It has been hoped-for, that by the year 2012, contribution of the United States health care industry's to the gross domestic product will be approximately 17.7%. United States health care industry constitutes 15% of the economy of United States Of America. Records show that expenditure related to health care sector escalated by 9.3% in the year 2002, when it attained $1.55 trillion. This figure was the highest recorded in the last 11 years. This figure denotes that an expenditure of $5,440 is spent for every individual. The hike in the percentage can be attributed to expenses related to prescribed drugs, and hospitalization charges. Progress of this kind defeated all other sectors consistently for four years.
The US health care industry manifested a stable growth between the years 1992-1999. Expenditure on health care related articles soared up. On the other hand , the economy of United States Of America struggled. As an aftermath, expenses related to health sector increased from 13.3% of gross domestic product or GDP in the year 2000, to 14.1% in the year 2001. 2002 witnessed a further increase to 14.9%.Economists are of the opinion that changes associated with the United states health care industry is not affected promptly. It takes at least 2 to 3 years to notice the change unless some drastic incidents take place beyond the control of human beings.
US Health care industry-Facts:
- Expenditure on prescribed drugs changed magnitude from $6.1 billion to $48.6 billion in the year 2002 and individuals spending on their health care needs reached $212.5 billion in the same year.
- Hospitalization related expenses reached $486.5 billion in the year 2002. The increase was by 9.5% from 2001.
As informed by the Organization for Economic Cooperation And Development, the year 2001, witnessed a 10.9% contribution to the GDP by the healthcare sector of Switzerland. the contribution to GDP in the Germany health care sector was 10.7%. France and Canada had a contribution of 9.5% and 9.7% respectively to the gross domestic product of the country. Despite the fact, around 43 million residents of USA do not possess an insurance policy, United States Of America, dedicates a major portion of the economy to the health care industry in comparison to any other country where industries dominate the economy.