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Healthy Savings: Medical Technology and the Economic Burden of Disease

October 21, 2014 Comments off

Healthy Savings: Medical Technology and the Economic Burden of Disease (PDF)
Source: Milken Institute

The debate continues within the health policy community on the proper balance between the costs and benefits of medical technology. At a time of unprecedented change in health delivery and incentive systems and persistent concern about the cost of care, this debate has significant implications for public policy. Even with medical inflation running at a four-decade low—a condition that might suggest pressures are dissipating—the controversy is only intensifying.

Assessments of the true cost and economic benefit of medical technology (in the form of devices and diagnostics) have been hampered by the fact that direct treatment expenditures associated with technology use can be readily measured, while indirect savings, for example avoiding emergency room care and reducing hospital stays, are more difficult to capture.

Equally important, the economic benefits of reducing the burden of disease through better diagnosis, prevention, treatment, and cures extend beyond the health system to GDP gains from increased labor force participation and productivity. These gains are generated not only by patients, but by the rising participation and productivity of their informal caregivers. Yet these dividends are rarely incorporated into the evaluation of medical technologies.

In this study, we take a systematic approach to documenting the full costs and broader economic benefits of investment in representative medical technologies used to address four prevalent causes of death and disability: diabetes, heart disease, musculoskeletal disease, and colorectal cancer.1

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Milken Institute’s Annual Review of U.S. Best-Performing Cities: a Tale of Tech–and Energy

December 19, 2013 Comments off

Milken Institute’s Annual Review of U.S. Best-Performing Cities: a Tale of Tech–and Energy
Source: Milken Institute

The Milken Institute’s annual “Best-Performing Cities” index shows that technology and energy are the biggest forces behind America’s booming cities.

Austin, Texas, reclaimed the No.1 spot based on a booming technology sector. Similarly, the rest of the top five all enjoy thriving tech sectors: Provo, Utah (second, up from seventh last year); San Francisco (third, up from 36th); San Jose (fourth, down from first) and Salt Lake City (fifth, up from sixth).

+ Best-Performing Cities

Just how big is the too big to fail problem?

March 30, 2012 Comments off

Just how big is the too big to fail problem?
Source: Milken Institute
From press release:

“Just How Big Is the Too Big to Fail Problem?”, a new report from the Milken Institute, examines the impact of changes in banking regulation since the recent financial crisis. The authors — Senior Finance Fellow James Barth, Economist Penny Prabha and Senior Fellow Philip Swagel — suggest that it is uncertain if the changes will truly eliminate TBTF risk.

According to the authors, the new resolution authority designed to allow troubled big banks to fail will, apart from other issues, “be incomplete and perhaps unworkable until there is more progress on the international coordination of bankruptcy regimes.”

Other provisions in Dodd-Frank, such as the Volcker rule, limit firms’ activities and scale. “But it is difficult to evaluate the cost-benefit ratio,” the authors state, “since there is little evidence on either side. In a sense, it is not even easy to pinpoint the problem to which the Volcker Rule is the solution.”

The report also puts the U.S. “too big to fail” institutions into international comparison, pointing out that of the 50 biggest banks in the U.S., only seven are among the 50 biggest banks in the world. According to the report, “To the extent that the U.S. banks are limited in size they may be put at a competitive disadvantage as compared to the biggest banks in other countries.”

Free registration required to download full report.

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