Thinking About Health Care

How should we think about Health Care? Is it a fundamental human right? Is it a value-added service? Or a staple product like soap and toothpaste?

However we approach it, whoever provides healthcare needs to be paid. And the way we pay for healthcare will affect the quality of that care.

Consider drugs. They cost a fortune to develop. But once they’re on the market, they cost pennies to produce. That means that if people use more prescriptions to treat their health problems, the marginal cost to treat each person goes down.

Looked at this way, it makes a lot of sense to add a drug benefit to Medicare. Lower marginal costs may actually save us money in the long run.. Any way you look at it, our shift to a drug-based health care system is likely to accelerate.


Douglas R. Tengdin, CFA
Chief Investment Officer
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