The Pharmaceutical industry is generally criticized more than any other sector of the healthcare industry. A recent Forbes article takes a closer look into healthcare spending and value received. According to a study by the OECD “the US spends 152% more on pharmaceuticals than any other county. But how about spending in other healthcare sectors? The US spends 163% more on hospital services, and 238% more on ambulatory services than the average OECD country.” Instead of directing all of our blame towards “big pharma,” it is time we judge our nation’s healthcare spending more holistically.
When we take a deeper look into healthcare spending, it is clear that there is wasteful spending occurring across the board. According to the article, “Much of today’s (and future) innovation in healthcare is within the pharmaceutical industry, for example Gilead’s new $84,000 hepatitis C treatment.” This new drug is making tremendous progress and helping treat Americans that would have otherwise suffered. It is time that we stop blaming “big pharma” and start looking for other opportunities to cut costs and increase the healthcare industry’s financial efficiency.
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