A Brief Note On The Price Of Healthcare Essay - 1206 Words

The price of healthcare in America is extremely high. Healthcare spending in America is so high because of drug spending. Studies have also shown that America spends more on healthcare than any country in the world but produces inferior results. Any drug that is sold in America, must be approved by the FDA. The concept behind drugs is to save or extend life of persons in need. Over the last decade, we have seen a large increase in drugs pricing. Prices hiked from 2.4% growth in 2013 to 12.2% growth. Some factors could be blamed for this increase of drug prices. This factors include the fact that USA does not regulate drug prices, length of drug patents, limited competition and small markets. America abolished the idea of drug regulation in the 1970’s. Drug price regulation was abolished to create a competitive market for drug makers. This abolishment gives an urge on drug makers. Drug makers are able to determine the worth of their drug and are allowed to set their price range. This is very disadvantageous to the public because they have to abide to any price set by the drug maker. Consumers pay different prices. All consumers are charged differently. Government entities such as Department of Defense (DOD) and Department of Veteran affairs (VA) obtains prescription drugs at a lower price while uninsured consumers are forced to pay at a higher price since they are paying cash. These uninsured consumers have no power to stand up against these drug companies or the government.Show MoreRelatedMicroeconomics Versus Macroeconomics Bus6101627 Words   |  7 PagesMicroeconomics versus Macroeconomics Economics for the Global Manager BUS610-1101C-02 Abstract I want to thank everyone for joining me today to review the effects of microeconomics and macroeconomics in conjunction with the healthcare industry. 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