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A New Strain on the Cost of Health Care

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The cost of health care is a subject that will always initiate a lot of relevant and valuable discussion. With the rapid technological advances many health problems have become easier to cure; and the human beings are now able to enjoy the benefits of economic growth. However, such positive effects often bare a sort of a backlash. In the case of new technology available for the use in medical establishments that cost of treatment rises, excluding the part of population from being able to actually enjoy those new developments. Despite the fact of making lots of procedures less time-consuming and less costly the introduction of new technologies entails more expenses for households and clinics because of the basic economic principles that are at play.

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To begin with, one cannot ignore the role of supply and demand forces. When the new piece of equipment is introduced there are several aspects to consider. With the help of the marketing campaign and later through the hopefully positive result from using it more patients start seeing this device or procedure as reliable. Some people who were afraid of certain surgeries, for instance, may now feel secure enough to go through the process. As the result of all these events, the demand for this new technology rises, driving the process upwards. That is why instead of reducing the cost new devices increase the financial burden.

Furthermore, the issue of scarcity should also be examined. As it is widely known, the pool of resources is finite and therefore the scarcity influences the economic arena. This holds true not only for the natural resources but also for artificially created items of a perceived importance or value. Updated technological base of a hospital is only one of the examples of resource scarcity. As the innovation is released into the market, it immediately creates a competition, first among the health care providers and then among patients. The health care centers want to be the lucky ones to have this new thing because they want to provide services of higher quality. The patients in their turn want to use the innovations because of the natural desire to choose the best available option. Naturally, the number of patients usually exceeds the capacity of the new technology. This is where the cruel economic forces determine who receives the benefit. Unfortunately, the prices rise as the privileged few offer more financial rewards for the suppliers.

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The creators and the sellers of technological devices, even the ones made for medical field, are often concerned solely with the business side of their work. Maximizing of profits is one of the core economical principles. It manipulates the ever expanding human wants to create capital. Talking about the wants of a human being, it must be mentioned that those are numerous and growing. The more people have the more they take for granted and the more they want in addition. Looking at health care example, some of the wants of a modern person could seem ridiculous or luxurious at earlier times. Plastic surgery, for example, can sometimes take a form of a whimsy rather than necessity. The truth is that there is a huge disparity between the possibilities of different people to afford a particular treatment but the economic laws do not take this fact into account. This results in increased insurance premiums and household debts due to costly treatment.

As it become evident after the analysis the development of new technology that is aimed at cost reduction is at the same time laden with the potential increase of prices. The laws of supply and demand, the scarcity of available resources, and the growing human wants should all be considered when deciding on the application of new technologies.

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