Health economics: A developing discipline in the Indian context

INTRODUCTION Health economics (HE), which is a newly emerging discipline in India, applies economic theory to examine healthcare systems and health policies. With India’s hospital market worth about $99 billion in 2023 and expected to grow to a whopping $194 billion in 2032,[1] the healthcare sector is growing fast. This growth is fueled by population growth, rising life expectancy, growing incomes, government policies, and medical tourism.[2,3] Important burdens on the healthcare economy, including diabetes, tuberculosis, hypertension, and issues with overpopulation, highlight the imperative for HE expertise.[2] The profession is therefore set to experience tremendous growth in the foreseeable future. GROWING EDUCATIONAL TERRAIN Indian institutions of learning are increasingly incorporating HE into their programs. At the undergraduate level, HE is presently integrated into courses like Economics (BA), Business Administration (BBA), and Pharmacy (B.Pharm). For higher studies, several universities provide master’s degrees in HE, health policy, and public health with an economic orientation, with specializations such as a Master of Public Health (MPH) in health economics and policy,[4] an MSc in HE,[5] and an MSc in HE and technology assessment.[6] Additionally, several top-ranked technology and pharmacy schools are considering doctoral (PhD) studies in the area.[7] Convenient learning is also available through major online platforms, which offer courses in HE.[8–10] Beyond traditional degrees, HE is offered as a credit course or part of the syllabus in programs like Doctor of Pharmacy (PharmD)[11] and various B.Tech degrees.[12,13] PIVOTAL RESEARCH AND CAREER OPPORTUNITIES Research in HE is vital for developing effective health policies and improving healthcare delivery in India. Scholarly research is carried out mainly by premier technology, medical, and public health institutions.[14] Government agencies like the Ministry of Health and Family Welfare and the national policy think tank also carry out HE research to guide key policy choices, frequently granting research fellowships. Nongovernmental organizations (NGOs) and policy research centers additionally provide opportunities centered around healthcare financing, system performance, and economic assessments of health programs.[15,16] This increasing significance is also evident in the research record: articles recorded on a leading medical database regarding HE and India have recorded a close-to-four-fold rise over the past 20 years, totaling 20,726 articles.[17] This robust foundation converts into multifaceted and promising career opportunities for HE graduates in many areas. Career paths include Healthcare Consulting, where experts help organizations with financial and strategic analysis; the Pharmaceutical Sector, with economic analysis and pricing strategy; and Health Insurance, for product design and actuarial model development. Graduates are also employed by Government health ministries in policy development and resource allocation, by Nonprofit Organizations in program impact analysis, and by Contract Research Organizations with focus on healthcare financing and outcomes.[18–23] Finally, teaching and research posts are available in academia. The employment market is thriving and expanding with numerous health economics-related positions that have recently appeared on a prominent Indian job site.[24] Conclusively, HE is a fast-paced and stimulating profession with unquestioned momentum in India. With its increasing prominence and the rich career and research prospects it offers, HE is a compelling career option for those interested in enhancing healthcare outcomes and helping develop the country. Financial support and sponsorship Nil. Conflicts of interest There are no conflicts of interest.