Health Care Spending Rising Faster Than Economic Growth In Industrialized Countries – OECD Health Data 2010

While India is still struggling to live up to the “Nine is Mine” dream (calling for 9% of GDP to be committed to health and education), according to OECD’s Health Data 2010, in leading industrialized countries, the health care spending is rising faster than economic growth. The study reports:

• Average health spending in the 31 member OECD counties has increased from 7.8 percent of GDP in 2000 to 9.0 percent in 2008 –averaging around 8.4% of the GDP.
• During the same period, health spending per person increased by 4.2% a year on average.
• Governments of most OECD countries shoulder most of the burden of healthcare costs. Public expenditure has increased from an average of 12% of total government spending in 1990 to a record 16% in 2008.
• United States tops the list, spending 7,538 dollars per person on health care in 2008, more than double the average 3,000 dollars for all OECD countries.