Book chapter
The Government and the Private Market in Health Care
Mother of Invention
29 Nov 2013
Abstract
The American health care system, which appears on its surface as a predominantly private endeavour, actually rests on a foundation of government support. Itreflects a huge public-private partnership that drives one-sixth of the economy. Four key sectors poignantly demonstrate this dynamic. Pharmaceutical manufacturing depends on the National Institutes of Health for research funding and on the Food and Drug Administration for public reassurance of safety. The hospital industry depends on Medicare for a large share of its revenue. The medical profession garnered public trust from regulatory oversight that it developed in collaboration with state governments, and many specialties rely heavily on Medicare for reimbursement. And private insurance companies depend on a huge tax subsidy for employment-based policies and on opportunities to administer coverage under Medicare and Medicaid. The public-private relationship is complex with industry segments routinely capturing their regulators, yet it represents the system’s defining economic paradigm.
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Details
- Title
- The Government and the Private Market in Health Care
- Creators
- Robert I Field
- Publication Details
- Mother of Invention
- Publisher
- Oxford University Press
- Resource Type
- Book chapter
- Language
- English
- Academic Unit
- Thomas R. Kline School of Law
- Other Identifier
- 991019299006604721