Why is Global Health Care “much” Less?
The difference is largely the result of the high cost of healthcare in the U.S. spends twice the amount per person on the healthcare of any other industrialized nation.
- Tens of billions of dollars are spent annually in the U.S. for the defense of malpractice suits.
- The cost of malpractice insurance for medical professionals and hospitals in the U.S. is higher than in other countries.
- Unnecessary medical testing by US medical providers to prevent legal problems.
- There are not enough specialty doctors in the U.S. causing inflated economic conditions.
- High wages in the US vs. lesser global wages. A U.S. physician/doctor may average $ 300,000 per year in comparison to a global physician/doctor averages $ 30,000.
- Higher pharmaceutical costs: The US has a 10 year patent on drugs; internationally it is 5 years. Less costly generic brand drugs become available sooner internationally.
- International private hospitals have less costly operating expenses.
- International private hospitals are not required to treat indigent patients.
- International private hospitals aren’t required to run full-service facilities, avoiding money-losing services that must be subsidized.
Medical tourism takes place in a worldwide global market of choices. The consumer can decide, this gives the greatest advantage of cost savings.