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Americans spend more on health care than any other people on the planet. Yet most Americans have no idea of the actual cost of even the most common medical treatments or procedures. The absence of market forces on medical pricing partially explains the excessive health care costs for individuals and families. Price transparency can help to begin to resolve that problem.
Testimony Submitted to The Committee on Ways and Means United States House of Representatives May 17, 2023 Robert Emmet Moffit, PhD Senior Fellow, Center for Health and Welfare The Heritage Foundation My name is Robert Emmet Moffit. I am Senior Fellow in Health and Welfare Studies at The Heritage Foundation. The views I express in this testimony are my own and should not be construed as representing any official position of The Heritage Foundation.
Over the course of the past several decades, federal and state lawmakers have proposed a variety of initiatives to reform America’s health care system and reduce costs. One idea has been to instill competition in the health care markets to enable the industry to operate more like a traditional market.
They may be able to offer cheap generics, but most drug spending is on branded products
Bad healthcare policy raises costs and lowers quality for individuals and families. Yet too often, federal and state officials, driven by special interests, impose meticulously detailed laws, rules, and regulations that restrict competition in healthcare markets.