Americans continue to spend a lot of money on pharmaceuticals despite efforts from different angles to reduce the medical expenses. JAMA publication argues that aging and population growth are the second causes of the increase in medical costs. Research that was carried out to establish the cause of high cost of medication revealed that treatment for different types of diseases have different factors that determine the value of their medicine.
Diabetes recorded the highest increase in expenditure during the period that the research was done with around $64 billion. The increase in the cost of containing diabetes was contributed by aging, population growth, utilization of pharmaceuticals, and prevalence of diabetes.
Neck pain and low back pain treatment recorded an increase of $57 billion according to the finding, but their contributing factors were different from that of diabetes. Patients with neck and low back pains spent 8.5% more annually when served as inpatients.
The general spending by inpatients in health facilities went up from $258 billion to $697 billion. Patients stayed in the hospital for few days, but the expense did not reduce. Drug prices remained high with others arguing that the cost of a drug can’t make one to save some money compared to one avoiding to be hospitalized. The research was done by University of Washington, Harvard University and Center for Health Policy and Outcomes among others.
About Eric Lefkofsky
Eric Lefkofsky if the Tempus’ CEO and co-founder. Tempus is a technology company that is specialized in battling several types of cancer. Tempus helps doctors and healthcare professional to make personalized and real-time data-driven decisions on treatment steps based on in-depth patient’s genetic code analysis.
Tempus is working with patients suffering from lung, pancreatic, and breast cancer, and they are working to add more types of cancer gradually. Tempus’ effort to cure cancer is driven by love and care for cancer patients. Eric is an entrepreneur with vast experience in integration of technology to both business and healthcare. Eric together with his wife Liz established Lefkofsky Family Foundation, a charitable organization to take care of people who are in need and are within their reach. Erick who is a graduate of the University of Michigan also serves on several boards of trustees.