MSc PG Certificate PG Diploma
2022 start September 

Health Economics and Decision Modelling

School of Health and Related Research, Faculty of Medicine, Dentistry and Health

We tackle some of the world’s greatest health challenges to improve the health and care of people across the globe.
Image of Katharine Palmer and Precious Ogbuji, postgraduate School of Health and Related Research students

Course description

On this course you’ll study a growing area with a worldwide demand for qualified specialists.

The importance and use of health technology assessment and health economic modelling is rapidly increasing. This course helps you to become highly employable by developing the analytical skills required to evaluate the clinical outcomes and cost-effectiveness of health technologies such as new drugs, public health initiatives, screening programmes and diagnostic tools.

Sheffield has nine professors of health economics and decision sciences, including the world-renowned Prof John Brazier and in Professors Alan Brennan, Jim Chilcott and Matt Stevenson who are some of the most experienced health economic modelling experts in the country. You'll develop the transferable skills and knowledge to work anywhere in the world as a professional decision-analytic modeller or health economist.

Open days

Join us for our online open day on Monday 6 December 2021, Monday 24 January 2022 or Wednesday 9 March 2022 from 12pm-1pm (UK time).

Register for our online open day


The modules listed below are examples from the last academic year. There may be some changes before you start your course. For the very latest module information, check with the department directly.

Continuing Professional Development

All modules on this course can be studied as standalone CPD modules. It is possible to complete standalone modules and then apply to transfer to an MSc/PGDip/PGCert qualification. Any time spent on the CPD route counts toward the time-limit a student has to complete their chosen qualification.

Core modules:

Introduction to Health Economics

This module is concerned with understanding the key elements in the theory of health economics. Students are introduced to some of the key principles and tools of microeconomics which are then used to examine the peculiarities of the market for health care. In particular, the module focuses on how the market for health care 'fails' and what the implications are for consumption, production and distribution. Students are encouraged to critically appraise the alternative approaches to overcoming some of these market failures.

15 credits
Economic Evaluation

The main aim of these modules is to encourage a broader appreciation of the complexities of economic evaluation through the examination of various decision making criteria, an assessment of alternative techniques for benefit measurement and the development of critical appraisal skills. A thorough grounding in the methods required to undertake an economic evaluation is developed, building on the introduction to economic evaluation given in HAR6200. The second part of the module is concerned with the measurement and valuation of costs and outcomes within economic evaluations.

15 credits
Cost-effectiveness Modelling for Health Technology Assessment

This module provides an introduction to mathematical modelling and its role in informing clinical policy and resource allocation decisions in international healthcare systems. The core of the module is cost-effectiveness modelling, interpretation and appraisal. Specific methods include problem definition and structuring, decision trees, and Markov/state transition modelling. The methods outlined in this module will be transferable to decision problems in other settings outside of healthcare. Lectures will be augmented by practical modelling sessions.

15 credits
Medical Statistics and Evidence Synthesis

This module introduces students to key concepts and methods used in medical statistics.The module is organised in two parts: 1) the design, analysis and reporting of randomised control trials, and 2) the synthesis of evidence from multiple clinical trials using meta-analysis methods and quantifying uncertainty using experts¿ beliefs . Classical (i.e. frequentist) and Bayesian meta-analysis methods will be presented with an emphasis on how evidence can be used to represent uncertainty about input parameters in decision analytical models.

15 credits
Study Design and Systematic Review Methods

This module provides an introduction to quantitative and qualitative research methods, combining theoretical instruction with practical exercises both in class and as part of MOLE activities. This unit provides a foundation in research methods which complements the other modules on this course. There is an emphasis on research methods used in the evaluation, assessment and analysis of technologies in healthcare.

15 credits
Valuing the Benefits of Health Care

This unit explores in detail specialist topics related to the valuation of healthcare benefits. The course content is based around three topics; the assessment of outcomes in economic evaluation, the quality adjusted life year (QALY) model and its weaknesses, and the use of alternative methods like willingness to pay. All topics will start with the basic critical appraisal of these methods developed in HAR6260 Economic Evaluation and explore in greater depths the weaknesses of conventional methods and the alternative formulations that are available.

15 credits
Further Statistical Methods for Health Economic Analysis

The module builds on key concepts introduced in HAR6170 Medical Statistics and Evidence Synthesis and HAR6260 Economic Evaluation in order to develop further the statistical skills needed in health economics. Students are introduced to a range of advanced statistical topics to address issues that arise in cost effectiveness analyses, including the analysis of cost data, time-to-event data, and treatment effect estimation using data from observational studies. The module is taught using a mixture of lectures, group discussions and hands-on computer practicals.

15 credits
Advanced Simulation Methods

This module provides an in-depth review of simulation rationale, techniques and methodologies with a particular focus on discrete event simulation and their practical application to inform healthcare decision making. From the fundamentals of a basic model the course will progress to modelling complex systems, validation, interpreting output and variance reduction techniques. The methods outlined in this module will be transferable to decision problems in settings other than healthcare. Lectures will be augmented by practical modelling sessions.Students need to have a basic level of knowledge of health economic modelling for this module.

15 credits

Full-time and part-time students will complete a research-based project with an external organisation (e.g. academic unit, industry or the NHS), or in an internal setting (internal placement, self- or funder-developed projects) within ScHARR for 3 months (July to September inclusive). The project will culminate in a written dissertation that will generally involve adapting or developing a new cost-effectiveness model or addressing a health economic problem that makes use of the competences from the programmes quantitative modules. The dissertation module provides students with an opportunity to practice and develop the skills acquired on the programme and to prepare them for future employment.

60 credits

The content of our courses is reviewed annually to make sure it's up-to-date and relevant. Individual modules are occasionally updated or withdrawn. This is in response to discoveries through our world-leading research; funding changes; professional accreditation requirements; student or employer feedback; outcomes of reviews; and variations in staff or student numbers. In the event of any change we'll consult and inform students in good time and take reasonable steps to minimise disruption. We are no longer offering unrestricted module choice. If your course included unrestricted modules, your department will provide a list of modules from their own and other subject areas that you can choose from.


  • 1 year full-time
  • 2/3 years part-time


You’ll be taught through lectures, seminars, tutorials and independent study.


Assessment is by coursework, examinations and a dissertation.

Your career

You will find career opportunities exist around the world (including the UK, Europe, USA, Australia, Africa, and Canada) in:

  • health-economics related consultancies that conduct health technology assessment projects for governments, reimbursement agencies or other clients outside of academia
  • health economics and decision science groups within academia – as a modeller or health-economic analyst working on projects for a range of clients – HEDS itself often employs graduates from the course
  • academia studying for a PhD in modelling, health economics or related disciplines such as informing trial design
  • the pharmaceutical industry in a health economics or reimbursement team
  • government or other health policy organisations such as NICE
  • health insurance companies
  • healthcare purchase or provider organisations

Outside of the field of health economics and health technology assessment, graduates will be well equipped with quantitative and modelling skills sought for jobs within government agencies such as the Government Operational Research Service (GORS) and quantitative or modelling roles within the commercial sector.

Student profiles

This course helped me get up to speed on health economics modelling terminology and techniques fast enabling me to progress considerably more quickly than would have been the case without.

Dawn Lee
MSc Health Economics and Decision Modelling graduate

Entry requirements

2:1 honours degree in a numerate subject such as economics, operational research, mathematics, statistics, pharmacy, industrial engineering, management science, physics, pharmacy or systems control.

Overall IELTS score of 6.5 with a minimum of 6.0 in each component, or equivalent.

We also accept a range of other UK qualifications and other EU/international qualifications.

If you have any questions about entry requirements, please contact the department.


You can apply for postgraduate study using our Postgraduate Online Application Form. It's a quick and easy process.

Apply now

+44 114 222 5454

Any supervisors and research areas listed are indicative and may change before the start of the course.

Our student protection plan

Recognition of professional qualifications: from 1 January 2021, in order to have any UK professional qualifications recognised for work in an EU country across a number of regulated and other professions you need to apply to the host country for recognition. Read information from the UK government and the EU Regulated Professions Database.

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