Regarding medical care and the high cost thereof, there are various reasons for the situation. But the first thing I think we must not do is to confuse the high cost of health insurance as the reason health care cost is so high. The high cost of health insurance is a reflection of the high cost of health care.
In my opinion this was the primary reason Obamacare was a failure. Obama wanted everyone to have health insurance, perhaps a noble goal, but it ignored the fact that the reason so many were uninsured was because health care was and is still so expensive. Coming up with some gimmick to ensure more people got some health insurance coverage without actually doing something to truly get health care costs under control was treating the symptom and not the disease.
From the perspective of someone in the medtech industry at a company that sells products worldwide, a few thoughts on some of the reasons for our exorbitant health costs in comparison to other countries.
First, Americans like to sue like no one else in the world. When someone sues a doctor, hospital, nurses, or anyone else involved in a situation gone awry, who do you think pays for this? It's likely not any of the defendants, and certainly they don't pay first. Their malpractice insurance company does. And who pays ultimately for the malpractice insurance, regardless of whether their doctor/provider has ever been sued? The patient of course.
Making matters worse is the impact on demand for care in this highly litigious environment we find ourselves in. Doctors will order up tests and procedures that are not necessary for patient care, but they do so to provide cover from being sued and risk losing their malpractice insurance. This puts higher demand on the system and raises costs. If you're so inclined do a Google search on "defensive medicine." There was a study done years back in Massachusetts that estimate the costs to that state along with something in the billion dollar range for just one year IIRC. Expand that out assuming similar costs on a per capita basis for the entire US population....staggering number.
So do you support TORT reform, or do you want to keep the ability to sue for malpractice as we can today?
Next up, the FDA. The FDA governs everything my company does. I know of no other regulatory agency that has the requirements that the FDA puts on the pharmaceutical and medtech companies. Is this a good or a bad thing? I won't say, but I will say it costs money, lots of it. These higher costs are incurred both during development of new products and continuing on during a products lifecycle. Who do you think in the end bears these costs?
In Europe, they have the CE mark of approval that we must receive to sell our products there. But the requirements are not as high. It's the primary reason why new drugs and medical devices are released for public use well before they're released in the USA.
Do you see this as a good or a bad thing?