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Healthcare Industry in the United States

In: Group Purchasing Organizations

Author

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  • S. Prakash Sethi

Abstract

Healthcare industry in the United States is in a state of crisis. Healthcare spending in both absolute terms and as a percent of gross domestic product (GDP) is among the highest in the world. Furthermore, these costs are rising faster than GDP growth. It has been rising faster than the rate of the economy and workers’ wages.1 United States currently spends more than $1.8 trillion on healthcare. This is more than what Americans spend on housing, food, national defense, or automobiles.2 Healthcare spending in the United States as a percentage of GDP increased from 15.8 percent in 2003 to 16 percent in 2006 and if left unchecked is projected to grow to approximately 19.5 percent by 2017.3 The national health expenditure per capita increased from $6,649 in 2005 to $ 7,026 in 2006. It is estimated that healthcare spending in the United States would average 6.7 percent between 2006 and 2017.4 Through 2017, growth in healthcare spending is expected to outpace that of GDP by an annual average rate of 1.9 percentage points.

Suggested Citation

  • S. Prakash Sethi, 2009. "Healthcare Industry in the United States," Palgrave Macmillan Books, in: Group Purchasing Organizations, chapter 0, pages 9-16, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-62172-5_2
    DOI: 10.1057/9780230621725_2
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