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Impact of Healthcare Reforms on the Pharmaceutical Industry - Term Paper Example

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The following essay examines the impact of Healthcare reforms on the pharmaceutical industry. It should be noted that the reform has the potential of improving the quality of people’s lives and providing medical care while it is not too late…
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Impact of Healthcare Reforms on the Pharmaceutical Industry
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Download file to see previous pages The Patient Protection and Affordable Care Act known as “Affordable Care Act” (ACA) started to be implemented soon after it was passed back in March 2010. Some of the first provisions that the U.S. Department of Health and Human Services acted upon were requirements that U.S. insurers provide coverage to adults aged 26 based on family plans and new rules that would guarantee that patients diagnosed with pre-existing conditions or having diseases that are particularly expensive to treat were not left without coverage. Other important provisions which will have been phased in two years include the pivotal requirement that all citizens of the United States carry health insurance. This is supposed to be done through employers, through government-run programs (Medicare, Medicaid, and Veteran’s Administration), or, finally, through a private plan.
The enacted legislature brought enormous changes to the health insurance industry. Specifically, insurance companies work under new regulations. One of them is a ban on lifetime or annual caps on coverage. For people who cannot get coverage by any other means, new private plans are to be subsidized. These plans will be marketed via online insurance exchanges that are state-based. Expectedly, most of the 49 million U.S. citizens that were not insured in 2010 will obtain coverage in subsequent years. Specifically, according to the estimates 32 million Americans who were previously uninsured are expected to be enrolled. Plus, 16 million Americans will be included in the Medicaid rolls....
insurers provide coverage to adults aged 26 based on family plans and new rules that would guarantee that patients diagnosed with pre-existing conditions or having diseases that are particularly expensive to treat were not left without coverage. Other important provisions which will have been phased in two years include the pivotal requirement that all citizens of the United States carry health insurance. This is supposed to be done through employers, through government-run programs (Medicare, Medicaid, and Veteran’s Administration), or, finally, through a private plan. The enacted legislature brought enormous changes to the health insurance industry. Specifically, insurance companies work under new regulations. One of them is a ban on lifetime or annual caps on coverage. For people who cannot get coverage by any other means, new private plans are to be subsidized. These plans will be marketed via online insurance exchanges that are state-based. Expectedly, most of the 49 million U.S. citizens that were not insured in 2010 will obtain coverage in subsequent years. Specifically, according to the estimates 32 million Americans who were previously uninsured are expected to be enrolled. Plus, 16 million Americans will be included in the Medicaid rolls4.The impact of the healthcare reform on the pharmaceutical industry is conditioned by the following implications: 1) additional 30 million patients carrying insurance and drug coverage; 2) commitment for discounts, fees, and rebates that altogether total more than 100 billion over the period of 10 years5. The U.S. Pharmaceutical Industry Overview The U.S. pharmaceutical sector has been the major worldwide location for drug research, marketing and clinical testing since 1980s. It is now ...Download file to see next pagesRead More
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