One of the biggest problems facing the US health system is that care simply costs more in America that almost anywhere else in the world. The high costs have a number of factors, but one of the largest is the amount of regulation and intervention by American governments and insurance companies. The National Center for Policy Analysis has just issued a report
highlighting a response to these extremely high prices and a new trend in globalization: medical tourism. For years wealthy individuals from all over the world have been travelling to America for high quality care. Now, many medical tourists from America are travelling to Latin America or Southern Asia to receive nearly the same quality care but at affordable prices.
Obvious concerns arise about this practice, mainly over the quality of care. However, many of these nations are not that far behind the western world and the numbers of patients seeking this care continues to rise, evidence of the care they received. In addition to this new kind of travel, other medical services, like the analysis of lab results, can be done outside of the country to further utilize non-American expertise. We shall have to wait and see what changes like these do to the health industry, but here a free trade in healthcare might be just what’s needed to end the ‘crisis’. Individuals can travel to wherever they can afford the care, and the professional health industry will thrive in less advantaged nations, aiding growth. Now, please, just don’t regulate it.