The problem with applying regular market economics to healthcare is that it doesn’t take into account the actual market conditions. Healthcare is heavily regul

The problem with applying regular market economics to healthcare is that it doesn’t take into account the actual market conditions. Healthcare is heavily regulated and for a good reason which means that the barrier to entry and the entire playing field is controlled by the regulators. It also isn’t as scalable as other industries and extracting efficiency comes at a real human cost. You can’t deliver healthcare by offshoring it, and you can’t make it much more efficient by taking out people from the process and replacing them with automation at least not on any feasible timescale. Healthcare also has a very inelastic market people can’t go without it’s not a luxury or something you can go without. Also unlike many other industries healthcare becomes more expensive as it develops as you develop new treatments for previously untreatable conditions and people generally live longer. Whilst the private sector does have a role to play in healthcare it’s not as simple as let the market take care of it. Markets in general are pretty bad at favoring long term gains over short term ones and healthcare is really not suited for short term thinking.