Economics of Tobacco in Health Care Industry

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Introduction

Health economics is a study of the issues concerned with the provision of health services, access to medical care, efficiency, effectiveness, production and supply of health and healthcare services. Other factors include demand and consumption process as well as costs related to the industry. The study of healthcare economics is somehow different from other commodities in the market.

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Factors which make the industry unique include government control and intervention as well berries as an entry of the other providers. There are also third parties in the course of provision which include the physicians and medical professionals. Mastery of the costs, charges and other related expenditures ensures effective decision making and planning for the government and other stakeholders. In most cases, the demand for healthcare is termed as derived demand, meaning that is different from other typical goods.

The main players include the contributors, the citizens the country, providers of the services and consumers of the products. In this case, a study of the tobacco economics is the crucial segment of the healthcare economics(Abrams, David B., et al, p 296). Mastery of the care costs associated with the medical platform such as caring for the patients, preventive measures, access to medicines, as well as demand and supply is crucial for both short-term and long-term planning. The study of tobacco gives extensive knowledge which allows various bodies to plan and arrive and critical decisions.

Tobacco and tobacco use is one of the leading causes of preventable deaths around the globe. The commodity kills more than 7 million people every year. Studies indicate that use of tobacco leads to various things such as high toll diseases, suffering from the affected parties, death cases and hence it has become the burden to the users and non-users. In the US alone, the economic burden has been rising over the years, with global level hitting at US$ 1.4 trillion regarding healthcare costs as well as losses in the production in each year. Studies across the globe indicate that tobacco use kills people through direct and indirect ways as well as draining the treasuries large sums of money to take care of the negative impact associated with the drug. Though some economist argues that there is the economic contribution from the whole process of tobacco production, the input and the output cannot be matched. Studies done by the Center for Disease Control indicates that costs are associated with lifetime personal healthcare charges of the people who smoke as well as the passive smokers(Abrams, David B., et al, p 299). In a year, costs associated with governmental expenditures on tobacco costs are currently standing at $1,227 US per person in a year with other information indicating that lifetime costs are $16,500 per male while in a female,

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