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Pharmaceutical co's enjoy govt privlege which in turn enforces a market monopoly for its products.
Suppose there was one TV supplier, do you suppose TV's would be as inexpensive or as high quality as they are today thanks to competitive market forces?
Are you referring to the restriction on Medicare that disallows it to negotiate prices with Pharma? That is not a regulation on the pharmaceutical industry, it is a restriction on Medicare. In any event, Trump promised us he would get rid of it and we are still waiting.
Are you referring to the restriction on Medicare that disallows it to negotiate prices with Pharma? That is not a regulation on the pharmaceutical industry, it is a restriction on Medicare. In any event, Trump promised us he would get rid of it and we are still waiting.
Uh not going to play the pretend you didnt understand my post game.
Totally false. Why can I buy meds/medical devices OTC and at competitive prices in other countries but cannot do so here in the US?
That is a good question and will illustrate who is at fault. Take an artificial knee joint. In Mexico you can buy one for about $4000. Here in the US they cost $8000 and you have to buy it through the hospital that installs it. And you cannot bring your own, like the one from Mexico, and have the hospital put it in your knee. Reason why is not government regulations, it is because the hospital, the surgeon, and the manufacturer are all in cahoots - they all agree to only sell and install artificial knee joints from the one manufacturer. And then of course the manufacturer jacks up the price. You can go to another hospital but they each have their own private agreements with doctors and medical device manufacturers.
The problem is not regulations, it is market transparency. A free market only works if all consumers have unimpeded access to all products. But the medical industry won't allow transparency. Why won't they? Because there are NO government regulations to force them to. It is a lack of regulations that has created this situation. Why don't we have laws to force transparency? Because of the lobbyists.
That is a good question and will illustrate who is at fault. Take an artificial knee joint. In Mexico you can buy one for about $4000. Here in the US they cost $8000 and you have to buy it through the hospital that installs it. And you cannot bring your own, like the one from Mexico, and have the hospital put it in your knee. Reason why is not government regulations, it is because the hospital, the surgeon, and the manufacturer are all in cahoots - they all agree to only sell and install artificial knee joints from the one manufacturer. And then of course the manufacturer jacks up the price. You can go to another hospital but they each have their own private agreements with doctors and medical device manufacturers.
The problem is not regulations, it is market transparency. A free market only works if all consumers have unimpeded access to all products. But the medical industry won't allow transparency. Why won't they? Because there are NO government regulations to force them to. It is a lack of regulations that has created this situation. Why don't we have laws to force transparency? Because of the lobbyists.
All in cahoots?
Our surgeons want to do the best job for their patients and they want to use the best implants. So they train with those implant companies. Hospitals stock what they can. But the hospitals can't possibly stock, or the docs can't be fully trained with every implant.
Hospitals might get discounts on the implants. Surgeons cannot get any financial gain from using a specific product without full disclosure.
But the idea that a patient can bring in their own implant is absurd. Too much risk and liability there. But then that's 3rd world for you!
Our surgeons want to do the best job for their patients and they want to use the best implants. So they train with those implant companies. Hospitals stock what they can. But the hospitals can't possibly stock, or the docs can't be fully trained with every implant.
Hospitals might get discounts on the implants. Surgeons cannot get any financial gain from using a specific product without full disclosure.
But the idea that a patient can bring in their own implant is absurd. Too much risk and liability there. But then that's 3rd world for you!
That knee joint you buy in Mexico is the exact same one sold in the hospital in the US, but just like drugs, the manufacturer jacks up the price in the US.
In any event, my point is that regulation has nothing to do with this situation.
That knee joint you buy in Mexico is the exact same one sold in the hospital in the US, but just like drugs, the manufacturer jacks up the price in the US.
In any event, my point is that regulation has nothing to do with this situation.
Well of course one has to know if the part is the same, not counterfeit, safe, sterile and secure just as the hospital obtains the part in the USA. Of course we jack up the price, that's capitalism and profits are very American. I will let my HC insurer do the price haggling on conventionally supplied goods, thank you.
Moving forward toward more UHC, profits in the US will have to drop. Just about inevitable. But of course if they drop too far, we could be in a stink if docs start dragging their feet, hospitals and related suppliers have to cut back or go under.
I paid zero dollars for my son's birth up in Canada. Of course, everyone pays for the medical system through taxes up there. You still save more in the long run though.
Well of course one has to know if the part is the same, not counterfeit, safe, sterile and secure just as the hospital obtains the part in the USA. Of course we jack up the price, that's capitalism and profits are very American. I will let my HC insurer do the price haggling on conventionally supplied goods, thank you.
The reason I know about the knee joint is there was an article in the NY Times recently about a US insurance company that is flying their customers to Mexico for knee replacement, and they also fly their US doctor. So the doc is putting in the knee joint they were trained on. The insurance company is fully indemnifying the operation - any complications they will pick up the tab. And they are paying the patient $5000 to boot. The fact that they are doing this just shows out of whack things are in the US.
The medical industry is worse than the proverbial military industrial complex. They have built up a system that is so convoluted and without transparency it is nearly impossible to have it be a truly open and competitive market. It really needs to be over-hauled top to bottom.
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