Course: Teaching Vaccine Economics Everywhere: Health Economics For Vaccines
Teaching Vaccine Economics Everywhere: Health Economics For Vaccines
Teaching Vaccine Economics Everywhere Consortium – David Bishai and Chrispus Mayora
The process of creating vaccines, manufacturing, distributing, and injecting them into individuals is a complex process requiring multiple decisions by multiple groups and individuals. On the supply side there are pharmaceutical companies, regulatory authorities, distributors, and thousands of health care workers who have to make strategic choices. On the demand side there are parents, relatives, friends, and their social network who have to choose to receive a vaccine and the scheduled boosters. After they receive a vaccine, they may or may not change their exposure to risks of disease.
The field of economics can be helpful at understanding decisions related to supply and demand. Economics focusses on choice under uncertainty. This class will review the relevant components of economics that can help inform decisions that drive the supply and demand for vaccines. There is a common misconception that economics is only relevant to goods that trade on the private market-and vaccines are heavily subsidized and provided publicly in most cases. However, the principles of supply and demand still apply to publicly provided goods and the economic principles are enriched by the need to understand how these private decision impact the entire public.