Healthcare Economist August 22, 2024
One key aspect of many medications is that they not only help people feel better, but often these medications can help them re-enter the workforce, work more hours, work more productively, or all of the above. However, when evaluating new treatments for diseases that impact older Medicare beneficiaries (≥65 years), should we take into account productivity impacts?
The first question to ask is, what share of individuals aged ≥65 years are actually in the labor force. Data form the Bureau of Labor Statistics (BLS) finds that 26.6% of individuals age 65-74 and 8.2% of individuals ≥75 years are in the labor force. Data from the Medicare Current Beneficiary Survey (MCBS) finds that “7.5 percent of beneficiaries were enrolled in Part...
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