In this concluding part of the series - India needn't follow the 'broken' US healthcare model, let's focus our attention on the perpetual sickness that keeps the industry in business, and how India can play it differently.
A recent poll from Gallup found that the pharmaceutical sector is the most disliked industry in the United States. This is hardly surprising that the industry suffers such a low image.
Healthcare is roughly one-fifth of the GDP of the United States. In 2020, an average American household spent approximately 18-20% of its income on healthcare, including medical services, prescription drugs, and insurance premiums. Healthcare takes away a big wallet share, on a perpetual, continuous basis.
There are several reasons for this, let’s focus on the top three. In parallel, we will also see the Indian approach to the same and how it comes under fire now and then from the West.
HIGH DRUG PRICES
United States has one of the highest drug prices in the world, ramping up the cost of healthcare. For example, the patented diabetes drug, Lantus to control blood sugar, costs $419 in the U.S.A., $55 in South Africa, and roughly $40 in India, for a similar blister pack of five injections. In the case of generics, the price difference is even starker.
It is surprising how an advanced market like the United States functions without a government controlling any part of the process, with utter disregard for patient health.
This story is from the January 28, 2023 edition of The Daily Guardian.
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This story is from the January 28, 2023 edition of The Daily Guardian.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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