When public funds are used to provide medical and hospital care for all, that is called socialized medicine. This is a government initiative where drugs or medicine is made affordable for all citizens. The objective is to provide healthcare for all and not just to those who can afford it. But despite its good intentions, there are still some who are not in total agreement with this kind o initiative. Let’s take a look at both sides of the argument to understand things better:
List of Pros of Socialized Medicine
1. Healthcare is made more affordable.
Those living in poverty can benefit a lot from socialized medicine because they can finally afford to get medication and healthcare when they need it. Sometimes, even the middle class can’t afford good healthcare and access to needed medication because they cost so much. Socialized medicine is seen as an answer to this problem. In addition, the prices aren’t so high because they aren’t driven by supply and demand.
2. Premature death can be lessened.
A lot of people lack health insurance simply because they cannot afford it. But that fact becomes a nightmare when you consider that 40% of people are at risk of premature death just because they don’t have health insurance. With affordable comprehensive health care, hopefully this wouldn’t be much of an issue.
3. Family finances can be saved.
A lot of people delay getting help or don’t get help at all because it adds to their already surmounting bills. According to Consumer Reports, paying for healthcare is a top financial issue for the average American family. If publicly funded healthcare were made available, a lot of families could save money and get the help they need.
List of Cons of Socialized Medicine
1. It is fairly new and it’s controlled by the government.
The socialized medicine initiative is fairly new and it is still continuing to evolve. Yes, a lot of countries may have this kind of platform in place but there doesn’t seem to be enough data to show its true impact.
Another reason there are people against this is because the government is in control of it. Many believe that there is a wide difference between the support given by the government and that offered by private institutions. This is why most would rather opt for private healthcare because they can be more sure when it comes to their health.
2. It creates unhealthy competition among those in the healthcare industry.
When selling drugs, pharmaceutical companies need to make sure that it is within the scope of socialized medicine otherwise they will have a difficult time making a sale. Likewise, private healthcare facilities also need to support socialized medicine or fear losing patients who have subscribed to the program. A benefit of this competition might be the reduction of prices but it also has a negative impact: it makes private institutions more predatory. Lastly, the quality of medicine and drugs may decline.
3. It doesn’t guarantee quality service.
There is a reason many support private institutions: they tend to provide better services than their public counterparts.