Healthcare Economist November 26, 2023
According to the OECD, In 2021 the U.S. spent $1,432/capita on pharmaceuticals compared to only $517/per capita in the UK. The UK’s figure was slightly higher that Poland and Norway, but less than Latvia, the Slovak Republic, Portugal and Romania. How does the UK spend so little on drugs?
Many people focus on the efforts of National Institute for Health and Care Excellence (NICE) and their focus on linking drug prices paid to health value delivered. Typically, however, the value of health in the UK is priced relatively low (only £20,000-£30,000/QALY compared to $100,000 – $150,000 in the US).
However, there is another reason why the UK’s total spend on pharmaceuticals is low: price caps. The UK for many years...
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