International Healthcare Cost Comparison Report 2024
iFHP has collaborated with the Health Care Cost Institute (HCCI) to produce the latest International Health Cost Comparison Report. This comprehensive analysis draws on data provided by iFHP member companies from around the world, offering valuable insights into global healthcare costs.
The International Federation of Health Plans (iFHP) is proud to release the 2024 International Healthcare Cost Comparison Report, offering an in-depth analysis of healthcare cost disparities worldwide. Compiled in collaboration with the Health Care Cost Institute (HCCI), this biennial report sheds light on the persistent cost gaps across inpatient and outpatient procedures, prescription drugs, and emerging trends.
Key Insights and Changes Since 2022:
- U.S. Costs Remain Highest: The United States continues to lead in healthcare costs globally. For instance, according to data gathered by the report’s authors, the median cost of a coronary bypass surgery in the U.S. is $89,094, significantly higher than $17,741 in Australia and $10,734 in Spain.
- Prescription Drugs: The cost of insulin (Lantus) in the U.S. has remained high at $412, while Greece offers the same medication for $55. The report notes persistent disparities for branded drugs, with limited improvements in affordability since the previous study.
- Outpatient Treatments: Some U.S. outpatient costs, such as imaging and endoscopy, have shown minor shifts toward the mid-range of global pricing. However, the U.S. still sees elevated costs for advanced diagnostic procedures compared to Europe and Australia.
- New Data on Spinal Fusion and GLP-1 Drugs: For the first time, the report includes data on spinal fusion procedures and the rising costs of GLP-1 drugs including Ozempic, used for diabetes and weight management. These highlight new areas of cost escalation globally.
Emerging Trends:
- Centralised Price Negotiations Reduce Costs: Countries such as Spain and Australia demonstrate how government-regulated pricing systems help control costs, especially for pharmaceuticals.
- Expanding Generic and Biosimilar Markets: Wider adoption of generics and biosimilars has started to reduce costs in Europe and Australia, although high-priced biologics remain a challenge in the U.S.
- Outpatient Efficiency: Nations like New Zealand continue to lead in cost efficiency by shifting routine treatments to outpatient settings, relieving pressure on hospitals.
The report underscores the impact of healthcare system design on cost efficiency and affordability, with insights to guide policymakers, healthcare leaders, and insurers.
