Health Economics and Decision Modelling MSc
School of Medicine and Population Health,
Faculty of Health
-
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.

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.
Modules
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).
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.
15 credits
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. - 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.
15 credits
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. - 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.
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
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.
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
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.
Contact
Any supervisors and research areas listed are indicative and may change before the start of the course.
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.