First, we need to make it illegal for the big three (pharmaceuticals, hospitals, and insurance) to communicate to conspire and profiteer. Competition makes prices lower.
Secondly, we must cap the amount hospitals can charge on products to 20–30% instead of 300%. This would only apply to products, not the employees. Also, we need to raise the threshold on which doctors and hospitals can be sued. That way, insurance for doctors and hospitals goes down. Medicine is complex; being able to sue a doctor or hospital needs to be raised to the level of egregious and blatant acts. This will also help doctors and hospitals with mitigation medicine instead of reactionary medicine, meaning they can be more aggressive in treatment because the fear of being sued is gone.
Third, pharmaceuticals need to be incentivized to make new medicines like antibiotics, cancer treatments, and things of this nature. We should extend the patent life to a longer period, so they don’t have to charge as much but still can recoup the costs of R&D (research and development) over a longer period because R&D is expensive. This will make the company profitable, especially for small biotech companies, so they don’t get bought out by larger ones. Hospitals and insurance won’t approve the medicine if it’s too expensive.
Healthcare is an industry that isn’t going anywhere. It doesn’t need more income each year to appease stockholders about growth. Healthcare shouldn’t bankrupt people. It should not be one of the biggest holders of debt in America.
I believe universal healthcare is guaranteed in our Declaration of Independence. It states Life, Liberty, and the Pursuit of Happiness. Healthcare provides this; improving both length and quality of life.