Diabetes is on pace to more than double by 2050 affecting 1.3 billion people worldwide, according to a study by researchers from the University of Washington. The findings were published Saturday in The Lancet.
Diabetes is an incurable disease. It occurs when your blood glucose, or blood sugar, becomes too high. If your fasting blood sugar level is 126 or higher you are considered to have diabetes.
The disease increases the risk of damage to your eyes, kidneys, nerves, and heart. In addition, diabetes has a significant impact on the economy and a patient’s personal finances.
Economic Impact of Diabetes
Diabetes places an immense strain on healthcare systems globally. According to the International Diabetes Federation (IDF), in 2021, over $966 billion was spent on diabetes-related healthcare. That figure has increased 316 percent over the last 15 years. The IDF projects that this cost will continue to rise as diabetes prevalence increases, placing additional pressure on already stretched healthcare budgets.
Furthermore, related health issues often lead to absenteeism and reduced productivity in the workplace. According to a study cited by the American Medical Association (AMA), The cost of diabetes care in the United States is $237 billion. However, lost productivity due to diabetes adds another $90 billion to the tab. Reduced work capacity and early retirement due to diabetes-related disabilities further contribute to the economic burden.
Reduced productivity and increasing healthcare costs hamper economic growth. As a result, countries with a higher diabetes prevalence may experience slower economic development compared to regions with a lower burden of the disease.
Cost of Diabetes for Individuals
Individuals living with diabetes face a considerable financial burden. That is due to the high costs of medications, regular doctor visits, and specialized care. The American Diabetes Association (ADA) estimates that people with diabetes incur 2.3 times higher medical expenses compared to those without the disease. This financial strain often leads to increased debt and financial hardship for affected individuals and their families.
Almost half of treatment costs for diabetes are medications (30 percent) and supplies (15 percent), according to the ADA.
One of the most expensive and vital drugs for all type 1 and many type 2 diabetes patients is insulin. As a result of high costs, some people have risked their health by reducing dosage or seeking less effective and less expensive treatments, the ADA has reported.
However, relief for seniors appeared in January. As part of the Inflation Reduction Act, over four million diabetic seniors on medicare saw their insulin costs capped at $35. President Biden has urged Congress to extend the cap to all Americans with diabetes. In March, Eli Lilly, the largest U. S. manufacturer of insulin, dropped the price of the drug to all users by 70 percent to meet the $35 cap.
The cost of diabetes extends beyond medical expenses. Individuals may face increased costs associated with transportation for medical appointments, special dietary needs, and home healthcare services. These additional costs can further strain personal finances, impacting the quality of life for individuals living with diabetes.
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