Health services are a basic necessity. However, private companies have made them quite costly for ordinary individuals. The debate over whether the advantages of private health care outweigh its disadvantages is ongoing and complex.
On one hand, private health care has significant advantages. From the perspective of companies, maximizing return on investment by charging patients higher fees is a justified practice. This is because companies must honor the legal mandate to prioritize the benefits of their stakeholders. The higher revenues generated can be invested in the research and development of modern medications and treatments. For instance, companies estimate that introducing new antibiotics to the market can cost between 300 to 500 million USD. The accumulation of finance over time is crucial to cover these expenses, which necessitates the increasingly expensive costs they require for their services.
However, the increased cost of healthcare can inflict severe damage upon consumers and society as a whole. The authorities often grant two decades of protection for innovative treatments and medications, allowing companies to regain their investments. Nevertheless, many companies exploit this advantage, driving up costs to unbearable levels. This practice effectively takes away the chance of receiving treatment from people of disadvantaged socio-economic backgrounds. Furthermore, as people’s purchasing power has been weakened by inflation, the issue of commercializing healthcare has become even more severe, raising concerns about the ethics of this practice.
In conclusion, while private health care offers the potential for significant advancements in medical research and treatments, the exorbitant costs imposed by private companies create substantial barriers for ordinary individuals seeking essential health services. This trade-off between innovation and accessibility presents a critical challenge that society must address to ensure equitable healthcare for all.