2025-26 entry

Health Economics and Decision Modelling MSc

School of Medicine and Population Health, Faculty of Health

Develop analytical skills for a career in health economics. Learn to measure, model, and evaluate healthcare interventions to inform public health decisions. Employers praise our course for its hands-on experience, making graduates job-ready from day one.
  • Start date
    September 2025
  • Duration
    1 year
  • Attendance
    Full-time

Explore this course:

    Apply now for 2025 entry or register your interest to hear about postgraduate study and events at the University of Sheffield.

    MSc Health Economics and Decision Modelling

    Course description

    Want to make a real difference in healthcare? Our MSc in Health Economics & Decision Modelling gives you the skills to analyse real-world health challenges and influence key decisions. Whether it’s evaluating new treatments, improving public health strategies, or making sure healthcare resources are used wisely.

    You’ll learn how to assess the cost-effectiveness of medical interventions, model healthcare outcomes, and use data to inform policy. We’ll take you beyond theory, giving you hands-on experience and  the practical skills that employers look for.

    This course covers medical statistics, evidence synthesis, and econometric methods, applying them to clinical trials and real-world data. You'll learn to build and use mathematical models and simulations to support healthcare decisions, with full training in research methods.

    Your final project will be a  three-month dissertation project where you’ll tackle real-world health problems, working with experts from the NHS, academia and industry. By the time you graduate, you’ll have the confidence and experience to step straight into a career.

    Do you have a question? Talk to us

    Book a 15-minute online meeting with our course lead to find out more information and ask further questions.

    Book an appointment with Rob Pryce

    Modules

    A selection of modules is available each year - some examples are below. There may be changes before you start your course. From May of the year of entry, formal programme regulations will be available in our Programme Regulations Finder.

    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 the MSc course. Any time spent on the CPD route counts toward the time-limit a student has to complete their chosen qualification.

    Doctoral Development Programme

    Individual modules can also be studied by University of Sheffield PhD students through the Doctoral Development Programme (DDP).

    Learn more about the DDP 

    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

    This module introduces the basic principles of economic evaluation as applied to healthcare interventions.  The course introduces the concept of economic evaluation, the different types that are available and the various stages and techniques that need to be applied to generate results.  Current practice guidelines will be described so that students can understand the current policy context of the methods.  Also, as alternative techniques are described, their strengths and weaknesses will be highlighted, with the students being encouraged to critically appraise their appropriateness to different contexts.

    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, 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 online 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 module explores in detail specialist topics related to the valuation of healthcare benefits.

    The course content includes

    the QALY (Quality Adjusted Life Year) as a measure of utility alternative methods for obtaining the quality adjustment weightssocial value of a QALYvaluing non health benefits of health care.

    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
    Dissertation

    Full-time and part-time students will complete a research-based project with an external organisation (e.g. academic unit, consultancy or pharma industries or the NHS), or in an internal setting (internal placement within the Health Economics and Decision Science (HEDS) section, self- or funder-developed projects) within SCHARR for 3 months (Mid/Late June 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 programme's 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 will inform students and take reasonable steps to minimise disruption.

    Online open day

    Join our online open day on Wednesday April 30, where the programme lead will tell you more about the course and answer all your questions.

    Use our online form to book your place

    Duration

    1 year full-time

    The part-time route for this course is under review for 2025 entry. Please contact us for further information.

    Teaching

    You will learn through lectures, seminars, tutorials, practical computer-based sessions and independent study.

    Sheffield is a globally recognised hub for Health Economics and Decision Modelling, with over 100 research staff in SCHARR's Health Economics and Decision Science section. Our experienced lecturers and tutors are active researchers in health economics, working on projects funded by national and international bodies. NICE uses our SCHARR-TAG group to review drug and technology submissions for effectiveness and cost-effectiveness.

    Our teaching staff includes seasoned professionals, from senior researchers with 30 years of experience to early-career PhD graduates. They are actively involved in applied projects and contribute to the field's methodological development.

    Current staff teaching on the course Include:

     Staff are subject to change.

    Assessment

    You will be assessed through coursework, exams and a dissertation.

    Your career

    Graduates of the MSc in Health Economics and Decision Modelling are highly sought after across a range of sectors, including:

    • Health economics consultancies – Conducting health technology assessment (HTA) projects for governments, reimbursement agencies, and private-sector clients.
    • Academic research groups – Working in health economics and decision science teams at universities worldwide, including here at the University of Sheffield, as health-economic analysts or modellers.
    • Pharmaceutical and medical technology industries – Contributing to health economics, market access, and reimbursement teams to assess the value of new treatments.
    • Government and health policy organisations – Supporting decision-making in agencies such as the National Institute for Health and Care Excellence (NICE) and global HTA bodies that evaluate the effectiveness and cost-effectiveness of new healthcare interventions.
    • Health insurers and healthcare providers – Applying economic modelling to improve healthcare delivery and financing.
    • Public sector and non-profits – Working in analytical and modelling roles for government agencies (e.g., the UK’s Government Operational Research Service), charities, and other organisations.

    The course also provides excellent preparation for further academic training, including PhD study in health economics, decision modelling, or related fields such as trial design.

    Student profiles

    Image of student Oliver Pople - HEDM

    The MSc course gave me a strong foundation in research integrity and authenticity which I have carried through my career

    Oliver Pople Health Economics Associate at Symmetron.

    During his course, Oliver chose an external placement during his dissertation with a consultancy company—a decision that has paid off as he continues to work there today. Reflecting on his experience, Oliver says that the course gave him a head start over graduates from other Master's programmes.

    Matt Nair - 2024 Alumni student from the Health Economics and Decision Modelling course

    The lecturers that teach on the course are industry-leading in their field meaning you are taught by some of the very best.

    Matt Nair HTA Analyst at Pfizer

    From Sheffield to Pfizer! Discover how the Health Economics and Decision Modelling MSc at Sheffield launched Matt's journey to becoming an HTA Analyst at one of the world’s leading pharmaceutical companies.

    Image of alumni student Vasilis Antavalis

    The course felt like it was designed to prepare us for our careers as Health Economists

    Vasilis Antavalis Health Economics Manager - Novo Nordisk

    After completing his undergraduate degree in Greece, Vasilis chose Sheffield for its renowned reputation in economics and its practical, real-world-focused curriculum.

    An Image of Alumni student Yifei Wang

    Beyond the technical skills, it’s also a fantastic opportunity to network with professionals in the field.

    Yifei Wang Analyst (HTA and modelling) - Cogentia Healthcare Consulting

    Introducing Yifei, an international student and now a thriving analyst. She reveals how the Health Economics and Decision Modelling MSc provided her with invaluable practical skills, laying the foundation for her successful career.

    Entry requirements

    Minimum 2:1 undergraduate honours degree in a relevant subject, with relevant quantitative modules or a Medical degree.

    Subject requirements

    We accept degrees in the following subject areas: 

    • Business (with quantitative focus)
    • Computer Science
    • Data Sciences
    • Economics
    • Engineering including Industrial Engineering
    • Environmental Science
    • Finance / Accounting
    • Geography (with quantitative focus)
    • Management
    • Mathematics
    • Medicine
    • Operational Research
    • Pharmacy
    • Physics
    • Psychology
    • Statistics
    • Sociology (with quantitative focus)
    • Systems and Control Engineering
    • Any substantially quantitative discipline

    Module requirements 

    You should have studied at least two quantitative mathematics modules from the following areas:

    • Algebra
    • Econometrics
    • Economics
    • Epidemiology
    • Macroeconomics
    • Mathematics
    • Microeconomics
    • Optimisation
    • Probability
    • Simulation Modelling
    • Statistics

    We may also consider other related modules.

    We also consider a wide range of international qualifications:

    Entry requirements for international students

    We assess each application on the basis of the applicant’s preparation and achievement as a whole. We may accept applicants whose qualifications don’t meet the published entry criteria but have other experience relevant to the course.

    The lists of required degree subjects and modules are indicative only.  Sometimes we may accept subjects or modules that aren’t listed, and sometimes we may not accept subjects or modules that are listed, depending on the content studied.

    English language requirements

    IELTS 6.5 (with 6 in each component) or University equivalent.

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

    Fees and funding

    Save up to £2,500 on your course fees

    Are you a Sheffield graduate? You could save up to £2,500 on your postgraduate taught course fees, subject to eligibility.

    Information for employers

    Train your staff

    Your employees can study part-time while working with you, taking two modules per semester. The schedule requires just 1.5 days in Sheffield (e.g., all Tuesday and Wednesday morning or Wednesday afternoon and all Thursday). This helps with staff development, retention, and promotion.

    Recruiting

    Looking to hire our graduates? Contact scharr-hedm-director@sheffield.ac.uk 

    Dissertation partnerships

    Interested in hosting a dissertation project? Get in touch at scharr-hedm-director@sheffield.ac.uk.

    Past employer partners include NICE, global pharmaceutical companies, government agencies, and health economics consultancies.

    Apply

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

    Apply now

    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.