Drugs: The Key to Modern Medicine

Victor Fuchs and Karen Eggleston

Chapter 6 in Who Shall Live?:Health, Economics and Social Choice, 2023, pp 95-113 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Drugs are the key to modern medicine. Surgery, radiotherapy, and diagnostic tests are all important, but the ability of health care providers to alter health outcomes — Dr. Walsh McDermott’s “decisive technology” — depends primarily on drugs. Six dollars are spent on hospitals and physicians for every dollar spent on drugs, but without drugs the effectiveness of hospitals and physicians would be enormously diminished…

Keywords: Health; Economics; Health Economics; Health Care; Health Policy; Medicine; Medical Care; Health Systems; Health Insurance; Pandemic; COVID-19; ACA; Obamacare; Health Expenditures; Health Care Spending; Health Care Utilization; Health Outcomes; Life Expectancy; Mortality; Social Choice; Innovation; Personalized Medicine; Opioids; Opioid Epidemic; Deaths of Despair; Health Disparities; Social Determinants of Health; Hospitals; Doctors; Physicians; Patients; Polarization; Partisan Politics; Values; Inflation; Poverty (search for similar items in EconPapers)
JEL-codes: I1 I13 I15 I18 (search for similar items in EconPapers)
Date: 2023
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