Do Insurance Companies Fund Medical Research
With research funding low but insurance payouts soaring leading lung experts are suggesting a novel solution.
Do insurance companies fund medical research. What you pay as a premium is invested further so that it accrues interest over time and that is further used to cover the various expenses of the insurer. These are normally limited to pa. In a never ending quest to get their costs under control insurance companies review medical research and make their decisions on new procedures tests and medications. This is the difference in the amount of money collected from the people as premiums and the money paid when a claim is filed in the hour of need.
Many clinical research studies are funded by pharmaceutical companies and there is a general perception that such industry based funding could potentially skew the results in favor of a new. 5 an article in the washington post explains why pharmaceutical funding for medical research. However components of their businesses may be and can be worth taking a closer look at for deeper. In 1993 chandler became president and.
Insurance is a big business. Funding of biomedical research by the pharmaceutical industry government and private sources researchers estimate that u s. If a procedure promises to save money and costs and incidentally improve the outcome for the patient the insurance company has an incentive to cover it. Since the mid 1980s medical research funding by pharmaceutical companies has surpassed the amount of grants awarded by the nih.
In the united states approximately 1 800 insurance companies offer a range of product lines from property and casualty. How do insurance companies invest money. Why insurers should fund medical research. The current coo of univers workplace benefits and a former president ceo and chairman of disability insurance provider unum provident.
Insurance companies make money in the following two ways. In a journal of the american medical association jama study published in january 2010 the largest study to date to attempt to quantify u s. 5 in 2011 the pharmaceutical industry spent 39 billion on research in the united states while the nih spent 31 billion. I believe such approaches to.
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