| In an economic context, healthcare | | | | The salary of medical professionals in the US |
| consumption is no different from other | | | | is similar to the UK and France and will act |
| consumer services. Where there is a demand, | | | | as a factor as young students choose their |
| the market will attempt to meet it through | | | | career path. When students go onto choose a |
| supply. Where supply outweighs demand, prices | | | | medical subject, the market as a whole |
| may fall as the market becomes competitive | | | | becomes far less relevant and healthcare |
| and vice versa in reverse circumstances. With | | | | providers are left in a position where they |
| physicians and the provision of healthcare | | | | must compete to secure the services of |
| services, supply and demand do not fluctuate | | | | physicians. On the other hand, during times |
| with price as much as other services. | | | | of higher amounts of available physicians the |
| | | | tables will turn and prices will become lower |
| This is for a number of reasons. The main one | | | | for service providers as hiring staff becomes |
| being that demand for healthcare comes more | | | | less competitive. |
| as a necessity so demand cannot increase and | | | | |
| likewise cannot decrease for the same | | | | At this point in time, the break-down in |
| reasons. However; on a different level, the | | | | international trade between service providers |
| relationships between health care service | | | | and physicians has had a profound effect and |
| providers and medical professionals can | | | | a much expected one at that. Although |
| indeed be impacted by pricing especially in a | | | | healthcare consumers are left in a position |
| global marketplace. | | | | where by they may not migrate as easily |
| | | | between providers, actual healthcare |
| Many foreign countries, such as the UK, | | | | professionals may do so with relative ease. |
| provide healthcare through the state and also | | | | This has created a situation where by a |
| have legislation in place which means that | | | | shortage of supply causes foreign doctors to |
| private medical care can only be provided by | | | | migrate and for foreign healthcare service |
| Physicians that are working out of hours. | | | | providers to raise their prices in an attempt |
| This makes private healthcare more of a | | | | to keep their talent. According to years of |
| luxury than a necessity and places salaries | | | | authoritative economic theory, this should |
| firmly in the hands of the UK government - a | | | | indeed result in a shift towards |
| similar structure is also implemented in | | | | international equilibrium where by all |
| France. As a result, salaries are only used | | | | service providers will move towards a middle |
| as an incentive to induce young academics to | | | | ground in pricing. Despite this, the higher |
| enter the profession rather than being a | | | | levels of demand for nationals will always |
| bi-product of any consumer-side market | | | | play a role in the formation of the market |
| forces. | | | | that is formed. |
| | | | |