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Hospital Price Gaps Show Just How Broken the US Health-Care Market Is
(www.bloomberg.com)
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this post was submitted on 26 Dec 2023
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The "normal" market forces here are with almost fully inelastic demand. The system is working exactly as those in charge intend: to maximize profits at the expense of our health.
Speaking from the pharmacy perspective.
Banks wove their way into drug transactions as a middleman called Pharmacy benefits managers. They stand between insurance and pharmacies to prevent collision, but instead, what we see is insurance companies pay a lot for drugs, while pharmacies see very little for that drug. Over 50% is being taken by the PBM because they're "preventing" collision. Don't even get me started on the vertically integrated pharmacies like CVS and United who abuse their position to force consumers to use their pharmacies instead of competitors or use "technological advancements" to keep their prices lower than their competitors.
NYC is currently trying to pass legislation to fix this, but that's only at the state level.
Wall Street needs to get the fuck out of healthcare and healthcare needs to stay the fuck out of Wall Street. Once a healthcare org talks about share holders, we're no longer talking about patients.