Research paper

Impact of Diabetes on Healthcare Costs Student’s Name Institution Course Code: Course Name Professor’s Name Submission Date Abstract Diabetes is a very resource-consuming disease for all healthcare systems in the world due to its increasing prevalence and quite high costs of management. This study will begin by looking at the economic impact, the stakeholders involved, the market dynamics, and the role of policy frameworks like the ACA, which directly affects the economic burden posed by diabetes. Although global regulations improve treatments for diabetics, the emphasis is on supply and demand variables and economic health disparities. Other economic-based suggestions are those supporting legislative changes and policies on care. The literature review and discussion reveal that although the intervention strategy has enhanced access to care, several systematic inefficiencies and discrepancies demand a thorough cost-cutting approach. These insights have significant ramifications for implementing global best practices and including cost-cutting strategies to help manage public health emergencies. Introduction Diabetes is a compound metabolic disorder defined by hyperglycemia, a condition characterized by a persistent surge in levels of blood glucose. It is a lifetime disease without a cure and thus demands lifelong management, such as regular monitoring, medication, and treatment of other complications, including kidney failure and neuropathy. These conditions instill a substantial economic burden, especially as diabetes prevalence is likely to soar as a result of lifestyle changes, aging populations, and numerous cases of obesity on the rise. This paper aims to reflect on the impacts of the condition on healthcare costs, including economic effects, parties involved, market forces influencing this disease, its demand and supply, and the role of the Affordable Care Act (ACA). Therefore, this paper considers the heavy economic burden imposed by diabetes on healthcare systems, analyzes its impacts on stakeholders, market dynamics, and healthcare disparities, and assesses the contribution of policy frameworks like the ACA to addressing these challenges, with evidence-based recommendations in terms of cost control and the delivery of equitable care. Overview of the Issue Diabetes is a chronic condition occurring when a person's body fails to control blood levels efficiently and effectively. Diabetes is rising alarmingly, where 8.8% of adults globally had diabetes in 2017, with an expected increase to 9.9% by 2045 (Standl et al., 2019). Type 1 diabetes is an autoimmune disease resulting from a deficiency in endogenous insulin discharge from the pancreatic β- cells and mainly affects all people of all ages, although young adults are more susceptible (Ilonen et al., 2019). Type 2 diabetes is usually associated with lifestyle factors such as alcohol drinking, smoking, sedentary behavior, and obesity. This disorder accounts for costly complications if left unregulated, making it a significant burden on the healthcare system. American Diabetes Association (2018) found that the cost of diagnosed diabetes was $237 billion in direct medical costs and $90 billion in declined productivity in 2017. These figures pinpoint the economic significance of solving diabetes efficiently since it puts pressure on the nation's healthcare resources and affects overall productivity. A trend in development, diabetes affects all spheres of life—social, financial, and medical, amongst others. Besides the direct physical impact diabetes has on the individual victim, it is also a sure source of financial burdens for families, individuals, and the health care system. For the time being, the prime focus of health care worldwide is to decrease the escalating costs while simultaneously enhancing patient outcomes. This fact makes the management of diabetes challenging in replete countries like the US due to their health care systems being dispensed mostly, and often much more focused on treatment rather than prevention, further combined with a lack of infrastructure and resources in developing countries, finding thorough and fair remedies at all levels needs consideration of this discrepancy. Why Is This Issue a Concern from a Health Care Economics Perspective? Keenly controlling diabetes is essential in avoiding longstanding health complications even though skyrocketing costs are imposing hindrances to treatment. The condition is one of the most expensive chronic diseases, and individuals with this condition incur 2.6 times more medication than those without diabetes (Parker et al., 2023). The rising consumption of expensive insulin analogs, several doctor visits, and treatment for conditions like amputation, kidney failure, and cardiovascular diseases have led to increased costs. The economic liability is especially worrying since diabetes, including type, is preventable by embracing simple steps like exercising more, quitting smoking, and eating healthy. The cost of diabetes reflects fairly the higher degree of inefficiencies in medical systems. Besides the direct treatment cost, economic studies have found that diabetic issues have a huge indirect impact on workers' productivity. Common impacts in this situation are absenteeism, reduced labor capacity, and early death, which ich have macroeconomic consequences (Andersson et al., 2020). For example, poorly controlled diabetes increases the risk of developing such conditions as retinopathy, neuropathy, and cardiovascular diseases requiring very expensive lifetime treatments (Andersson et al., 2020). Besides affecting individuals, it affects public health costs, insurance premiums, and corporate-sponsored healthcare costs. Some rather puzzling features of the working of pharmaceutical markets do exist. Some of the main reasons new drugs are getting more expensive are due to the great cost of research and development (R&D). While these more recent developments may help to regulate glucose and lower problems, the great cost of treatment may prohibit the poor from receiving them, hence extending health disparities. This now sets the stage to show how difficult it is to balance need with artistic inspiration using required legislative actions. Major Parties Involved The major parties or stakeholders involved in diabetes care include patients, healthcare providers like nurses and dietitians, pharmaceutical industries, government programs like Medicaid, and insurance organizations. Patients incur yearly medical expenditures like regular physician visits, medications, productivity losses, and out-of-pocket expenses. Health providers offer diabetes self-management support and education that facilitate actions to support their treatment strategy. Government programs, including ACA, ensure adult preventative services, including screening for type 2 diabetes, without extra costs (Lee et al., 2020). Insurance organizations are responsible for balancing the high costs of drugs while maintaining affordable premiums. On the other hand, the pharmaceutical company, which has constantly played a crucial role in advocating for newer treatment modalities, often prioritizes profit margins over accessibility, as reflected in the soaring costs of insulin (Collington, 2020). Government agencies and policymakers continue to play a critical role in regulating market practices while ensuring equitable access. For instance, the preventative care provisions within the ACA have increased diabetes screening rates, thus providing the opportunity for early detection and management (Myerson et al., 2019). In contrast, systemic barriers such as high out-of-pocket costs and restrictive insurance policies negate the benefits that have been made. Non-governmental organizations and advocacy groups also participate through the sensitization and lobbying of reforms in policy, focusing on the need for multi-stakeholder collaboration. Market Forces Impacting the Issue Notably, market forces, including supply, demand, price elasticity, and market competition, impact the costs of diabetes care. Recently, insulin's cost has inflated for opaque motives at best, forcing patients who cannot afford the dr...