Sophia Castillo
According to the majority of Americans, healthcare in other countries around the world is better than healthcare in the United States (Djordjevic, Nikola). Although healthcare can be deemed as a necessity, the ever rising costs of healthcare in the US may deter Americans from receiving the resources that they need.
In fact, 27.5 million Americans did not have any form of health insurance coverage at any point of the year in 2018 (US Census Bureau). Without coverage, Americans have to pay for their health associated costs out of pocket. People may be uninsured if they lose their job, or do not qualify for insurance through their employer. This unfeasible way of living is the reality for many Americans, and detrimental effects can especially be seen in the lives of Americans living with diabetes. Some diabetics report paying upwards of $2,000 for a monthly supply of insulin — a non-negotiable cost to stay alive. (Prasad, Ritu). Even with insurance, insulin may not be covered until reaching a deductible, which can be as high as $10,000. The high costs of insulin in the United States are at the expense of one’s life.
In terms of prescription drugs in general, Americans spend more than anyone else in the world, at $1,200 per person per year (Langreth, Robert). In the United States, large pharmaceutical companies set high prices, as they often do not have many competitors, and maximize their profits. This is a result of the United States not directly regulating the prices of prescription drugs, unlike other nations. In Europe, with the next largest pharmaceutical market after the US, their governments directly negotiate with the drugmakers to place limits on what government funded health-systems will pay. However, leading pharmaceutical companies in the United States assert that they need such large profits to cover the costs of development of these medical advances, and that price restriction would disincentivize innovation. Advocates for stronger price regulation reason that at most large companies, the drugmakers tend to spend more on marketing than on research and development, anyway (Langreth, Robert). The cost of prescription medicine is on the rise, and medical professionals and health insurance executives fear that many drugs are becoming unaffordable at a rapid rate.Essentially, prescription medicine costs have become rather unreasonable for Americans paying for their prescription medications out of pocket. Even for Americans with a form of health-insurance coverage, about 14% of prescription drug costs are still paid out of pocket (Langreth, Robert). Many Americans want change enacted at the national level to make prescription drugs more affordable. President Trump and other presidential candidates have made efforts to address this national concern. Time will tell how medication costs will shift as a result of potential government intervention or more drug competitors entering the marketplace.
Works Cited
Djordjevic, Nikola. “30 Staggering Healthcare Statistics to Know in 2020.” MedAlertHelp.org, MedAlertHelp, 17 Jan. 2020, medalerthelp.org/healthcare-statistics/.Langreth, Robert. “Drug Prices.” Bloomberg.com, Bloomberg, 5 Feb. 2019, www.bloomberg.com/quicktake/drug-prices.
Prasad, Ritu. “The Human Cost of Insulin in America.” BBC News, BBC, 14 Mar. 2019, www.bbc.com/news/world-us-canada-47491964.
US Census Bureau. “Health Insurance Coverage in the United States: 2018.” The United States Census Bureau, 8 Nov. 2019, www.census.gov/library/publications/2019/demo/p60-267.html.
I totally agree, Healthcare is a necessity in society as many can't pay out of pocket cost, but many times this is the case. Medication are increasing in price, while the customers are struggling to pay the prices for something that is needed to survive, like diabetes. These customers tend to pay these medications out of pocket due to health insurance not covering much. Overall, the government and drug competitors should look more at how important a life is compared to a price.
ReplyDeleteThis was a really interesting topic, I always knew our costs of healthcare and prescription medications were really high but I never thought about it in comparison to other countries. The data is significant and it's crazy how much people have to spend out of pocket in order to get the medicine they need in order to stay alive. I have relatives that live in Chile and they receive free healthcare and medications are really cheap which is nice but at the same time it takes months to get a check-up and surgeries that are not emergencies can take months to schedule. I think there is a balance in finding the best way to treat the most people with quality care and also make medications as afofradble as possible.
ReplyDeleteI honestly found it that surprising that the United States healthcare is not as strong as it is in other countries around the globe. We are one of the most technologically advanced countries, and you'd think we'd give everyone equal access to the amenities, right? Sadly this is not the case, and I agree that we need to strive for more equality among healthcare access. A life is more important than money, and the lives of the people should be valued more than a dollar sign.
ReplyDeleteMany know that we spend the most on R&D, but many may not know that the R&D if funded with out taxpayer money and is how the rest of the countries keep their cheap costs. You are completely right in how our health care system is too expensive and we should change that, but how? You described a method, collective bargaining, maybe expand on it. You have a great article that is addressing the topic wonderfully, though a call for action would make it even better.
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