Health care is the management as well as the deterrence of sickness performed by qualified professionals in the fields of medicine, pharmacy, and nursing. After long years of struggle by the Americans, as a result of societal along with opinionated issues contiguous to the contact with health care, there was a need for the introduction of new health care plans. This was however the responsibility of the president. President Obama declared that the ancient health care plans will be retained, however; new reforms in the system were established. President Obama’s health care plan was considered by many to be a podium for revolution and insurgency. The reformed health care plan was revealed to have some prospectively negative impacts on the pharmaceuticals and biotechnological companies close to the future. Therefore this paper will argue out that President Obama’s reformed health care plan was not necessary and has accommodated more tribulations than solving the problems that were being encountered.
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In Obama’s reformed health care plan, the medicinal, as well as Medicaid repayments, were increased from their contemporary echelon of fifteen percent to a higher rate of twenty-one percent. This is attributable to the six percent decline in the power of the pricing done by all the business corporations Medicaid marketing. On investigating deeper into the consequence of this achievement, it’s finally discovered that the prospective wages of the companies total up to a rate of one percent at most. This is a very minute rate of income and thus the companies might collapse in their operations (Arrow 78).
In Obama’s health care plan, there is to a certain propensity the endorsement of generic biological drugs. The current reformed health care plans in the legislated draft are anticipated to christen for a market statistical exceptionality for the latest biological drugs within ten years. This will also include biosocial drugs. However, these dissimilar drugs are resolved as not being so overwhelming as merchandise from biotech. The processing of biological drugs is said to be considerably and supplementary exorbitant and requires intensified knowledge as compared to diminutive molecules. Biotechnological companies usually strive independently to improve on their manufacturing degree to meet all the demand for the medicine. This competition in the production of medicine may not be effective.
Obama’s health care plan allows for the reciprocation of drugs from countries such as Australia, New Zealand as well as Japan. However, the prices of drugs in these countries are proposed to be between thirty-five and fifty percent lower than the prices of medicinal products in the United States. This, therefore, permits individuals in the United States to purchase drugs prescribed for their consumption from pharmacies in other states through the FDA. This will greatly affect the economy of the United States in the field of pharmaceuticals. Thus the revolution in terms of Obama’s health care plans was not necessary.
Despite the fact, that the restructuring of levies is slightly linked to the coordination in the health care sector, it affects the profits and outcomes of the pharmaceutical companies. These taxes significantly influence the capital gained by the companies from the sale and manufacturing of drugs. As a result of the implementation of the revolution in Obama’s health care plan, it was noticed that the average tax imposed on the companies was augmented. It achieved a boost of seven percent. This significantly led to a decline in net earnings.
President Obama’s new health care plan is to a great extent unnecessary. Obama includes in the health care plan that the manager of any provided business corporation must recompense his members of staff health insurances. Conversely, if the boss does not pay for the insurance, then he must disburse the income into the government’s endowment to stand in for individuals who are not indemnified. This practice has not been effective regarding its impacts on the state government in its two years progression. It has to the highest degree distracted the economy of the United States. A financial catastrophe has been imparted to the government of America which has resulted in the government seeking supplementary donations from the running companies. Obama’s health care plan could have considered health care as a need but not necessarily a right. The action of guaranteeing health care to be a right is contravening the genuine personal rights and thus attributable to the economic destruction (Williams 6).
There is the inclusion of a form of government’s administration indemnity arrangement in Obama’s health insurance plan that will have a formulation where there will be monetary feasibility designed for business corporations as well as individuals in the acquisition of insurance. As a result of this, there will be a propensity of coercion of clandestine insurers drawing themselves away from the market as a consequence a small number of insurance preferences will be accessible. Most individuals wanted to have a wide range of preferences in insurance. Several citizens along with factions in the business sector assaulted the statement. They suggested that it would be expensive and dishearten less significant companies from taking into service.
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According to President Obama’s health care plan, it’s prearranged such that America’s government will dictate the amount of reimbursement accrued by individuals. This will conversely result in a rise in the cost of health care services. The list of benefits accrued will have a foundation on the recommendations of the expert’s committee that will be added by the Department of Health and Human Services as it’s permitted. The revolution of the health care plan is therefore not necessary since American individuals are denied the right and freedom in the selection of their insurance plan (Krugman 7)
Concerning the health savings account (HAS) patients are considered necessary to recompense the identical charges without contemplation of their condition health-wise or even age. According to Obama’s “No reduced Medicare benefits in health care reform” through the CNN, as a result of this, individuals who are characteristically younger and also receive lesser proceeds are anticipated to be recompensing considerably more for the costs of their health than they essentially exploit whereas grown-up individuals consuming supplementary health services and earn a significantly higher income pay less as to what is expected (2009). This consequently jeopardizes eradicating the urge that drives individual customers towards spending their currency which is basic health care. Obama’s health care plan is hence unnecessary.
The revolution in Obama’s health care act however has some positive impacts on the American nation. There is the inclusion of an act that supports innovation as well as modernism and accumulates customers’ currency. “It ends anti-competitive behavior by drug companies that keep effective and affordable generic drugs off the market. It extends drug discounts to hospitals and communities that serve low-income patients” (Phelps, 17). Its allowance in the manufacture of generic drugs enables general practitioners and patients to acquire contact to effectual and substitutes of lesser prices.
It can therefore be concluded that the United States of America’s president Barrack Obama’s health care plans of reformation and revolution was not necessary. These can be recognized from the various negative impacts that outweigh the positive ones it has caused both to the economy of the American country. Despite these outrageous impacts, it’s not the end of America’s progress. There is a need to call upon corrections in the reformed health care plan so that the devastating impacts are fundamentally done away with.
Arrow, Kenneth. Uncertainty and the welfare economics of medical care. American Economic Review 1963: 53:941-73.
Krugman, Paul. “Clinton, Obama, Insurance”. The New York Times 2008 late ed.: Al. Print.
“Obama: No reduced Medicare benefits in health care reform,” CNN, 2009.
Phelps, Charles. Health Economics. Boston: Addison Wesley. 2002. 13-22. Print.
Williams, Anthony. Health economics: the cheerful face of a dismal science. London: Macmillan: 1987. Print.