One More Reason Why Healthcare in U.S. is Expensive
I have written many times before comparing the healthcare system in the U.S. to systems in other developed countries. It is a well know fact that despite having the highest healthcare spending among developed countries Americans get the least bang for the buck. For example, the state-run Medicare program is on track to consume 7% of the GDP by 2035, double that of the current level according to Congressional Budget Office.
Compared to the costs for other services healthcare costs have been rising exponentially over many years. The causes for this runaway inflation in healthcare are many and an analysis of the reasons behind this tremendous surge in costs would require an exhaustive study to pinpoint the various causes and their impacts.The following chart from an Bloomberg BusinessWeek article shows the per capita spending on drugs by some developed countries:
Click to enlarge
Source: Bloomberg BusinessWeek
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