Economics of Healthcare 2: How To Limit Rising Health And Medical Care Expenditures

Economics of Healthcare 2
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Economics of Healthcare 2
There has been an ongoing debate in the United States on how to limit rising health and medical care expenditures and achieve universal health and medical coverage. A section of policy makers has argued for an increase in government involvement in the health sector. The Affordable Care Act was a legislative measure to achieve this. It resulted in 20 million Americans having access to health insurance. A section of policy formulators argues that opening up health care to competition would achieve this. The paper will support the need for competition by providing evidence to support the same.
Drug makers have for years been against Medicare bidding for drugs. Arguing that this would adversely affect them. The US government purchases drugs without providing an opportunity for drug makers to compete. Noting, that the cost of medication is one of the highest health care costs. Thus, opening up this avenue to competition would ...