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HEALTH AS AN INVESTMENT ·        Health is often viewed as an expenditure, but it is more accurately understood as an investment with long-term benefits for individuals, communities, and economies. ·        Just like financial investments, investing in health requires resources, planning, and consistent effort. ·        The returns on this investment include increased productivity, longer life expectancy, reduced healthcare costs, and an improved quality of life. 1. Individual Perspective For individuals, good health enhances physical and mental well-being, enabling them to achieve personal and professional goals. The investment in health can be categorized as: Preventive Investment: Regular exercise, balanced nutrition, adequate sleep, and stress management reduce the risk of chronic diseases. Curative Investment: Timely treatment, vaccinations, and regul...

DEMAND FOR HEALTH SCIENCES ·        The demand for health sciences is growing rapidly worldwide due to various factors such as o    An aging population, o    Advancements in medical technology, o    The rise of chronic diseases, o    and increased focus on preventive care Key Aspects of the Demand for Health Sciences 1. Global Demand for Health Science Professionals Growing Healthcare Needs : With increasing life expectancy and rising disease burdens, the demand for healthcare professionals is at an all-time high. Shortage of Healthcare Workers : Many countries, including India, face a shortage of qualified doctors, nurses, hospital administrators, and allied health professionals. Government Initiatives : Many governments are expanding healthcare infrastructure, leading to a rise in job opportunities in the health sciences sector. 2. Expanding Caree...

Scope and Coverage of Health Economics ·        Health economics is a specialized branch of economics that deals with issues related to efficiency, effectiveness, value, and behavior in the production and consumption of healthcare services. ·        It applies economic theories and principles to the healthcare sector to optimize resource allocation and improve health outcomes. Scope of Health Economics 1. Demand and Supply of Healthcare Understanding the factors affecting demand for healthcare services. The role of price, income, and insurance in healthcare utilization. Supply of healthcare professionals, facilities, and pharmaceuticals. 2. Healthcare Financing and Expenditure Sources of healthcare financing (government, private insurance, out-of-pocket expenses). National health expenditure and cost containment strategies. Economic burden of diseases and healthcare ...