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The Problem of Rising Healthcare Costs and Spending
Published in Kant Patel, Mark Rushefsky, Healthcare Politics and Policy in America, 2019
The above discussion clearly documents much higher physicians’ fees and income, hospital prices, and prescription drug prices in the United States compared to many other countries. These are major factors accounting for the higher level of healthcare spending in the United States. However, as we mentioned above, another factor could be that the United States provides more healthcare services—diagnostic services and medical procedures—and has more medical technology compared to other countries. How does the United States compare with other countries with respect to these factors?
Effects of innovation and insurance coverage on price elasticity of demand for prescription drugs: some empirical lessons in pharmacoeconomics
Published in Journal of Medical Economics, 2020
A 2017 JAMA study revealed that price and service intensity account for more than 50 percent of healthcare spending increases in the U.S. over a period of nearly 20 years. Other key explanatory factors for this trend include a growing and aging population, disease prevalence (especially increasing chronic illness rates), and medical service utilization expenses, including higher ambulatory costs, insurance premiums, and out-of-pocket costs6. Another report put it succinctly: “No matter the metric, [prescription] drug prices in the United States are extreme. … The Department of Health and Human Services estimates that Americans spent more than $460 billion on drugs – 16.7 percent of total health-care spending – in 2016, the last year for which there are definitive data. On average, citizens of other rich countries spend 56 percent of what Americans spend on the exact same drug.”7 In many instances, drug innovation has led to prohibitive prices8.
The Impact of International Pricing Index Models on Anti-Vascular Endothelial Growth Factor (VEGF) Drug Costs in the United States
Published in Seminars in Ophthalmology, 2022
Stephanie Choi, Evan M. Chen, Dinah Chen, Jayanth Sridhar, Ravi Parikh
To combat high prescription drug prices in the United States, former President Donald Trump had previously announced a set of four executive orders on July 24th, 2020.2 The four executive orders consisted of 1) passing on discounts on insulin and epinephrine from federally qualified health centers to low-income Americans, 2) allowing the importation of certain drugs from Canada and other countries, 3) eliminating some drug rebates to pharmacy benefit managers whilst protecting low premiums for patients, and 4) an international pricing index tying the price of select drugs to the lowest price out of a market basket of Organization for Economic Co-operation and Development (OECD) countries or so-called “most favored nation” plan.