It’s been a tumultuous year so far. As Britain still grapples with Brexit, Donald Trump’s shock presidential election victory has sent shockwaves around the world, none more so than the healthcare industry.
From immigration to Obamacare, the new president-elect’s controversial opinions have left several industries concerned about what the future holds. To clear up some of the recent confusion and worries, we’re looking at the effect his win is predicted to have on the healthcare industry over the coming years.
The most pressing fears
One of Trump’s repeated boasts in the run-up to the election was that his first act as president would be to repeal Obamacare, despite having no clear plan on how to replace the Affordable Care Act (ACA) afterwards.
This raises a number of problems, the most pressing being that such action could leave over 20 million people without healthcare coverage.
According to the Harvard Business Review, the transition between the Obama and Trump administrations also leave the healthcare industry vulnerable to mergers and acquisitions which “could undermine efforts to build an efficient, high-quality healthcare sector.”
Yet some insiders are hopeful that health reforms could prove positive – leading to happier doctors, higher efficiency and greater choice for patients.
However, it’s still unlikely that he’d get congressional support for such a major shake-up of the current policies.
The PwC’s Health Research Institute’s post-election report suggests the negotiation between Trump administration and Congress won’t lead to a full repeal of the ACA.
Reforms will take place, however, and they won’t be easy on healthcare or insurance industries.
But, as Obama reportedly moves to permanently protect certain services – like Planned Parenthood – and civilian protests take place across the US, it’s certain that Trump will continue to face an uphill battle implementing his controversial plans.
Enduring the coming months
The wait for the new administration take control of the White House means the global economic impacts of Trump’s win are still to be fully felt and understood.
Understandably, healthcare and pharmaceutical industries around the world are bracing themselves for the next few months of change and upheaval.
As one of the US’s biggest trading partners, the UK must also prepare as best as possible for Trump’s presidency.
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