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A recent report by GlobalData, a prominent data and analytics company, highlights the significance of focusing on prescription drug price control and emphasizing preventive care as crucial strategies for addressing the persistent issue of healthcare inflation. The report, released on Wednesday, sheds light on the opinions of healthcare professionals (HCPs) and their perspectives on effective solutions.
Healthcare inflation, characterized by the ongoing rise in the costs of medical goods and services, is attributed to various factors, including advancements in medical technology, increasing labor costs, pharmaceutical innovations, and the intricate dynamics of supply and demand within the healthcare market.
The findings from the 2023 H2 physician survey, which involved 682 respondents across the US, France, Germany, Italy, Spain, UK, and Japan, underscore the consensus among HCPs. The majority of respondents, exceeding 50%, expressed the view that controlling prescription drug prices is a pivotal solution to mitigating healthcare inflation.
Sachin Gharat, Associate Project Manager at GlobalData, emphasized the implications of healthcare inflation on patients, healthcare providers, and institutions. Increased expenses for medical services, medications, and equipment pose challenges for access to essential treatments and strain the financial stability of healthcare institutions. Gharat also highlighted the potential contribution of healthcare inflation to disparities in healthcare access and quality.
The report notes that preventive care is gaining prominence as an effective strategy. In H2 2023, more than half of surveyed HCPs indicated a preference for incorporating preventive methods into patient care. This trend reflects a growing recognition of the dual benefits of preventive care – improving health outcomes while contributing to a more cost-effective healthcare system.
While acknowledging the complexities of implementing controls over drug prices, Gharat stressed the need for careful balancing to avoid discouraging pharmaceutical companies from investing in innovative research and development. Striking the right balance is essential to prevent unintended consequences, such as potential increases in drug prices.
The report’s insights align with previous survey waves conducted in H1 2023 and 2022, indicating a consistent belief among healthcare professionals in the effectiveness of prioritizing prescription drug price control and preventive care as key strategies in addressing healthcare inflation.
