs of the population.