Financialization of healthcare: A promising solution or a new problem?

Healthcare financing issues are well-examined in the economic literature. The primary challenge is to provide healthcare with the necessary funding amidst rising demand for medical services and their costs, while public available resources for health are limited. In this context, the process of financialization, which received considerable attention in other fields, remains understudied. This article attempts to understand the phenomenon of financialization and identify its manifestations in the healthcare system, particularly in contemporary Russia. Special attention is paid to the balance between the roles of financial institutions and the state in ensuring citizens' fundamental right to healthcare, as financialization is associated with the use of private savings to ease financial constraints in the public sector. The need to consider financialization processes, the activities of financial structures, and the influence of financial incentives when formulating healthcare development strategies is emphasized. A critical assessment of the consequences of financialization for the evolution of healthcare systems is essential, particularly in the context of meeting the population's needs for medical care and ensuring financial equity in this area.