A
future presidential candidate, John Edwards, on Thursday proposed
cutting health care costs by overhauling the patent process for
breakthrough drugs and requiring health insurance companies to spend at
least 85 percent of their premiums on patient care.
The former
North Carolina senator presented particulars of a universal health care
proposal he released in February through an look at the East Riverside
Health Center, a federally funded community clinic.
Edwards'
strategy would offer you cash payments in location of extended-term
patents for firms that create particular breakthrough drugs and then
reap significant earnings since of the monopolies these patents offer.
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He said supplying money incentives instead would enable numerous firms
to generate generic and other versions of these drugs to drive down
prices. Campaign officials stated the payments could be voluntary for
drug firms and would be aimed at spurring the improvement of drugs that
cure diseases.
"Dealing with the health care crisis is about far
more than just about coverage," Edwards mentioned. "Our health care
method is completely as well pricey. We place more dollars into health
care than any country in the industrialized globe and we get one
particular of the worst products out in the other finish."
He
also said his program would need health insurance companies to devote at
least 85 % of the premiums they gather on patient care, adding that 30 %
of insurance coverage premiums at present go toward administrative
costs and profit. He said New York, Minnesota, New Jersey, Florida
currently impose similar requirements.
His plan also would
require that all Americans sign up for health insurance coverage and
would enact numerous reforms aimed at lowering administrative charges
for providers and enhancing chronic and preventive care for sufferers.
About 47 million people at present lack health insurance coverage in the
United States.
Edwards has faced criticism for his universal
health care strategy, in aspect because it would raise taxes and could
cost $90 billion to $120 billion.
Edwards stated his health care proposal would save households up to $2,500 annually.
Edwards
mentioned Detroit, exactly where Basic Motors Corp., Ford Motor Co. and
DaimlerChrysler AG's Chrysler Group commit $16 billion annually on
health care charges and are expected to spend $114 billion in future
retiree positive aspects, is indicative of health care ailments felt
nationwide.
"These organizations and their unions produced a
guarantee to workers," he stated. "And that guarantee was that they'd
have health care coverage. And now it's time for the government to meet
its share of the responsibility of ensuring that these promises are
met."
Edwards previously has proposed that employers be necessary
to give health coverage to workers or spend into a government fund to
support insurance coverage and enable workers to pick amongst plans.
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