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OTEKAT SONI JACKLINE MAYOM MABOUNG MAREK RUSOKE EDWARD AKULLO BEATRICE NAKATO ALICE NAKIBUUKA MARGRET OBITRE E. HAROLD
Group 3 Question
The health care market is different from other markets and has features which demand economic interventions. Discuss these features The role of equity and need Restriction on competition
Definitions
Health
This is the physical, mental and social well being of an individual and not merely absence of disease and infirmity(WHO)
Health care
Is the prevention, treatment and management of illness and preservation of mental and physical well-being through the services of mental and allied health professionals
Restriction on competition
Restriction
An official limit on something
Competition
The effort of two or more parties acting independently to secure something from a third party by offering the most favorable terms or Competition is a process of rivalry between suppliers seeking to win.
Restriction on competition
This is an official limit on more parties acting independently to secure something from a third party by offering the most favorable terms
Importance of competition
Drives firms to improve their internal efficiency and reduce costs Provides incentives to firms to adopt new technology Provides incentives to firms to invest in Innovation Reduces managerial inefficiency
Need
The strong desire to acquire something e.g. health care needs, food, water, shelter and clothing. Equity goes hand in hand with need
Challenges in equity
Corruption which leads to unfair distribution of services Inadequate resources Communication barriers Inadequate information and data Political interference Unfair policies Lack of community involvement/ participations
References
www. biomedcentral:com/1471-2458/7178 www.ftc.gov/.../healthcare.htm