Unhealthy Competition

The health care system is the least competitive industry in America, leading to skyrocketing costs, according to a Harvard physician.

Dr. Ashish Jha, director of the Harvard Global Health Institute, said better price transparency—a popular solution to rising medical costs—will make health care more affordable for patients, but that solution alone will not reduce prices. Disclosing the costs of treatment does little good if consumers do not have access to other doctors—one of the key drivers of rising costs, according to Jha.

"Imagine a place where somebody is selling slices of pizza for $10," he told the Senate Health Committee. "You can make that price transparent, but if you don't have an alternative to go somewhere else for a cheaper slice of pizza then price transparency isn't going to do you much."

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