The article substantiates the necessity to develop public health strategy considering the processes of demographic, social, economic progression of society. The core issue in these conditions is human capital and its component--health capital as an integral reflection of different characteristics of population. The definitions of these notions in a social hygienic aspect are presented. The main stages of development of the health strategy such as formation of strategic planning elements, human capital valuation, population health and health capital losses, evaluation of potential demand in medical technologies, medical organizational measures implementation and their input into development of human capital are considered. These positions are supported as determinants of effectiveness of health strategy.