Biotechnology innovations not only can help save and improve lives, but also can provide enormous value to society over time and substantial savings in overall treatment or other areas of healthcare spending.
Studies show that:
Three quarters of insurance premium growth is driven by increasing payments to hospitals and doctors.5 Medication and prevention are the two things that stand to lower these costs by keeping people out of the hospital in the first place. We need to start thinking in terms of how medicine and medical innovation help keep people healthier and save money in the long term.
Biotechnology helps us save in very obvious ways by eliminating or reducing hospitalizations and long-term care costs. For example, in 2008, drugs prevented 40,000 cholesterol-related deaths and 82,000 hospitalizations, saving more than $5 billion on hospital costs alone.6 The cure for Hepatitis C can ultimately help save billions in reduced hospital costs and the need for liver transplants.7
Medical innovation allows people to be healthier and more productive. With treatments and medicines, many individuals can continue to work and be productive in society.
This not only allows for quality time spent with family, but economic value for the nation at large.
The National Cancer Institute projects that the human capital losses to cancer by 2020 will total $147.6 billion.8 Reducing cancer deaths just 10% would help save more than $4 trillion in overall value to society during the lifespans of Americans living today.9 That's why advances in biotechnology matter to each and every one of us.
Consider that if just one new Alzheimer's treatment could delay the onset of the disease by 5 years, it would lead to over $367 billion in healthcare savings by 2050.10
The healthcare system groans under the weight of currently incurable diseases like Alzheimer's. To address these challenges, we need to reduce the burden of these costly conditions on patients, on caregivers and on our overall healthcare system.