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Monday, October 08, 2007

Socialize VS Privatize Healthcare

http://www.ctv.ca/servlet/ArticleNews/story/CTVNews/20070914/belinda_Stronach_070914/20070914?hub=Canada

Perhaps I am the only person that finds this news story ironic. When a developed nation leader goes to the USA to receive ‘better’ healthcare as oppose to the socialize medicine that she has in Canada. In Canada, it seems that government control on the healthcare system has limited innovation in medical advances… the reason why this happen is simply because ‘healthcare is too expensive’ therefore the government should do it rather than private companies. And the voters whole heartedly agree even though they will pay more for it than the privatize version. Healthcare is like any other industry except with more demand when it is a life or death situation. And healthcare like any other industry will have an economy of scale…i.e. reduced cost due to mass production. That $4,000 MRI scan will soon be $1,000. The designer drug that was $100 a pill will be $2 a pill in a decade.

To socialize medicine in the United States would have a detrimental and devastating effect on medical innovations. Despite the promise of free healthcare, the cost of free healthcare is too much. America is a leader in medical technology and services because there are market incentives for private companies to make better products. It is more likely that the US will find a cure for cancer before any country with socialists medicine does because of the market incentives. Socialization is stagnation for any country healthcare system, privatization is innovation.

Michael Crichton in his novel, “The Five Patients” speculated that the cost of healthcare will increase because people viewed it as a right and they are living longer, this was in 1960’s. It is hard to think about the money families that have large medical bills, but that is what health insurance is for, to help a family get through the tough times without going broke. Unfortunately, many people refuse to get health insurance and when they have a medical emergency they won’t pay which drives up the cost for all the other consumers.


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