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Health Care

Americans spend significantly more on health care than any other country. Why? Answers to this question range from hospital monopolies to perverse incentives to opaque pricing to medical licensing to pharmaceutical firms abusing IP practices to “creeping consolidation.” Why is the US health care system so broken? And what can antirust do about it? Catch-up on our coverage of antitrust and the US health care system.

Antitrust and Competition

Is Private Equity’s Involvement in Healthcare Really Harmful?

Anthony LoSasso
Anthony T. LoSasso, Ge Bai, and Lawton Robert Burns argue that critics of private equity’s involvement in healthcare ignore that it is often the only financial lifeline available to distressed healthcare providers and can introduce an improvement in outcomes, including quality of care.
Antitrust and Competition

How Private Equity Hurts the Healthcare Workforce

Theodosia Stavroulaki
Theodosia Stavroulaki reviews how the involvement of private equity in American healthcare leads to, among other negative outcomes, burnout and stress among healthcare workers, particularly physicians. She writes that the consequences could cripple America’s healthcare system.
Antitrust and Competition

Does Private Equity Harm the Welfare of Residents in Nursing Homes?

Robert Field
Robert I. Field argues that private equity’s impact on price competition among nursing homes is limited because prices are mostly determined by Medicaid. However, private equity does impact quality and labor outcomes, which deserve greater government scrutiny.
Antitrust and Competition

Does Private Equity Harm Competition in the Hospital Industry?

Brent Fulton
Brent Fulton discusses private equity’s investments in hospitals and assesses the risks it presents to key stakeholders: private equity investors, debt investors, patients, and the government. He argues financial transparency regulation is needed so fraudulent transfer and bankruptcy laws can be enforced to reduce uncompensated risk being borne by patients and the government (ultimately taxpayers).
Antitrust and Competition

Do Private Equity and Other Investors Harm Competition in the Pharmaceutical Industry?

Melissa Newham
Melissa Newham reviews how investors can alter the incentives and behavior of pharmaceutical companies to reduce competition and consumer welfare through common ownership and “rollup” deals.
Antitrust and Competition

The Curious Case of Private Equity in Health Care’s Market Failures

Barak Richman
Over the last year, the United States government has demonstrated increased concern about private equity’s involvement in health care. Barak Richman and Richard Scheffler...
Antitrust and Competition

How Does Venture Capital Shape Biotech Innovation?

Xuelin Li
In new research, Xuelin Li, Sijie Wang, Jiajie Xu, and Xiang Zheng find that the involvement of specialized venture capital firms influences a biotech startup’s drug portfolio by focusing research and development on fewer products.
Antitrust and Competition

Now Is the Time To Correct Residency Match and (Especially) Other Competition Issues in the Physician Market

Barak Richman
Barak Richman writes that the recently announced investigation of the House Judiciary subcommittee for antitrust into the residency match antitrust exemption presents an opportunity...
Antitrust and Competition

Can the FTC’s PBM Complaint Create a Competitive Pharmaceutical Marketplace?

Fiona Scott Morton
Fiona Scott Morton reviews the merits of the Federal Trade Commission’s complaint against the three largest pharmacy benefit managers (PBMs) for suppressing competition in pharmaceutical markets. Although the complaint’s alleged harms are narrow, it is a welcome start that promises to shed light on the PBM’s expansive anticompetitive practices and ultimately lower drug prices for Americans.
Commentary

How Has the Affordable Care Act Fared After Ten Years?

David Ennis
David Ennis evaluates how well the Affordable Care Act has met its expectations and where it has fallen short ten years after its implementation.
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The publication of the Stigler Center at The University of Chicago Booth School of Business

ProMarket is dedicated to discussing how competition tends to be subverted by special interests. The posts represent the opinions of their writers, not necessarily those of the University of Chicago, the Booth School of Business, or its faculty. For more information, please visit ProMarket Policy.