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How much expenditure does the healthcare sector incur?

healthcare cost

Patients, government, and industries in the U.S healthcare sector spend around 3 trillion dollars. Healthcare costs are a topic of national debate. Such expenditure is one of the most important issues in the U.S.  Roger Edwards is the Assistant Professor in the Department of Pharmacy Practice at Northeastern University. He worked on 23 projects with 135 fifth-year students to collect economic and clinical information.

The debate concerning health care workers and their economy is important. Thus, the Evaluation of Pharmaceuticals and Pharmacy Practice is an essential study for pharmacy students. The projects were meant to find out the costs. And suggest ways for the reduction of costs for treatments that hurt pockets, like HIV, Alzheimer’s disease, etc. Out of these, twenty project reports were submitted to the American Society of Health System. It was at the Pharmacists Midyear Clinical Meeting in Las Vegas. Around 71 students presented these reports to professionals and healthcare sectors in various places.

It is indeed true that health care costs quite a bit and can drain out savings quickly. Among the presenters, there was one group that prepared an analysis of Riluzole. This drug cures ALS or Lou Gehrig’s disease. This treatment costs around 10.6 million dollars per annum. After thorough research on this disease and the drug, the group of Dennis (student and paper presenter) and his five friends prepared a budget-impact analysis too.

Healthcare cost reduction

Others analysed how the cost of a drug with less cost can be used for the treatment of multiple diseases. The studies also include how a cost-effective drug can be used over an expensive one. It suggested using fidaxomicin over vancomycin as it costs a lot. Using fidaxomicin would reduce the cost to a great extent.

To evaluate the costs of healthcare services and to find budget-friendly practices, budget analysis, and using cheaper yet effective alternatives are the solution. Edward said, “If we can teach our students to be better consumers of health-economic information then we are serving a broader purpose of them being health professionals in the community.

The budget and expenditure of the healthcare sector must be managed as it is one of the most essential industries of the country.

 

Arpita Priyadarshinee