The Future of American Healthcare: The High Cost of Healthcare

By | August 2, 2012

Americans are continuing to overpay for healthcare in comparison to other other countries.

Depending on where you get your data, the OECD (Organisation for Economic Co-operation and Development) or the WHO (World Health Organization), Americans spend between 15-18% of GDP on healthcare, while for the rest of the developed world this number is between 10-11%. Compound this extravagance with the fact that roughly 10% of Americans have no access to healthcare and another 10% are underserved and you come to the inescapable conclusion that Americans are overpaying for their healthcare by between 50-100%, with nothing to show for it. America ranks poorly in most global measures of health, such as life expectancy and infant mortality. I would go so far as to say that the money is being wasted or skimmed off by drug companies, hospitals and insurance companies. This waste or theft has a tremendous negative impact on us inflating the cost of doing business and generally making America less competitive in the global economy. We spend more on healthcare than anything except defense. Clearly this must change, but how?

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