Health Economics of Cancer
Choose any health related topic and analyze it from an economic perspective using the concepts we have used throughout the quarter. The goal of this analysis is for you to take a topic of interest to you personally and/or professionally and expand your knowledge of it from an economic perspective
Topic to choose from:
1. Cancer
2. Multiple sclerosis
3. Asthma
4. Celiac disease
5. Arthritis
6. Thyroid
7. Blood Sugar
8. Breast cancer
9. Diabetes/Obesity
10. Cardiovascular (heart)
11. COPD
12. Stroke
13. Alzheimer
14. Pneumonia
15. Kidney disease
16. Autism
17. Avian Influenza
18. Epilepsy
19. Hepatitis
20. HIV/AIDS
21. HPV
22. Meningitis
23. Brain Injury
24. Tuberculosis
25. Alcoholism and Drug Abuse
26. PTSD
27. Immobility
The following questions are to guide you in writing:
1.Where do consumers get information about the price and characteristics of the product/service? How much uncertainty is associated with the information about price and associated quality of the good/service?
2.Who specifically is on the demand side of your market and what are their characteristics?
3.What type of price elasticity and income elasticity does your product or service have? (inelastic/elastic and necessity/luxury/inferior)
4.What other goods/services if any influence demand in your market? Identify main substitutes and main complements
5.Who are the suppliers in your market, what are their characteristics? (large/small, local/regional/nation/international, profit/not-for-profit/government)
6.What is the extent and nature of the competition in your market? (intense competition with multiple competitors or does it have some monopoly-like qualities?)
7.Are there essential inputs in the production/delivery or your product/service? Are these essential inputs easily available? If not, why?
8.Any Regulation and Taxation that affect your market?
9.Are there any Government – sponsored Programs in your market?
10.What is the impact of government activity in your market in terms of efficiency?
11.Does the government improve efficiency by helping with a market failure (information asymmetry, monopoly) or reduce efficiency (but help with equity, tax revenue etc.)?
12.What demographic changes do you predict in the demand relevant to your industry?
13.What general technology change do you predict may impact your industry?
14.What other significant changes do you predict might happen in the future decade -in the political and economic environment relevant to your industry - with regard to (a) demand and pricing; (b) supply and market structure?
Health Economics of Cancer
Cancer is a complex disease that can affect people of all ages, races, and socioeconomic statuses. It is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020.
The economic impact of cancer is significant. In the United States, the annual cost of cancer care is estimated to be over $150 billion. This includes the cost of treatment, lost productivity, and premature death.
Demand
The demand for cancer care is driven by a number of factors, including the incidence of cancer, the availability of treatment options, and the cost of care. The incidence of cancer is increasing in many parts of the world, due to factors such as aging populations and environmental exposure to carcinogens. The availability of treatment options has also increased in recent years, with the development of new drugs and therapies. However, the cost of cancer care remains high, which can act as a barrier to access.
Supply
The supply of cancer care is also complex. There are a number of different providers of cancer care, including hospitals, clinics, and individual practitioners. The number of providers varies from country to country, and the quality of care can also vary.
Competition
The level of competition in the cancer care market also varies from country to country. In some countries, there is a high degree of competition, which can lead to lower prices and better quality of care. In other countries, there is less competition, which can lead to higher prices and lower quality of care.
Regulation
The cancer care market is also subject to a significant amount of regulation. This regulation is designed to protect patients and ensure the quality of care. However, regulation can also increase the cost of care.
Economic Impact
The economic impact of cancer is significant. The cost of cancer care is a major burden on individuals, families, and governments. Cancer can also lead to lost productivity, as people who are sick or undergoing treatment may be unable to work.
Government Intervention
Governments can play a role in reducing the economic burden of cancer by providing financial assistance to patients, regulating the cost of care, and investing in research and development.
Future Trends
The economic impact of cancer is likely to increase in the future. This is due to a number of factors, including the aging population, the increasing incidence of cancer, and the rising cost of care.
Conclusion
The economic impact of cancer is significant. Governments can play a role in reducing the economic burden of cancer by providing financial assistance to patients, regulating the cost of care, and investing in research and development.
In addition to the questions you provided, here are some other economic factors that could affect the cancer care market in the future:
- The development of new technologies, such as gene therapy and immunotherapy, could lead to more effective and less expensive treatments for cancer.
- The increasing use of telemedicine could make it easier for patients to access cancer care, regardless of where they live.
- The growth of the global economy could lead to increased demand for cancer care in developing countries.