According to the new government report, the health expenditure is expanding rapidly since 2007 which has generated dramatic alterations in the Affordable Care Act aka Obamacare. Trump’s election accountability ought to suggest desirable matters for prescription drug fees. Trump made opening the drug market to secure the international pharmaceutical organizations as a massive part of his marketing campaign platform. The EpiPen nonetheless charges $600 in the U.S. while it is available for $69 in Great Britain.
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What is Obamacare aka Affordable Care Act? Obamacare is a healthcare reform law in the United States that expands and advances the access to care and control the expenditures with taxes and regulations. The healthcare sector in the United States experienced startling changes in the years 2014 and 2015. Health expenditure rose 5.3% in the year 2014 with low growth during the period between 2009 and 2013.
The US has a colossal medical device market with a forecasted market size of approximately $156 million in 2017. The medical devices sector has surpassed the healthcare sector on equity basis by representing approximately 42.5% of the global medical device market. Under Trump’s presidency, the 2.3% medical device excise tax, a part of Affordable Care Act aka Obamacare will be permanently called off leading to inflation in the growth of medical device market.
The current market scenario of America’s health insurance industry is majorly affected by the repealing of Obamacare. The primary aim of Obamacare was making of medical health insurance affordable and extending the reach to those who could not get coverage. A new set of rules and regulations were appointed under Obamacare for the insurance industries. The purpose of these new insurance rules was to increase health care advantages to all individuals at a low-cost rate. With the repeal of Obamacare, many Americans would be without insurance leading to an expansion in the Healthcare insurance market.
The pharmaceutical market will be expanded with the repealing of the Affordable Care Act. aka Obamacare supported the availability and affordability of the prescription drug. The prescription drugs after repealing Obamacare will be allowed to be imported across the borders. The 21st Century Cures Act signed by Obama will accelerate the development and discovery of medical advancements ensuring early access and cures to the patients in need. The healthcare institutes and hospitals will decline as a result of the act repealed.
The predominant alteration in the healthcare industry is the allowance of selling health Insurance across State Lines. Trump’s strategic motive behind this is to increase the healthcare market competition and lower the costs and to ascend the consumer satisfaction. With a decrease in the drug prices making waves in the pharmaceutical industries and repealed medical device taxes, there is a potential of chaos in Healthcare market in the United States.
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