Premium Essay

Current and Future Economic Issues Impacting Healthcare Sector

In: Other Topics

Submitted By shyruff621
Words 2825
Pages 12
Current and Future Economic Issues Impacting Healthcare Sector

S. Ruff Dr. Merle Point-Johnson HAS 510 June 15, 2015

Abstract Not unpredictably, the increases in health care spending and the share of GDP dedicated to health care have raised up concerns about the negative influence of health care cost inflation on the U.S. economy. In an era of global economic markets, these concerns are reinforced by the status of the U.S. as a spending outlier among competing nations. The major concern is that rapid increases in health care spending can affect major economic indicators such per capita GDP, employment and inflation. The effects are likely to occur across all sectors of the economy, governments, businesses and households as all these interrelated sectors play an important role in the delivery, financing and consumption of health care in the US. Yet, the view that rapidly rising health care costs harms the U.S. economy is not without nonconformists, and some projecting economists opinion increases in health spending as having a neutral, or perhaps even a positive, economic effect. Pauly (2003) has contended that increasing health care expenditure naturally consequences in rapid growth in the health care and associated sectors, and in employment and incomes for workers in those sectors. Particularly, health care firms are largely U.S. owned. A related argument is that as total per capita GDP rises, consumers may choose to spend a higher portion of their income on health care consequently improving population health and productivity.

Description of the issues researched
Though most Americans agree that the healthcare system needs to be changed, they remain dolefully oblivious of the problems facing the health care industry at large. There are five main factors that must be addressed in order...

Similar Documents

Free Essay

Analysis of Development in the Dominican Republic

...Luis Barrios and David Brotherton, authors of “Dominican Republic” (2004), asserted “the current state of affairs is partly the legacy of decades of corrupt authoritarian rule, and partly due to the political betrayal and moral bankruptcy of the country’s elites who failed to bring to fruition the promises of democracy.” The disparities in income and education between the richest and the poorest in this country are extreme, and there has been little true economic development in decades. The economic and social development of the Dominican Republic is continuously being hindered by the widespread corruption of the elites and the politicians. The Dominican Republic has a long history of corruption and poverty. In 1930, a military coup put Rafael Trujillo in power. Trujillo ruled the Dominican Republic for over 30 years as an absolute dictatorship (Barrios & Brotherton 2004). Trujillo followed an uneven mix of repression and ruthlessness along with modernization (Barrios & Brotherton 2004). Many people suffered under his dictatorship. Trujillo was always on the look out for disloyalty and potential enemies. Anyone suspected of being disloyal was punished. However, contrary to this ruthlessness, Trujillo also promoted the development of transportation and education, but only in certain areas. For example, Trujillo refused to modernize the North Coast, and in 1946 Trujillo closed down the Puerto Plata’s harbor completely (Barrios & Brotherton 2004)....

Words: 1883 - Pages: 8

Free Essay

Ccr Pestle of South Africa

...crhttp://www.reportlinker.com/p0168574-summary/Country-Analysis-Report-South-Africa-In-depth-PESTLE-Insights.html Introduction The country analysis report on South Africa provides a wide array of analytical inputs to analyze the country’s performance, and the objective is to help the reader to make business decisions and prepare for the future. The report on South Africa analyzes the political, economic, social, technological, legal and environmental (PESTLE) structure of South Africa. The report provides a holistic view of South Africa from historical, current and future perspective. Insightful analysis on critical current and future issues is presented through detailed SCPT (strengths, challenges, prospects and threats /risks) analysis for each of the PESTLE segments. In addition, the PESTLE segments are supplemented with relevant quantitative data to support trend analysis. The PESTLE country analysis report series provides an in-depth analysis of 50 major countries. Features and Benefits • Understanding gained from the country analysis report on South Africa can be used to plan business investments or market entry apart from a holistic view of the country. • Political section on South Africa provides inputs about the political system, key figures in the country, and governance indicators. • Economic section on South Africa outlines the economic story of the country to provide a balanced assessment on core macro-economic issues....

Words: 5800 - Pages: 24

Premium Essay

Dcci

...Apollo hospitals Strategic analysis of corporate social responsibility practices Bhupesh Manoharan (0086/49) DESIGNING CORPORATE CITIZENSHIP INITIATIVES ASSIGNMENT 2 Industry overview – Health care Industry in India In India, the health care industry is split into public sector, private sector and a wide network of informal healthcare providers operating together in a large and unregulated network. This irregularity has caused wide disparities in access, especially in the regional and rural distribution of healthcare infrastructure. The Indian healthcare industry was valued at US$ 79 billion in 2012, and is expected to reach US $160 billion by 2017. The Indian healthcare sector is expected to grow at about 15 percent year-on-year, on account of factors such as rapid growth in infrastructure development, creation of demand for higher levels of healthcare and rising awareness of end users. The growth of the Indian healthcare sector is further driven by the 300 million strong middle class with significant disposable income, which is likely to demand superior healthcare services. According to the World Health Organization rankings, India’s healthcare system ranks 112th in the world .The quality of Indian healthcare are varied. In major urban areas, healthcare is of adequate quality, approaching and occasionally meeting Western standards. However, access to quality medical care is limited or unavailable in most rural areas....

Words: 4691 - Pages: 19

Premium Essay

Case Study

...The Armenian economy is growing at a fast rate due to its political stability, free-economic zones, trade agreements with key partners, and an abundance of natural resources. Gross domestic product and foreign direct investment are increasing at fast rates and this has led to recent improvements in social and human development in the country. This will also improve skilled workforce in the country in the near future. Armenia is getting involved with the leading countries in the world which is impacting Armenia to increase its capacity to gain a competitive advantage in the global economy (Global Edge, 2014). Country description: Armenia was ranked first among CIS (Commonwealth of Independent State) and CEE (Central and Eastern Europe) countries in GDP per-capita growth rates from 2000 to 2008. Growth slowed at the end of 2008, and actually declined in 2009, primarily due to the effects of the global economic crisis. But in 2010-2011, the economy experienced renewed growth. After the upturn in economic activity in 2011, the economy slightly slowed in 2012, limited by less favourable external conditions (Global Egde, 2014). Armenia is very dependent on the Russian economy and investment is the main contributors to economic growth. The country is engaged in the construction of a number of large infrastructure projects to link the country between the continents which includes roads, airports, railroads, television, telephones and radio stations and reliable internet services....

Words: 1658 - Pages: 7

Premium Essay

Home Nursing Provider

...THE VALUE OF ANALYTICAL TOOLS IN COMPETITIVE ANALYSIS: HOME NURSING PROVIDERS ABSTRACT In business, analytics tool is a fast emergent field and there are many tools obtainable in the market to serve the essential needs of organizations. Analytical tools are used to help managers in making clear decision on the outcome of their findings enabling a shift in how businesses support operational decisions: from intuition to data-driven. Thus, analytics tools enable businesses to make better, more informed decisions and compete more successfully. In today’s global business environment, managers require the latest analytical and decision-support tools to cope with market complexity, regulatory change and pervasive uncertainty. For companies, the most valuable tools are those woven into the fabric of day-to-day business activities: forecasting trends, sizing markets, benchmarking practices, assessing risks, and quantifying results. INTRODUCTION Strategic analysis as an independent object of scientific study has been dealt with but insufficiently (Vaitkevičius et al., 2002). It has been reviewed, however, by comparatively numerous authors. It may be stated that some authors assigned more functions to strategic analysis (Lindblom, 1959); Cyert and March, 1963; Hammeresh et al., 1978; Porter, 1980; Stoner and Fry, 1987; Johnson and Scholes, 1993; Rowe et al., 1994; Grant, 1998; Peel et al., 1996; Godet, 2000; Barnes, 2002; Analoui and Karami, 2003; Eng, 2004; McNamee et......

Words: 2965 - Pages: 12

Premium Essay

Exploring the Role of Government Watchdogs in Canada and Its Influence on Society, Economics, and Politics

...Exploring The Role Of Government Watchdogs In Canada And Its Influence On Society, Economics, And Politics Introduction In our increasingly neoliberalized and privatized society, the concept of governance and ethical conduct has been falling from the grips of public dialogue and discussion. Self-regulation has become a “mantra for both governments and private industry in the neoliberal era (Burch et al., 2013, p. 259). Given the onset of recent environmental disasters related to the oil and gas industry, the oligarchic telecommunications industry, and our crippling health care system, the role for government watchdogs becomes ever more so important. Thus for any type of change to occur, effective governance is important as it must also progress with any changes in society (Marin, 2009). For this to occur, this requires an ombudsman - also known as a watchdog, or adjudicator who has the “power to set standards and apply sanctions” (Burch et al., 2013, p. 259). The ombudsman or watchdog acts as a “moral compass and societal conscience,” making it even more relevant in today’s 21st century (Marin, 2009). However, in the event that the ombudsman/watchdog model is unable to help with any type of meaningful reform or provide justice, it starts to experience public criticism. Therefore, the focus of this paper will be to explore the role of government watchdogs in Canada and their decreasing influence on public and private sector institutions....

Words: 2551 - Pages: 11

Premium Essay

Hsa 510

...HSA 510: Economics of Health and Medical Care Student: Lucy Njoya Assignment 3: The Management Challenge of Delivering Value in Health Care Strayer University Professor: Dr. Jeff Kaluyu Due: Week 8 Introduction: The healthcare industry is evolving both nationally and globally, and as a result, the challenges facing health care services delivery organizations are also increasing. Health care professionals are the decision-makers and also the ones closely associated with the day-to-day decision making processes affecting the delivery of health care services and goods to patients. The economic evaluation of the health care services delivery systems has proven to play an important role in the different types of health care decision-making. For example, formulary decisions, reimbursement decisions, high health cost decisions, and e-prescribing. This makes it a point of interest to assess the influence of economic evaluations on health care decision-making both at the macro, me so, and micro levels. Even though the impact of economic evaluation studies on health care decision making has been limited, there is an increasing requirement for the cost-effectiveness of the health care intervention to be considered when formulating and implementing guidelines for clinical practices....

Words: 4084 - Pages: 17

Free Essay

Analysis

...Published: June 2009 IMS Market Prognosis Europe 2009-2013 Russia 2009 Table of Contents MARKET SYNOPSIS ....................................................................................................6 FORECAST SUMMARY .................................................................................................8 MARKET FORECAST ...................................................................................................................................... 8 THERAPEUTIC CLASS FORECASTS ................................................................................................................ 12 BUSINESS ENVIRONMENT .......................................................................................13 ECONOMIC ENVIRONMENT ..................................................................................................................... 13 ECONOMIC GROWTH...

Words: 40871 - Pages: 164

Premium Essay

Emr Research and Opinion Paper

...System Infrastructure Issues 8 d. Risk of Liability and Patient Uncertainty 8 III. EHR Technology 9 a. EHR Benefits 10 b. EHR Types 11 c. EHRs Future Evolution 13 d. EHR Technology versus Handheld SMART devices 14 IV. Trends and Consequences 15 a. Aggressive Implementation 16 b. High Costs 16 c. Labor Investment 17 d. Opportunity Cost 17 e. Impact on Researchers, Policymaker and Educators 18 V. Final Opinion 19 VI. Bibliography 22 VII. Appendix I 28 VIII. Appendix II 31 I. Advantages of EHRs In an effort to reign in rising health care costs and increased health care disparity and inequality in the U.S., former president George W. Bush doubled the funding for Health Care Information Technology to 100 million in 2005 (The White House). It was part of a larger plan to utilize latest information technology to standardize patient and health records, which despite spending 1.6 trillion dollars, attributed to 98,000 medically related errors in 2004. The plan was part of his campaign promise and was reiterated in his January 20, 2004 State of the Union address when, President Bush remarked, “by computerizing health records, we can avoid dangerous medical mistakes, reduce costs, and improve care.” Considering that the federal government is “one of the largest buyers of healthcare - in Medicare, Medicaid, the Community Health Centers program, the Federal Health Benefits program, Veterans medical care, and programs in...

Words: 7955 - Pages: 32

Free Essay

Assignment Artemis

...However, Roland Berger Strategy Consultants assume no liability for the correctness of the assumptions made herein. 1 Compared to the ITEA-ARTEMIS high-level vision 2030, version 2012 7 Contents Executive summary ‚‚ Chapter 1 - Seven areas of major change ‚‚ Chapter 2 - The need for research and innovation ‚‚ in Digital Technology Chapter 3 - Economic dimension of Digital Technology ‚‚ Chapter 4 - One...

Words: 19271 - Pages: 78

Free Essay

3m Corporation

...Abstract . 3M Corporation History of the 3M Corporation What started off as a small company in the Lake Superior Town of Two Harbors, Minnesota in the year 1902 – 3M has grown into a worldwide corporation with companies in over 60 countries. Things seemed bright in June 1902, when Two Harbors attorney John Dwan drew up articles of incorporation and added his $1,000 to that of other charter board members, meat market owner Hermon Cable, Dr. J. Danley Budd, the city’s leading physician, and Duluth and Iron Range Railroad executives William McGonagle and Henry Bryan (3M Corporation, 2015). The five men set out looking for the next new product. They wanted to mine a certain type of mineral deposit (Corundum) to use as an adhesive for grinding-wheels. Corundum was in demand as the premier abrasive for grinding wheels, sandpaper and other items to polish, shape, sharpen and decorate items produced by America’s increasingly industrialized economy. This new source of corundum was greeted jubilantly; the only other North American source was in Ontario. The problem – one that surfaced after the company had incurred a large start-up debt – was that the corundum was not there on Lake Superior’s Minnesota north shore. What was there was anorthosite, which is useless as an abrasive (Bishop, 2005). So within a couple of years of its founding, 3M had tons of mineral for sale, no customers and was all but bankrupt. When mining turned out to be of little use and a failed attempt with......

Words: 2949 - Pages: 12

Premium Essay

Appraisal

...Overview of appraisal The basic purpose of systematic appraisal is to achieve better spending decisions for capital and current expenditure on schemes, projects and programmes. This document provides an overview of the main analytical methods and techniques which should be used in the appraisal process. These techniques can also be used in the evaluation process. More detailed information on individual techniques can found in financial and economic textbooks, examples of which are listed at the end of this document and in other guidance material on the VFM portal. An understanding of discounting and Net Present Value (NPV) calculations is fundamental to proper appraisal of projects and programmes. A good understanding of Cost Benefit Analysis (CBA), Internal Rate of Return (IRR), Multi Criteria Analysis (MCA) and Cost Effectiveness Analysis (CEA) is also essential for economic appraisal purposes. 2.            Analytical methods The recommended analytical methods for appraisal are generally discounted cash flow techniques which take into account the time value of money. People generally prefer to receive benefits as early as possible while paying costs as late as possible. Costs and benefits occur at different points in the life of the project so the valuation of costs and benefits must take into account the time at which they occur. This concept of time preference is...

Words: 3064 - Pages: 13

Premium Essay

Insurance Industry Road Map Ahead

...Insurance Industry – Road Ahead Path for sustainable growth momentum and increasing profitability kpmg.com/in Foreword The Insurance industry in India has undergone transformational changes over the last 12 years. Liberalization has led to the entry of the largest insurance companies in the world, who have taken a strategic view on India being one of the top priority emerging markets. The industry has witnessed phases of rapid growth along with spans of growth moderation, intensifying competition with both life and general insurance segments having more than 20 competing companies, and significant expansion of the customer base. There have also been number of product innovations and operational innovations necessitated by increased competition among the players. Changes in the regulatory environment had path-breaking impact on the development of the industry. While the life insurance industry got affected by the introduction of cap in charges, the general insurance industry got impacted by price detariffication and Motor third party risk pooling arrangements. While the insurance industry still struggles to move out of the shadows cast by the challenges and uncertainties of the last few years, the strong fundamentals of the industry augur well for a roadmap to be drawn for sustainable long-term growth. The available headroom for development, sustainable external growth drivers, and competitive strategies would continue to drive growth in the gross written premiums.......

Words: 15937 - Pages: 64

Premium Essay

Global Pharma Industry

...Pharmaceuticals and Life Sciences Global pharma looks to India: Prospects for growth Table of contents Introduction 03 Background 04 A fast growing economy An expanding pharmaceutical market Government-provided healthcare improving, but private healthcare dominates Domestic market overview 09 Background Consolidation underway, despite challenges Contract manufacturing Vaccines Over the counter market holds significant potential Reaching the untapped rural market Growing Research & Development 15 Overview Clinical trials Biotech and biosimilars on track for growth Other growth areas Bioinformatics 20 Stem cell research Medical devices Global Pharma’s evolving business models and options in India 23 Background Export-oriented business (Contract Research and Manufacturing Services) Licensing Franchising Joint ventures Wholly-owned subsidiaries Practical concerns 27 Infrastructure Tax environment Counterfeiting Intellectual property Conclusion 30 Related reading: Pharma 2020 31 References 32 Acronyms 38 Introduction The pharmaceutical industry’s main markets are under serious pressure. North America, Europe and Japan jointly account for 82% of audited and unaudited drug sales; total sales reached US$773 billion in 2008, according to IMS Health....

Words: 17333 - Pages: 70

Premium Essay

Bd Case Study

...Developing & Implementing a Measurable Strategic Performance Management Framework and Automated Balanced Scorecard in a Medical Devices Company [pic] Implementation Case Study Becton Dickinson ANZ Copyright This publication is © Copyright 2004 ASVP Consulting Pty Ltd with all rights reserved. Except to the extent of the uses permitted under the Copyright Act 1968, no part of this publication may be reproduced or transmitted in any form or by any means including information storage and retrieval systems, without the prior written consent of ASVP Consulting Pty Ltd. Trade Marks Advanced Strategic Value Propositions™ is a trade mark of ASVP Consulting Pty Ltd. PulseSuite®, PulseManager®, PulseFinder® and Primed Online® are registered trade marks of Primed Online Pty Ltd. PulseProject™ is a trade mark of Primed Online Pty Ltd. Becton Dickinson, BD, and Helping All People Lead Healthy Lives are trademarks of Becton Dickinson Pty Ltd. Acknowledgements The kind assistance of Michael Lyon, CEO and the management team of BD Australia, and Grant Alecock, General Manager, and the management team of BD NZ is gratefully acknowledged. ASVP Consulting Pty Ltd ASVP Consulting Pty Ltd has written this independent case study on the implementation of a Balanced Scorecard Framework Solution in order to quantify the benefits accruing to BD and to highlight the potential benefits available to other organisations considering the......

Words: 9670 - Pages: 39