Question

If you are appointed as a health economist to advise the health minister of Australia,
what would be your policy recommendations to address the current coronavirus crisis?

Answer 1

                                    The covid-19 crisis has affected the global economy as a whole and almost all the nations implemented lockdown measures that could contain the spread of the virus. With the extension of lockdown measures, most of the economies across the globe were affected badly and today most of the nations are forced to reverse the lockdown measures.

                                    Australia is one among such nations that has been able to contain the spread and the economic effects in a safe manner. With various fiscal measures and support measures amounting to about 10% of the GDP, Australia took many measures that were aimed at reverting the disadvantages and negative effects of the lockdown measures on the people of the economy. But with the knowledge that the crisis could remain for more time, it has now become necessary that more emphasis is given to the healthcare sector also so that the linked effects are reduced further.

                                    Healthcare in Australia is the largest sector standing at 10% of the GDP and forms the biggest employer of the country which contributes to about 13% of the workforce of the economy. Thus, any changes in the healthcare system would have a direct influence on the economy of the nation and hence it is necessary to formulate such policies in the healthcare system that has the potential to maintain a stable economy along with providing better healthcare opportunities for the needy. As a health economist, the following would be the strategy that could be adopted in the near future so as to maintain a balance of healthcare in the economy

· The investment potential in the field of medical research and development should be improved so that better medical alternatives could be provided to resist the spread of the pandemic

· Since the healthcare sector encompasses more workforce, steps should be taken so as to efficiently utilise them with less effects on the economy

· Telemedicine and similar online medical check-ups could be developed so that more number of people would have access to healthcare even without visiting the hospitals and thus the idea of social distancing could also be maintained

· Development of mobile applications for healthcare delivery could bring more people in to the system and also could bring economic benefits to such manufacturers

· More amount of private investments must be supported in the manufacturing of medical aids and focus should be give for manufacturing masks and sanitizers which plays a huge role during these times

· Basic healthcare facilities should be given proper maintenance so as to contain the spread at the local level

· Local and domestic manufacturers must be encouraged to invest more for the development of healthcare products so that better returns could also be achieved along with proper healthcare system.

Thus, with all the above measures, it could be possible to maintain a balance between healthcare and economic stability and thus could prevent the nation from a further crisis in the near future.