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Health Economics and Decision ModellingMSc
Category
graduate
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https://sheffield.ac.uk/postgraduate/taught/courses/2026/health-economics-and-de...
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Health Economics and Decision ModellingMSc

Source: https://sheffield.ac.uk/postgraduate/taught/courses/2026/health-economics-and-decision-modelling-msc Parent: https://sheffield.ac.uk/postgraduate/taught/courses/2026

2026-27 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.

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Apply now for 2026 entry or book a place on our online open day on 29 April 2026 to see where a Sheffield masters could take you.

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 Dr Tessa Peasgood

Modules

A selection of modules is available each year - some examples are below. There may be changes before you start your course. As you progress through your course, we'll confirm additional details for the core and optional modules available to you.

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

Modules

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 offers a deeper exploration of specialist topics related to the valuation of healthcare benefits, examining the QALY (Quality Adjusted Life Year) as a measure of utility, preference-weighted outcomes measures, alternative methods for deriving quality-adjustment weights, the broader social value of a QALY, and the challenges of valuing non-health benefits of health care. All topics will start with the basic critical appraisal of these methods developed in SMP450 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 SMP469 Medical Statistics and Evidence Synthesis and SMP450 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 : 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 approximately 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 enhance their current career or 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.

Open days

Interested in postgraduate taught study?

Duration

1 year full-time

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: : ### Dr Tessa Peasgood

[Senior Lecturer in Health Economics
\

School of Medicine and Population Health](https://sheffield.ac.uk/smph/people/academic/population-health/tessa-peasgood)

:   **[t.peasgood@sheffield.ac.uk](mailto:t.peasgood@sheffield.ac.uk)**

[Open staff member portrait in a modal window](https://sheffield.ac.uk/smph/people/academic/population-health/tessa-peasgood)

### [Dr Robert Pryce](https://sheffield.ac.uk/smph/people/academic/population-health/robert-pryce)

[Research Fellow
\

School of Medicine and Population Health](https://sheffield.ac.uk/smph/people/academic/population-health/robert-pryce)

:   **[r.e.pryce@sheffield.ac.uk](mailto:r.e.pryce@sheffield.ac.uk)**
:   **[+44 114 222 0833](tel:+44 114 222 0833)**

[R P](https://sheffield.ac.uk/smph/people/academic/population-health/robert-pryce)

### [Professor Allan Wailoo](https://sheffield.ac.uk/smph/allan-wailoo)

[Professor of Health Economics
\

School of Medicine and Population Health](https://sheffield.ac.uk/smph/allan-wailoo)

:   **[a.j.wailoo@sheffield.ac.uk](mailto:a.j.wailoo@sheffield.ac.uk)**
:   **[+44 114 222 0729](tel:+44 114 222 0729)**

[Open staff member portrait in a modal window](https://sheffield.ac.uk/smph/allan-wailoo)

### [Professor Matt Stevenson](https://sheffield.ac.uk/smph/matt-stevenson)

[Professor of Health Technology Assessment
\

School of Medicine and Population Health](https://sheffield.ac.uk/smph/matt-stevenson)

:   **[m.d.stevenson@sheffield.ac.uk](mailto:m.d.stevenson@sheffield.ac.uk)**
:   **[+44 114 222 0691](tel:+44 114 222 0691)**

[Open staff member portrait in a modal window](https://sheffield.ac.uk/smph/matt-stevenson)

### [Daniel Pollard](https://sheffield.ac.uk/smph/daniel-pollard)

[Lecturer
\

School of Medicine and Population Health](https://sheffield.ac.uk/smph/daniel-pollard)

:   **[d.j.pollard@sheffield.ac.uk](mailto:d.j.pollard@sheffield.ac.uk)**
:   **[+44 114 222 6126](tel:+44 114 222 6126)**

[Open staff member portrait in a modal window](https://sheffield.ac.uk/smph/daniel-pollard)

### [Mr Colin Angus](https://sheffield.ac.uk/smph/colin-angus)

[Professor of Alcohol Policy
\

School of Medicine and Population Health](https://sheffield.ac.uk/smph/colin-angus)

:   **[c.r.angus@sheffield.ac.uk](mailto:c.r.angus@sheffield.ac.uk)**
:   **[+44 114 222 0686](tel:+44 114 222 0686)**

[Open staff member portrait in a modal window](https://sheffield.ac.uk/smph/colin-angus)

### [Professor Hazel Squires](https://sheffield.ac.uk/smph/people/academic/population-health/hazel-squires)

[Professor of Health-Related Decision Modelling
\

School of Medicine and Population Health](https://sheffield.ac.uk/smph/people/academic/population-health/hazel-squires)

:   **[h.squires@sheffield.ac.uk](mailto:h.squires@sheffield.ac.uk)**
:   **[+44 114 222 0765](tel:+44 114 222 0765)**

[Open staff member portrait in a modal window](https://sheffield.ac.uk/smph/people/academic/population-health/hazel-squires)

### [Professor Aki Tsuchiya](https://sheffield.ac.uk/economics/staff/academic/aki-tsuchiya)

[Professor of Health Economics
\

School of Medicine and Population Health](https://sheffield.ac.uk/economics/staff/academic/aki-tsuchiya)

:   **[a.tsuchiya@sheffield.ac.uk](mailto:a.tsuchiya@sheffield.ac.uk)**
:   **[+44 114 222 3422](tel:+44 114 222 3422)**

[Open staff member portrait in a modal window](https://sheffield.ac.uk/economics/staff/academic/aki-tsuchiya)

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:

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

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

Oliver Pople

Graduated 2022, \ Health Economics Associate at Symmetron](https://sheffield.ac.uk/smph/students/oliver-pople) [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

Graduated 2024, \ HTA Analyst at Pfizer](https://sheffield.ac.uk/smph/students/matt-nair) [The course felt like it was designed to prepare us for our careers as Health Economists

Vasilis Antavalis

Graduated 2019, \ Health Economics Manager - Novo Nordisk](https://sheffield.ac.uk/smph/students/vasilis-antavalis) [Beyond the technical skills, it’s also a fantastic opportunity to network with professionals in the field.

Yifei Wang

Graduated 2024 , \ Analyst (HTA and modelling) - Cogentia Healthcare Consulting](https://sheffield.ac.uk/smph/students/yifei-wang)

Entry requirements

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

Subject requirements

We accept degrees in the following subject areas: Any Allied Health, Science, Engineering or Social Science degrees.

We also accept Professional Health degrees such as Medicine and Dentistry.

Module requirements

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

We may also consider other related modules.

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.

If required degree subjects and modules are listed, these 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.

We also consider a wide range of international qualifications:

Entry requirements for international students

English language requirements

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

Other English language qualifications we accept

Other requirements

We will not ask you to provide references or referee details as part of your application.

We do not require a supporting statement for this programme.

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

Fees and funding

Funding for postgraduate taught courses

Save on your course fees

£3,000 scholarships for international students

Overseas fee-paying students joining in September 2026 will automatically receive a £3,000 tuition fee discount (subject to eligibility) - no separate application form required.

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

Recruiting

Looking to hire our graduates? Contact smph-pgt-admin@sheffield.ac.uk

Dissertation partnerships

Interested in hosting a dissertation project? Get in touch at smph-pgt-admin@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

More information

School of Medicine and Population Health

Contact

Start a conversation with us – you can get in touch by email, telephone or online chat.

Contacts for prospective students

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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