Chronic illnesses like diabetes, cardiovascular disease and arthritis will continue to fuel "unparalleled" headwinds to U.S. economic growth, according to a Fitch Solutions analysis.
Each year these diseases rack up more than $1 trillion in healthcare costs. The expenses primarily reflect hospital care, physician visits, pharmaceuticals, medical devices and home care.
"As a result of the ageing U.S. population, and the concurrent increase in the prevalence of noncommunicable diseases, this economic burden is forecast to double within 30 years," Fitch Solutions said.
Pharmaceutical companies and medical device firms that use value-based products to address these medical conditions will "be more likely to secure high prices and favourable reimbursement from payers," Fitch Solutions said. "As a consequence, more industry stakeholders will adopt health technology assessments and pharmacoeconomics in the U.S."
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