President Obama Introduced Affordable Care Act ( Aca )

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United States health system, the biggest in the world, employs most up-to-date and state-of-the-art technologies in healthcare. US is the world leader in research and development in biomedical field. The magnitude of the research in healthcare and medical innovations that come out of US, in general have been the largest. US contributes, influences and drives medical research in various parts of the world with great emphasis on quality of human life. US pharmaceutical and medical equipment companies have access to biggest markets in the world and yet Americans spend more than 17% of country’s GDP towards healthcare, the largest in the world. In spite of that, US healthcare system suffers from complex rules, less coverage and no real cost…show more content…
People will have health insurance at low costs, which means people can get care, stay healthy giving rise to a healthier nation. Consequently, does a healthy nation mean more productivity, GDP growth and better economy or a strain on the health care infrastructure as more people visit doctors and hospitals giving scope to increased health accidents, malpractices and unsustainable costs? PURPOSE The purpose of this paper is to explore the economic effects of Affordable Care Act (ACA) especially on the medical research and development (R&D). The impact of ACA on the following factors related to a Medical R&D is discussed. • Better Coverage and Reduced Costs • Healthier Population – Long Life / Increased Employment/Productivity • Reduced Burden on Govt. Programs • Administrative and Compliance Costs • Taxes • Healthcare Workforce • Outsourcing/Jobs offshoring. PREVIOUS RESEARCH There has not much research in to how much ACA has been successful or not since it is not that old. Though there are some market surveys, data crunches on ACA, the effect of it on the economy as a whole or specific to healthcare R&D has not been fully established. According to the commerce department, in the first quarter of 2014, the consumer spending has risen to 3% and this is largely because of healthcare spending. In the first quarter of 2014, healthcare spending increased 10% spending $43.3Billion.
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