Across the globe, the medical industry is well-renowned for being both a booming industry and one filled with crippling debt. Despite being an integral part of society, healthcare has appeared to be on the back-burner of the British government. This is likely due to the economic crises (such as inflation and the cost-of-living crisis) we find ourselves in, and with these issues seemingly not fully going away anytime soon it suggests that - despite funding increasing - the NHS will continue to be under pressure. Rather than being seen as a financial burden, investing in the NHS may instead be the answer to all of our problems.
An example of the medical industry being successful financially is the USA with their pharmaceutical industry being a huge $1480 billion in 2022. With their industry being a massive 42.6% of the global market, it is imperative to understand the immense regulation, research and development that has been undergone in the past couple of decades. The top 5 companies alone (Pfizer, AbbVie, Johnson & Johnson, Bristol Myers Squibb, and Merck & Co) generated $55 billion in 2021 and an average of over 20% of this revenue went to additional R&D. These companies have led to hundreds of drugs being made - saving millions of lives. However, with American consumers dropping nearly $550 billion on pharmaceutical products, the pharma industry’s core focus appears to have shifted from saving lives to amassing profits. It begs the question of where the line of morality lies within the pharmaceutical industry; can it be truly ethical to make saving lives a business transaction?
Contrastingly, the NHS makes healthcare fully accessible for all British citizens with the majority of its services being free. With the number of people being treated receiving public funding care falling by more than 400,000 since 2009-10, NHS has undertaken more patients than ever before - this leads to further financial strain. Consequently, the NHS maintains the reputation of being a financial burden because even with funding increasing, they still seem unable to cope.
Interestingly, there are theories suggesting that rather than being the government’s downfall, the NHS can cure the economy. The health of the nation is intrinsically related to the growth of a nation. With the ageing population growing (and British citizens getting older), the healthcare system is in increasing demand. The NHS simply does not have enough supplies to help all of these people; it is this large demand and small supply in fact which drives up the price of healthcare in the USA. If the NHS is given sufficient funds by the government to invest in increasing supplies, they would be able to help many more people. In fact, if the NHS is able to selectively “invest in specific areas” then for every £1 invested in the NHS, they could create a return of up to £14 to an area’s Gross Value Added (GVA) output, according to research carried out by the NHS Confederation. Thus, if £1 billion pounds was invested into the NHS, it could lead to a £14 billion gain to the economy. This is because if the general health of a nation improves, then the productivity of the nation will inevitably also get better since fewer workers would take sick leave. Additionally, this investment would lead to more jobs - an incredibly important notion due to the UK NHS being the largest employer Europe. Furthermore, by the NHS taking care of the elderly and the sick, more potential workers will be able to re-join the workforce - rather than being forced to take care of those in need. These all will lead to a larger and better workforce and would consequently lead to the British economy improving.
As productivity in the UK is trailing “17% behind the US” investing in the NHS appears to be a beacon of hope for the economy. With investment into the NHS having a 1400% return on investment it would be absurd to suggest that it is not an incredible investment opportunity for the government.
Therefore, it is significant that both the citizens of the UK and the government itself change the attitudes toward the NHS surrounding its financial status. Rather than the government questioning the funding they give to the NHS, the government should be leaping at the chance to be able to grow the British economy in a way that helps the British public both economically and socially, since the NHS can cure the economy.