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Capella University *
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Health Science
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Feb 20, 2024
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docx
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1
Identify a Local Health Care Economic Issue
Shelly Durst, BSN, RN
NHS-FPX6008-Economic Decision-Making Healthcare
Capella University
February 12, 2024
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Health Care Economic Issue
One pressing healthcare economic issue is the rising cost of prescription medications, which significantly impacts vulnerable populations such as elderly individuals on fixed incomes. According to data from the National Library of Medicine, the average pharmaceutical expenditures in 2020 grew 4.9% in the United States compared to the previous year. This inflationary trend has severe implications for seniors who rely on multiple medications to manage chronic conditions. Consequently, many seniors are forced to make difficult choices, often skipping doses or cutting pills to stretch their limited budgets, leading to adverse health outcomes and increased hospitalizations (Tichy et al., 2021).
The rural population faces unique challenges in accessing affordable and quality healthcare services. The closure of rural hospitals due to financial strain exacerbates the issue, leaving communities without essential medical facilities. According to a Journal of Rural Health,
data indicates that over 180 rural hospitals have closed since 2005, and up to 600 more are at risk
of closing by 2028. This has detrimental effects on residents who must travel longer distances to access care, resulting in delayed treatment and poorer health outcomes. The economic impact on these communities is profound, as healthcare closures not only compromise health but also reduce local job opportunities, further contributing to the economic decline of rural areas. The economic burden of untreated health issues extends beyond individual well-being to increased societal costs, such as lost productivity. Addressing these disparities requires targeted policies and investments to ensure equitable access to prescription medications for all communities (Mullens et al., 2023).
Rationale for Choosing the Health Care Economic Issue
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The choice to focus on the escalating costs of prescription medications as a pressing healthcare economic issue stems from a deeply personal connection to the matter. Observing the financial struggles of my elderly mother, who is reliant on a fixed income from social security, illuminated the stark reality of the challenges faced by vulnerable populations. Witnessing her inability to afford all necessary medications, despite their critical role in maintaining her health, prompted a poignant realization of the widespread impact on elderly individuals grappling with limited financial resources. This firsthand experience ignited a passion to delve into the issue, as it strikes at the intersection of economic disparities and healthcare accessibility, demanding attention and thoughtful solutions.
The decision to address the rising prescription medication costs extends beyond mere personal observation to encompass a broader perspective rooted in empathy and social responsibility. The dilemma faced by my mother resonates with the broader societal issue of a healthcare system where essential medications become financially burdensome for those who can afford them the least. This issue aligns with my values of justice and equity, compelling me to advocate for policy changes and systemic reforms prioritizing vulnerable populations' well-
being. By choosing this topic, I aim to contribute to the ongoing discourse surrounding healthcare economics, shedding light on the urgent need for solutions that ensure equitable access to vital medications for all, irrespective of socioeconomic status.
How Health Care Economic Affects Work, Organization, Colleagues, and Community
Within our hospital community, the impact of soaring prescription prices reverberates beyond patient struggles. Healthcare professionals, including myself and my colleagues at UPMC WM, face the ethical dilemma of navigating patient care within the constraints of an increasingly unaffordable pharmaceutical landscape. The issue perpetuates health disparities,
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hitting diverse and lower socioeconomic groups the hardest. These populations often face barriers in accessing healthcare resources and information, exacerbating the challenges of expensive medications.
Limited financial resources, compounded by systemic inequalities, can lead to reduced medication adherence, exacerbating health disparities and perpetuating a cycle of
inequitable healthcare outcomes. As a healthcare provider, it is disheartening to witness the potential adverse outcomes and increased morbidity among patients who are unable to afford their prescribed medications, underscoring the urgent need for systemic solutions to address the root causes of rising prescription drug costs.
Identify the Gap Contributing to the Need to Address the Economic Issue
One critical gap contributing to this issue is the need for effective regulatory measures and pricing transparency within the pharmaceutical industry. The complex interplay of drug development costs, patent protection, and market competition often leads to inflated prices that disproportionately affect those with limited financial resources. Additionally, the absence of comprehensive prescription drug coverage in specific healthcare plans exacerbates the financial burden on elderly individuals, forcing them to make difficult choices between essential medications and other necessities. As stated by Ashish Kumar Kakkar, “
High cost of prescription drugs can act as a significant barrier to treatment access as well as medication adherence among patients” (Kakkar, 2021). Addressing this gap necessitates a holistic approach that involves regulatory reforms, increased transparency, and targeted interventions to ensure equitable access to affordable medications for this vulnerable demographic.
Conclusion
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In conclusion, the escalating cost of medications poses a significant challenge for the elderly and individuals on fixed incomes, exacerbating financial strain and compromising access to essential healthcare. Urgent action is required at both policy and societal levels to address this pressing issue, ensuring equitable access to affordable medications for vulnerable populations and safeguarding their well-being in an increasingly costly healthcare landscape. Failure to address these challenges risks deepening disparities and undermining the health and financial security of those most in need.
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References
Mullens, C. L., Hernandez, J. A., Murthy, J., Hendren, S., Zahnd, W. E., Ibrahim, A. M., &
Scott, J. W. (2023). Understanding the impacts of rural hospital closures: A scoping review.
The Journal of Rural Health. https://doi.org/10.1111/jrh.12801 Tichy, E. M., Hoffman, J. M., Suda, K. J., Rim, M. H., Tadrous, M., Cuellar, S., Clark, J. S., Wiest, M. D., Matusiak, L. M., & Schumock, G. T. (2021). National trends in prescription drug expenditures and projections for 2021. American Journal of Health-System Pharmacy
, 78
(14), 1294–1308. https://doi.org/10.1093/ajhp/zxab160
Rao P, Fischer SH, Vaiana ME, Taylor EA. Barriers to Price and Quality Transparency in Health Care Markets. Rand Health Q. 2022 Jun 30;9(3):1. PMID: 35837511; PMCID: PMC9242565
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