Raikou Maria

Ράικου Μαρία

Raikou Maria

Professor, Department of Economics


Teaching Field

Evaluation and Management of Health Services

Maria Raikou is a Professor at the Department of Economics, University of Piraeus. Before joining the Department, Maria was a Research Fellow and Visiting Lecturer at LSE Health and Social Care, Department of Social Policy, London School of Economics and Political Science (LSE).

Maria has a Degree in Electrical and Computer Engineering from the National Technical University of Athens (N.T.U.A.), Greece, and an MSc and PhD in Health Economics from City University, London. She has held research posts in the area of health economics at Oxford University (within the Health Economics Research Centre), City University (in the Department of Economics) and the LSE.

At the LSE she taught Health Economics and Statistical Methods in Health Care Economic Evaluation. She also taught Statistics at City University (Department of Economics). Currently, she serves as a Tutor in Economic Evaluation on the MSc in Public Health, Distance Learning Programme, London School of Hygiene and Tropical Medicine and in Health Economics on the MSc in Health Services Management, Greek Open University. She has also acted as a consultant to the UK Department of Health, to the UK National Audit Office, to the UK National Institute for Health and Clinical Excellence (NICE) and to a number of pharmaceutical companies. Since 2015 she is a member of the Board of Directors of the Onassis Cardiac Surgery Center, Athens, Greece.

Her research interests focus on statistical and econometric modelling of health care costs and effects as applied to economic evaluation, econometric modelling of health care technology diffusion, mathematical modelling of behaviour in the health care sector and the analysis of hospital cost and quality relations. She has published research articles in peer-reviewed journals such as Health Economics, Journal of Health Economics, British Medical Journal and economic reports, including reports for the UK Department of Health, the UK National Audit Office, and NICE, in the field of economic evaluation of health care programmes.


  • Microeconomics Ι
  • Public Economics Ι
  • Public Economics ΙΙ
  • Special Topic s in Public Economics
  • Management and Evaluation of Health Services
  • Data Analysis for Decision Making


M.Sc. Health Economics & Management

    • Economics Analysis and Health Policy
    • Applied Cost-Effectiveness Analysis in the Health Sector

M.Sc. Economic & Business Strategy

    • Contemporary Business Economics

M.Sc. Applied Public Economics & Policy

    • Intro to Economic Theory
    • Public Investment Valuation



Α. Publications in peer-reviewed journals

  • Nikolaidou, C., Raikou, M., Niakas,, Gerasimou, G., Moralidis, E, et al., 2022. Patients’ perception of health status and ischaemic burden in stable coronary artery disease. Journal of Clinical Images and Medical Case Reports, 3(1): 1585.
  • Raikou, M., with the UK Collaborative Trial of Ovarian Cancer Screening (UKCTOCS) Group, 2021. Ovarian cancer population screening and mortality after long-term follow-up in the UK Collaborative Trial of Ovarian Cancer Screening (UKCTOCS): a randomised controlled trial. Lancet, 397: 2182–93.
  • Fernandez, JL., McGuire, A., Raikou, M., 2018. Hospital Coordination and Integration with Social Care in England: The Effect on Post-Operative Length of Stay. Journal of Health Economics, 61: 233-243.
  • Menon, U., McGuire, A., Raikou, M., Ryan, A., Davies, S., Burnell, M., et al., 2017. The cost-effectiveness of screening for ovarian cancer: results from the UK Collaborative Trial of Ovarian Cancer Screening (UKCTOCS). British Journal of Cancer, 117: 619–627.
  • Manchanda, R., Burnell, M., Loggenberg, K., Desai, R., Wardle, J.,  Sanderson, S., Gessler, S., Side, L., Balogun, N., Kumar, A., Dorkins, H., Wallis, Y., Chapman, C., Tomlinson, I., Taylor, R., Jacobs, C., Legood, R., Raikou, M., McGuire, A., Beller, U., Menon, U., Jacobs, I., 2016. Cluster-randomised non-inferiority trial comparing DVD-assisted and traditional genetic counselling in systematic population testing for BRCA1/2 mutations. Journal of Medical Genetics, 53: 472–480.
  • Manchanda, R., Legood, R., Burnell, M., McGuire, A., Raikou, M., Loggenberg, K., Wardle, J., Sanderson, S., Gessler, S., Side, L., Balogun, N., Desai, R., Kumar, A., Dorkins, H., Wallis, Y., Chapman, C., Taylor, R., Jacobs, C., Tomlinson, I., Beller, U., Menon, U., Jacobs, I., 2015. Cost-effectiveness of population screening for BRCA mutations in Ashkenazi Jewish women compared with family history–based testing. JNCI Journal of the National Cancer Institute, Vol. 107, No. 1: 1-14.
  • Tsounis, D., Ioannidis, A., Bouras, G., Raikou, M., Giannopoulos, G., Deftereos, S., Kossyvakis, C., Toutouzas, K., Tousoulis, D., Synetos, A., Pyrgakis, V., Niakas, D., Stefanadis, C., 2014. Assessment of Health-Related Quality of Life in a Greek Symptomatic Population with Atrial Fibrillation: Correlation with Functional Status and Echocardiographic Indices. Hellenic Journal of Cardiology 55: 475-485.
  • Togas, C., Raikou, M., Niakas, D., 2014. An assessment of health related quality of life in a male prison population in Greece. Associations with health related characteristics and characteristics of detention. BioMed Research International, Volume 2014 (2014), Article ID 274804, http://dx.doi.org/10.1155/2014/274804.
  • Raikou M., McGuire, A., Lurz, P., Bonhoeffer, P., Wegmueller, Y., 2011. An assessment of the cost of percutaneous pulmonary valve implantation (PPVI) versus surgical pulmonary valve replacement (PVR) in patients with right ventricular outflow tract dysfunction. Journal of Medical Economics 14(1):47-52.
  • Perelman J., Shmueli A., McDonald K., and the TECH Investigators, 2009. SID=Z2id@iEIlHnaKlgHMKp&page=1&;doc=6″>Inequality in treatment use among elderly patients with acute myocardial infarction: USA, Belgium and Quebec. BMC Health Services Research 9(130)   DOI: 10.1186/1472-6963-9-130.
  • Bech, M., Christiansen, T., Dunham, K., Lauridsen, J., Lyttkens, CH., McDonald, K., McGuire, A., and the TECH Investigators, 2009. The influence of economic incentives and regulatory factors on the adoption of treatment technologies: a case study of technologies used to treat heart attacks. Health Economics 18(10): 1114-1132.
  • Lejeune, C., Binquet, C., Bonnetain, F., Mahboubi, A., Abrahamowicz, M., Moreau, T., Raikou, M., Bedenne, L., Quantin, C., and Bonithon-Kopp, C., 2009. Estimating the cost related to surveillance of colorectal cancer in a French population. The European Journal of Health Economics 10(4): 409-419.
  • Raikou, M., McGuire, A., on behalf of the CARDS Investigators, 2007. Cost-effectiveness of primary prevention of cardiovascular disease with atorvastatin in type 2 diabetes: results from the Collaborative Atorvastatin Diabetes Study (CARDS). Diabetologia 50:733-740.
  • McGuire, A., Raikou, M., Whittle, I., Christensen, M., 2007. Long-term mortality, morbidity and hospital care following intracerebral hemorrhage: An 11-year cohort study. Cerebrovascular Diseases 23:221-228.
  • Aballéa, S., Chancellor, J., Raikou, M., Drummond, M., Weinstein, M., and Bridgewater, J., 2007. Cost-effectiveness analysis of oxaliplatin compared with 5-Fluorouracil//Leucovorin in adjuvant treatment of stage III colon cancer in the US. American Cancer Society. Cancer: 1082-1089.
  • McGuire, A., Raikou, M., 2006. Editorial: More money for medical research. British Medical Journal 332: 1285-1286.
  • Raikou M., McGuire, A., 2004. Estimating medical care costs under conditions of censoring. Journal of Health Economics 23: 443-470.
  • Raikou M., McGuire, A., 2003. The economics of screening and treatment in type 2 diabetes mellitus, Pharmacoeconomics 21(8): 543-564.
  • Raikou, M. (with the TECH research network) 2001. Technological change around the world: Evidence from heart attack care, Health Affairs 20(3): 25-42.
  • Clarke, P., Gray, A., Adler, A., Stevens, R., Raikou, M., et al., 2001. Cost effectiveness analysis of intensive blood-glucose control with metformin in overweight patients with type II diabetes (UKPDS No. 51), Diabetologia 44: 298-304.
  • Gray, A., Clarke, P., Raikou, M., et al., 2001. An economic evaluation of atenolol versus captopril in patients with Type 2 diabetes (UKPDS 54), Diabetic Medicine 18, 438-444.
  • Raikou, M., Gray, A., Briggs, A., McGuire, A., 2000. Centre-specific or average unit costs in multi-centre studies? Some theory and simulation, Health Economics 9:191-198.
  • Gray, A., Raikou, M., McGuire. A., et al., 2000. Cost-effectiveness of an intensive blood glucose control policy in patients with Type 2 diabetes: economic analysis alongside randomised controlled trial (UKPDS 41), British Medical Journal 320:1373-1378.
  • McGuire, A., Morris, S., Raikou, M., 2000. Where are the economic guidelines coming from?, International Journal of Technology Assessment in Health Care 16: 976-986.
  • Raikou, M., Gray, A., Briggs, A., Stevens, R., McGuire, A., et al., 1998. Cost-effectiveness analysis of improved blood pressure control in hypertensive patients with Type 2 diabetes: UKPDS 40, British Medical Journal 317: 720-726.
  • Raikou, M., with the UK Prospective Diabetes Study (UKPDS) Group, 1998. Intensive blood-glucose control with sulphonylureas or insulin compared with conventional treatment and risk of complications in patients with type 2 diabetes (UKPDS 33). Lancet 352 (9131): 837-53.

B. Contribution to (refereed) collective volumes

  • McGuire, A., Raikou, M., 2016. Estimating Health Care Treatment Costs. In R.MScheffler (ed.), World Scientific Handbook of Global Health Economics and Public PolicyVolume 1:The Economics of Health and Health Systems. World Scientific Publishing.
  • Raikou M., McGuire, A., 2012. Estimating costs for economic evaluation. In A.M. Jones (ed.), The Elgar Companion to Health Economics, 2nd edition. Edward Elgar.
  • McGuire, A., Serra-Sastre, V., Raikou, M., 2012. How are rising health care expenditures explained? In A. McGuire and J. Costa-Font (eds.), The LSE Companion to Health Policy. Edward Elgar.
  • Raikou M., 2007. Parametric estimation of medical care costs under conditions of censoring. In E. Drandakis, D. Glycopantis, G. Stamatis (eds.), Essays in Economic Theory. Kritiki, Athens.
  • Raikou M., McGuire, A., 2006. Estimating costs for economic evaluation. In A.M. Jones (ed.), The Elgar Companion to Health Economics. Edward Elgar.
C. Discussion papers/ Economic reports
    • Raikou, M., 2018. A report on modelling the cost-effectiveness analysis of smoking cessation interventions. European Commission Framework, Horizon 2020. Project title: “Multidisciplinary Tools for Improving the Efficacy of Public Prevention Measures Against Smoking (SmokeFreeBrain)”. Project URL: www.smokefreebrain.eu.
    • McGuire, A., Raikou, M., Windmeijer, F, Serra-Sastre, V., 2010. Technology diffusion and health care productivity: angioplasty in the UK. LSE Health Discussion paper series. Working Paper No: 17/2010. LSE Health.
    • Raikou, M., McGuire, A., 2009. Parametric estimation of medical care costs under conditions of censoring. LSE Health Discussion paper series. Working Paper No: 13/2009. LSE Health.
    • McGuire, A., Raikou, M., Kanavos, P. 2008. Pricing pharmaceuticals: Value based pricing in what sense? Eurohealth 14 (2). LSE Health and the European Observatory on Health Systems and Policies.
    • Raikou, M., McGuire, A., 2008. Cost-effectiveness of a mass media campaign and a point of sale intervention to prevent the uptake of smoking in children and young people: Economic modelling report. UK National Institute for Health and Care Excellence (NICE).
    • Raikou, M., McGuire, A., 2007. A review of the cost-effectiveness of interventions (specifically point of sales measures and mass media) to prevent the uptake of smoking in young people under 18 years old. UK National Institute for Health and Care Excellence (NICE).
    • McGuire, A., Raikou, M. 2007. Inferring the value of medical research to the UK. LSE Health Discussion paper series. Working Paper No: 5/2007. LSE Health.
    • Beck, M., Christiansen, T., Dunham, K., Lauridsen, J., Lyttkens, C.H., McDonald, K., and the TECH investigators, 2006. How do economic incentives and regulatory factors influence adoption of cardiac technologies? Result from the TECH project. Scandinavian Working Paper in Economics Series, Department of Economics, Lund University, Sweden, #2006:15.
    • McGuire, A., Morris, S., Raikou, M. Tackling Obesity in England (Appendix 6). UK National Audit Office, HC 220, Session 2000-2001, February 2001.

Fall Semester 2023-2024

Wednesday: 16:00-18:00

Spring Semester 2023-2024

Wednesday: 16:00-18:00