How To Understand The National Healthcare Reform In China
|
|
- Tyler Haynes
- 3 years ago
- Views:
Transcription
1 A New Direction in Social Welfare: China s National Healthcare Reforms Roberta Lipson CEO, Chindex International, Chairwoman of United Family Hospitals Jing Ulrich Managing Director, Chairman, China Equities, JPMorgan jing.l.ulrich@jpmorgan.com Amir Hoosain amir.h.hoosain@jpmorgan.com Premier Wen Jiabao s annual government work report to the National People s Congress emphasized the importance of healthcare reform as a crucial element in achieving the government s top policy priority: the expansion of domestic demand. In January, China s State Council approved a proposal for a new round of healthcare reforms that seeks to redress some of the system s current limitations in terms of affordability, rural access and service quality. Key elements and implications of the plan include: A total of RMB 850bn ($125 bn or about 3% of GDP) in healthcare spending has been budgeted from central and local government levels over the next three years. The government aims to expand basic medical insurance to 90% of the population by 2011 An increase in overall healthcare spending will boost construction-related expenditure to upgrade basic medical facilities. Domestic medical equipment makers stand to benefit from higher demand, while details on basic medicine coverage will take some time to finalize, and will likely benefit generic drug-makers. Healthcare costs in China have grown rapidly to become a substantial burden to the average citizen. Per capita costs have on average increased 10% faster than CPI since Today, the cost of the average hospital stay represents 33% of urban and 92% of rural annual incomes. Many Chinese have no health insurance, and the country's current pay-as-you-go system often means that when people run out of money, they can no longer receive treatment, sometimes even for basic care. As Figure 1 shows, the government currently shoulders only 20% of healthcare costs. Figure 1: China s Healthcare Expenditure Mix 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Government Social Health Insurance Out of pocket Source: Ministry of Health, J.P. Morgan To offset higher running costs, hospitals typically charge up to a 15% premium on prescribed medications. This has led to questionable practices such as rampant overprescription and doctors receiving incentives to promote specific pharmaceutical products. In some cases, drug sales account for up to 50% of hospitals total revenues. The inadequacies of China s healthcare system have stirred significant public discontent and are a major factor behind the high level of precautionary savings in the country.
2 Aside from broad strategies to overhaul the national healthcare framework, five near-term objectives are highlighted in the Chinese government s medical reform policy: 1. Expanding the provision of basic medical insurance to at least 90% of the population by 2011, from less than 50% at present. Government insurance subsidies are to increase to RMB 120/person from RMB 80/person in Developing a catalog of approved medicines to be covered by public insurance, with the production and distribution of these drugs supervised by the government. 3. Narrowing the urban-rural healthcare gap through an improved network of local clinics, with an emphasis on tier 3 and tier 4 hospitals, township medical centers, remote clinics and community medical centers. 4. Promote greater equity in the delivery of public medical services, reducing discrepancies between cities and rural areas. 5. Improving service quality and reforming the funding of public hospitals to reduce the current dependence on drug revenues. Encouraging diversity in the ownership of medical facilities. With details of the precise budget allocation as yet to be determined, many observers are looking to the 11th National People s Congress for further clarity on the upcoming reforms. We recently hosted a Hands-on China conference call with Roberta Lipson, CEO of Chindex, a leading independent provider of private healthcare products and services in China. Ms. Lipson discussed the contours of the plan and her views on the likely impact on various segments of China s healthcare sector. The following is a summary of her presentation: An Overview of Premier Wen Jiabao s Remarks on Healthcare The main points outlined by Wen Jiabao in his work report included the following: 1. An increased commitment for government spending of RMB850 billion over 3 years or approximately RMB260 billion more than had been previously announced. The budget revealed on March 5 called for total government healthcare spending of RMB 341 billion, in 2009, which will be shared 35% by the central government and 65% by the local government. This represents a 26% increase in total government spending and an increased share contributed by the central government. This spending will go toward expanding public healthcare insurance coverage, building new healthcare facilities, and basic public health and prevention. 2. Expansion of public medical insurance to cover 90 percent of the Chinese population by 2011; some reports have suggested that roughly 49% of urban residents are currently covered. In addition, the amount of coverage for services per person, both on the rural and urban plans, will also be increased. Chen Zhu, the health minister, has implied that the average out-of-pocket share for the individual might actually decrease from 61% to 50% for major illnesses. The reform proposal issued last November also suggests that commercial insurance products would be encouraged to supplement government social welfare plans. 3. Enhancement of the national drug catalogue of essential drugs, including commitments for safe and reliable supply, a roll out of set price ranges for the 700-plus drugs included in the catalogue, as well as increased central purchasing. There will 2
3 certainly be implications here for pharmaceutical companies including pricing pressures which might cause some companies to rethink their product mix. 4. Improvement of community-level medical and health services, which targets the disparity in access to and quality of services between urban centers and rural areas. Plans have been announced to build 5000 new central health clinics in towns, 2000 new county level hospitals and 2400 community health service centers in urban areas. Increased access and increased cost coverage should lead to higher utilization on all tiers of the system 5. The plan also intends to reform the public hospital system, for example by structurally shifting the focus away from for-profit pharmaceutical sales and toward the provision of basic care. This could also impact drug distribution and pricing. Furthermore, if the proposed 0 mark up plan is implemented for public hospitals and their income is not otherwise sufficiently subsidized, it might also lead to greater utilization of other income earning services such as increased use of diagnostic technologies and other treatment modalities. There is also speculation that pilot hospital reform programs may lead to share transformation and privatization of some public hospitals, but at this point this is only speculation. Reducing Out-of-Pocket Spending Changes in out-of-pocket spending will have important implications for service demand as well as what it means for private sector health insurance products, which is currently a nascent market in China but certainly could develop into an interesting opportunity. Between the additional expenditure and the structural reforms, we anticipate several outcomes: Increased purchases in medical equipment will be a long term positive for distributors and providers. Rural clinics and new hospitals will be built, tens of thousands of new primary care providers will be trained, while existing hospitals will benefit from additional investment. Burgeoning Demand for Private Healthcare and Insurance The reform plan proposal released in November acknowledges that while public investment should focus on expanding basic services, alternative levels of services could be provided by private capital. Despite significant barriers to entry, we believe that healthcare reform bodes well for private premium care and this sector should continue to grow consistently over time. The driving factor is the simple reality that those who can pay for services will increasingly do so. Additionally, the reform proposal states that companies will be encouraged to develop commercial insurance products. Until now there have been very limited private health insurance options available to Chinese citizens. Many local and international insurance companies are exploring opportunities in the vast and untapped segment of the market, and there are certainly great opportunities for insurance companies both as policy providers and as third party administrators. 3
4 Conclusion In summary, the healthcare reform plan is extremely ambitious and far-reaching and although many of the details have not been completely fleshed out, the government has definitely made a strong commitment to substantial increased spending. We will need to see if the local governments actually step up to the plate on their portion of the spending commitment. If the government succeeds in its commitment to reduce the out-of-pocket burden on consumers, it will not only ensure greater satisfaction and social stability but will also allow the consumers to feel more comfortable in reducing their savings rate and stimulate consumption in general. This should make it likely that funding will be available to allow these ambitious healthcare reforms to proceed. The greatest opportunities exist for companies operating in the private sector whose growth plans are aligned with the Chinese Government s initiatives. Social Welfare in Focus at China s 11th National People s Congress While healthcare reform is a priority, lawmakers are considering a broader social welfare agenda at the 11th National People s Congress, encompassing healthcare, pensions and unemployment benefits. The NPC Standing Committee announced a draft social insurance law in late-2008, which establishes the right of all citizens to pensions and insurance covering basic medical care, childbirth, work-related injuries and unemployment. This law is likely to be approved by the legislature at this year s NPC session. Importantly, considering the highly mobile nature of the China s work force, the draft law allows for portability of pensions, enabling workers to pay premiums in one region and draw benefits in another. With the rapid deterioration in employment, social security (especially in relation to unemployment insurance and pensions) has been a hotly-debated topic. Since the announcement of the draft social insurance law, a phenomenal amount of public feedback has been lodged. One of the key issues with the current social insurance system is that residents must reside in the same region where their contribution payments are made. This is a problem for migrant workers, who often find themselves not covered under any region s social insurance system. This also discourages employed residents from participating in the program, stretching the funding adequacy of the system. According to a senior member of the Legislative Affairs Commission of the NPC Standing Committee, there are currently funding surpluses in the social insurance accounts of certain regions. However, the lack of fund flows between regions has led to funding imbalances. 4
5 About Roberta Lipson Roberta Lipson has perspective of observing and participating in the development of healthcare in China for the past 30 years. She is CEO of Chindex International and Chairwoman of United Family Hospitals. Since Ms. Lipson co-founded Chindex in 1981, the company has expanded from its business of capital medical equipment sales and marketing to healthcare delivery. She is the creative force behind the United Family Healthcare concept - the first foreign invested and managed private healthcare group in China, which now includes hospitals and clinics in Beijing, Shanghai, Wuxi and Guangzhou. An active leader in the business community in Beijing, Ms. Lipson currently serves as a director of the U.S. China Business Council, is on the Board of Governors of The American Chamber of Commerce - China (AmCham) and is Chair of the AmCham Healthcare Forum. About Chindex Chindex (NASDAQ:CHDX) provides premium healthcare services and supplies medical capital equipment, instrumentation and products to the Chinese marketplace. Under the United Family Hospital brand, the company has operated a network of hospital and clinics in China since the late 1990s and today its presence spans hospitals and clinics in Beijing and Shanghai, and stand alone ambulatory clinics in Wuxi and Guangzhou. The Chindex medical products division has been operating since the inception of the company in 1981, and today is the exclusive marketing, sales and service distribution partner to Siemens AG for premium ultrasound and Intuitive Surgical for the da Vinci surgical robotic systems, respectively. It also distributes a broad range of other products for Hologic mammography, Johnson and Johnson clinical diagnostics as well as other famous brands. Chindex has an installed base of over 3,000 Level II and III hospitals and continues to pursue expansion into new hospitals. 5
6 Disclaimer JPMorgan is a marketing name for investment banking businesses of JPMorgan Chase & Co. and its subsidiaries worldwide. JPMorgan Chase & Co. or any of its affiliates (collectively, "JPMorgan") makes no representation or warranty regarding the accuracy or completeness of the information herein. JPMorgan is not an advisor to any person in respect of any referenced transaction. This material is not the product of JPMorgan's research departments and along with any associated verbal presentation (together the Presentation ) is purely indicative and is based on current assumptions and market conditions. Although information contained herein has been obtained from sources which we believe to be reliable, none of JPMorgan, nor any person acting on their behalf, makes any representation or warranty, implied or express regarding the accuracy or completeness of the information contained herein. The Presentation is not intended as an offer or solicitation for the purchase or sale of any financial instrument, nor does it constitute a commitment by JPMorgan to enter into any transaction referred to in the Presentation. JPMorgan shall incur no responsibility or liability whatsoever to the client or to any other person in respect of the Presentation and in the event that JPMorgan enters into any transaction described in the Presentation then such transaction shall be governed exclusively by the relevant transaction documents. The recipient must make an independent assessment of any legal, credit, tax, regulatory and accounting issues and determine with its own professional advisors any suitability or appropriateness implications of any transaction referenced herein in the context of its particular circumstances. JPMorgan assumes no responsibility or liability whatsoever to any person in respect of such matters. This material is directed exclusively at market professionals and institutional investors and is not for distribution in any jurisdiction where such distribution contravenes applicable laws of any relevant jurisdiction, nor could it be distributed to any other person or replicated in any form without the prior written consent of JPMorgan. Notwithstanding any prior written consent provided by JPMorgan for the further distribution or replication of these materials and as consideration therefore, the initial recipient of these materials acknowledges to JPMorgan that it shall hold JPMorgan harmless for the consequences of such further distribution or replication (as the case may be). Copyright 2008 JPMorgan Chase & Co. All rights reserved. Additional information is available upon request. 6
China s 12th Five-Year Plan: Healthcare sector
China s 12th Five-Year Plan: Healthcare sector May 2011 KPMG CHINA One of the guiding principles of the 12th Five-Year Plan (5YP) is inclusive growth : helping ensure that the benefits of the country s
More informationMedical Device Reimbursement In China
Medical Device Reimbursement In China Reimbursement has long been an issue of major concern to U.S. pharmaceutical manufacturers trying to sell their products in China. Recent developments have made the
More informationPricing Private Health Insurance Products in China. Chen Tao
Pricing Private Health Insurance Products in China Chen Tao Abstract In this paper an overview of how to price private health insurance products in China is given. In the beginning the Chinese private
More informationHealth Care Reform *
HEALTH CARE REFORM FEBRUARY 2014 Health Care Reform * The Affordable Care Act and its Impact on Your Wealth Management Strategy INTRODUCTION TABLE OF CONTENTS What Is the Patient Protection and Affordable
More informationDevelopment of Health Insurance Scheme for the Rural Population in China
Development of Health Insurance Scheme for the Rural Population in China Meng Qingyue China Center for Health Development Studies Peking University DPO Conference, NayPyiTaw, Feb 15, 2012 China has experienced
More informationOpportunities in the China Healthcare Sector. December 2008
Opportunities in the China Healthcare Sector December 28 Opportunities in the China Healthcare Sector Executive Summary China s healthcare sector is rapidly developing Total Health expenditure in China
More informationHarmonization of Health Insurance Schemes in China
Harmonization of Health Insurance Schemes in China Hai Fang Professor of Health Economics China Center for Health Development Studies Peking University China Presentation at the First National Conference
More informationLIFE INSURANCE INDUSTRY IN CHINA
Unless otherwise indicated, the financial and market share information set forth in this section is based on information reported by companies to the CIRC. The reported information includes premium and
More informationPhoenix Healthcare Group Co. Ltd (Stock code : 1515) 2015 First Half Results Overview
Phoenix Healthcare Group Co. Ltd (Stock code : 1515) 2015 First Half Results Overview 2015 1H Results Overview The largest private healthcare group in China 1 No.1 in Beds in Operation No. 1 in Total Patient
More informationEconomic Planning in China by Gregory C. Chow, Princeton University CEPS Working Paper No. 219 June 2011
Economic Planning in China by Gregory C. Chow, Princeton University CEPS Working Paper No. 219 June 2011 Economic Planning in China Gregory C. Chow This paper provides an up-to-date study of economic planning
More informationChina s Local Government Debt: Not (Yet) As Bad As It Seems
China s Local Government Debt: Not (Yet) As Bad As It Seems British Embassy Beijing April 2014 Summary China s local government debt situation is often cited as a likely source of future economic instability.
More informationHong Kong Joint Venture Agreements
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness,
More informationPension schemes are integral parts of China s social protection system
Dewen Wang World Bank March 26-27, 2014, Incheon, Republic of Korea Pension schemes are integral parts of China s social protection system SP programs Social Insurance Social Assistance Social Welfare
More informationThe Cypriot Pension System: Adequacy and Sustainability
Cyprus Economic Policy Review, Vol. 6, No. 2, pp. 49-58 (2012) 1450-4561 49 The Cypriot Pension System: Adequacy and Sustainability Philippos Mannaris Aon Hewitt Abstract The fundamental objective of pension
More informationWhat can China learn from Hungarian healthcare reform?
Student Research Projects/Outputs No.031 What can China learn from Hungarian healthcare reform? Stephanie XU MBA 2009 China Europe International Business School 699, Hong Feng Road Pudong, Shanghai People
More informationEntering China s Private Health Insurance Market
www.pwccn.com Entering China s Private Health Insurance Market December 2015 Highlights Shifting mindsets in how the Chinese view health insurance form the basis for healthcare plan reform. China s consumers
More informationPhoenix Healthcare Group Co. Ltd (Stock code : 1515) 2014 Full Year Results Overview
Phoenix Healthcare Group Co. Ltd (Stock code : 1515) 014 Full Year Results Overview 014 Full Year Results Overview The largest private healthcare group in China 1 No.1 in Beds in Operation No. 1 in Total
More informationChina Resources (Holdings) Proposes to Acquire the Non-Beer Businesses of China Resources Enterprise
For Immediate Press Release China Resources (Holdings) Proposes to Acquire the Non-Beer Businesses of China Resources Enterprise CRH proposes group restructuring of its consumer and retail businesses CRE
More informationPhoenix Healthcare Group Co. Ltd 鳳 凰 醫 療 集 團 有 限 公 司
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationSSE Newsletter. October 2015. Vol. 29. Highlights:
Vol. 29 SSE Newsletter October 2015 Highlights: SSE Composite rose by 10.80% in October 2015, while trading volume showed significant increase compared with that of the previous month SSE, Deutsche Boerse
More informationHealth Reform: The Cost of Failure and the Implications of Success
Health Reform: The Cost of Failure and the Implications of Success Bowen Garrett John Holahan June 17, 2010 National Association for Business Economics www.healthpolicycenter.org The Affordable Care Act
More informationChina new healthcare reform 2020
Financial institutions Energy Infrastructure, mining and commodities Transport Technology and innovation Life sciences and healthcare China new healthcare reform 2020 Ten things to know Norton Rose Fulbright
More informationUpdate following the publication of the Bank of England Stress Test. 16 December 2014
Update following the publication of the Bank of England Stress Test 16 December 2014 Background Top 8 Banks Resilience Stress Tested by PRA following FPC recommendation in March 2013 Guidance for stress
More information2019 Healthcare That Works for All
2019 Healthcare That Works for All This paper is one of a series describing what a decade of successful change in healthcare could look like in 2019. Each paper focuses on one aspect of healthcare. To
More information3. The first stage public consultation conducted from March to June 2008 aimed at consulting the public on
EXECUTIVE SUMMARY The Government published the Healthcare Reform Consultation Document Your Health, Your Life (the Consultation Document ) on 13 March 2008 to initiate the public consultation on healthcare
More informationPrivate Health Insurance Options in Egypt Discussion with EISA Chairman and senior staff
Private Health Insurance Options in Egypt Discussion with EISA Chairman and senior staff Ibrahim Shehata April 27, 2006 Background Health expenditure is dominated by household direct out-ofpocket payments
More informationRising Health Care Costs What Factors are Driving Increases?
Rising Health Care Costs What Factors are Driving Increases? Rising health care costs and access to affordable coverage are prominent issues for Washington employers, health care providers, purchasers,
More informationA U.S. healthcare executive s recent visit to China By Richard F. Peisch
A U.S. healthcare executive s recent visit to China By Richard F. Peisch Richard F. Peisch is the founder and president of MDP, Inc., a medical revenue cycle management company headquartered in Boston.
More informationDISCLAIMER. Any fact, assessment, analysis, forecasts, opinion and other information (collectively Information ) released by:
DISCLAIMER General This website can be accessed worldwide however the information on the website is related to Saxo Capital Markets CY Limited and is not specific to any other country. All clients will
More informationHAIER ELECTRONICS GROUP CO., LTD (STOCK CODE: 1169)
To: Business Editor [For immediate release] HAIER ELECTRONICS GROUP CO., LTD (STOCK CODE: 1169) ANNOUNCES INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2012 TURNOVER UP 8.4% TO RMB 26,303,993,000 PROFIT
More informationChina Life Insurance Co. Ltd.
Primary Credit Analyst: Connie Wong, Singapore (65) 6239-6353; connie_wong@standardandpoors.com Secondary Contact: Philip P Chung, CFA, Singapore (65) 6239-6343; philip_chung@standardandpoors.com Table
More informationWorkers Compensation Claims Services Favorable Outcomes for Employers and Employees
Workers Compensation Claims Services Favorable Outcomes for Employers and Employees Medical Case Management Resources Preferred Medical Provider Networks Nurse Case Managers Pharmacy Benefit Management
More informationWorkers Compensation Claims Services Favorable Outcomes for Employers and Employees
Workers Compensation Claims Services Favorable Outcomes for Employers and Employees Medical Case Management Resources Preferred Medical Provider Networks Nurse Case Managers Pharmacy Benefit Management
More informationPhoenix Healthcare Group Co. Ltd 鳳 凰 醫 療 集 團 有 限 公 司
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationPrivate Health Insurance Consultations 2015 2016
Submission to Private Health Insurance Consultations 2015 2016 November 2015 Lee Thomas Federal Secretary Annie Butler Assistant Federal Secretary Australian Nursing & Midwifery Federation PO Box 4239
More informationChina (Shanghai) Pilot Free Trade Zone
China (Shanghai) Pilot Free Trade Zone A New Era of Opening up and Reform in China www.pwccn.com What is the China (Shanghai) Pilot Free Trade Zone? On 29 September, 2013, the Chinese government formally
More informationPhoenix Healthcare Group Co. Ltd 鳳 凰 醫 療 集 團 有 限 公 司
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationRegional Inequality in Healthcare in China
Regional Inequality in Healthcare in China QIAN Jiwei* Regional inequality in healthcare in China is particularly wide. Since 2007, the central government has increased earmarked healthcare transfers to
More informationResults of MSCI 2015 Market Classification Review
Results of MSCI 2015 Market Classification Review China A Shares on Track for Inclusion MSCI and CSRC Will Form Working Group to Address Remaining Issues Geneva June 9, 2015 MSCI Inc. (NYSE: MSCI), the
More informationCommunity Health Centers and Health Reform: Issues and Ideas for States
Community Health Centers and Health Reform: Issues and Ideas for States Ann S. Torregrossa, Esq. Deputy Director & Director of Policy Governor s Office of Health Care Reform Commonwealth of Pennsylvania
More informationHealth Care Financing in China
Health Care Financing in China Social vs. private insurance Jin MA, Professor, MSc, MA, PhD Shanghai Jiao Tong University School of Public Health April 11, 2011, Atlanta, USA Outline Health Financing bet
More informationHow to Create Value-Based Healthcare Products
CLIENT BRIEFING OCTOBER 2013 TURNING AN ACO INTO AN INSURANCE PRODUCT The best way to capitalize on a relationship with a value-based healthcare provider is to productize it. Why have so few health plans
More informationConsumer Driven Health Plan (CDHP) with Health Savings Account (HSA)
Consumer Driven Health Plan (CDHP) with Health Savings Account (HSA) Interact with this ebrochure. Here s how. This ebrochure is designed for onscreen viewing, allowing you to navigate through the document
More informationUnderstanding the Risk of China s Local Government Debts and Its Linkage with Property Markets
Understanding the Risk of China s Local Government Debts and Its Linkage with Property Markets Yongheng Deng National University of Singapore Paper presented at the International Symposium on Housing and
More informationACC San Diego Chapter
ACC San Diego Chapter Biomedical and Technology Collaborations with Chinese Companies: Legal and Cultural Challenges October 2012 DLA Piper Overview Our Firm 4,200 lawyers in 77 offices and 33 countries
More informationChina Market Entry Case Study: Chindex International, Inc.
China Market Entry Case Study: U.S. Chamber of Commerce China Business 2008 Conference May 14, 2008 Judy Zakreski Vice President, U.S. Operations U.S. public company involved in the healthcare market in
More informationThe Future of Consumer Health Care
The Future of Consumer Health Care Coming Together To Lead The Consumer Health Care Industry 2 Creating a New Business Model in Consumer Health Care 3 Serve More Consumers In More Parts of the World, More
More informationChina: Towards Results-Based Strategic Planning
China: Towards Results-Based Strategic Planning Mei Wang, (Senior Economist, World Bank); Xu Lin, (Director-General, National Development and Reform Commission, People s Republic of China) China has achieved
More informationGeorge Savvides Managing Director
George Savvides Managing Director Macquarie Australia Conference, 8 May 2015 IMPORTANT NOTICE The information contained in this presentation is for information purposes only. The information contained
More information7. Student Loan Reform in China: Problems and challenges
7. Student Loan Reform in China: Problems and challenges Wei Jianguo and Wang Rong China Institute for Educational Finance Research, Peking University Development of Student Loans in China The development
More informationWorkers Compensation Overview
Workers Compensation Overview November 2013 Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which
More informationGURTIN FIXED INCOME CREDIT RESEARCH FLASH
GURTIN FIXED INCOME CREDIT RESEARCH FLASH Colorado Austerity Ballot Measures Could Increase Credit Risks EXECUTIVE SUMMARY Since 1992, the voters of the State of Colorado (the State ) have placed many
More informationWhy Accept Medicaid Dollars: The Facts
Why Accept Medicaid Dollars: The Facts If we accept federal Medicaid dollars, nearly 500,000 North Carolinians will gain access to health insurance. As many as 1,100 medically unnecessary deaths per year
More information11 August 2014. Review of Australia s Welfare System CANBERRA ACT 2600. Dear Sir/Madam. Welfare Review Submission
11 August 2014 Review of Australia s Welfare System CANBERRA ACT 2600 Dear Sir/Madam Welfare Review Submission The Financial Services Council (FSC) represents Australia's retail and wholesale funds management
More informationGlobal Health Care Update
Global Health Care Update March/April 2013 This bimonthly Update summarizes recent legislative developments and trends related to health care and highlights recently passed and pending legislation that
More informationKansas Health Policy Forums
Forum Brief 2004 Kansas Health Policy Forums The Medicare Reform Act: What Are the Consequences for Kansas? Thursday, March 18, 2004 Noon 2:30 Lunch provided 212 SW Eighth Avenue, Topeka, KS Lower Level
More informationPoor Incentive Structure: the culprit of health care cost inflation in China? Overview: 1978-2003
Poor Incentive Structure: the culprit of health care cost inflation in China? Winnie Yip, PhD Reader in Health Policy and Economics University of Oxford April 11, 2011 Overview: 1978-2003 Supply side Public
More informationSUBMISSION TO THE SENATE INQUIRY INTO OUT-OF- POCKET COSTS IN AUSTRALIAN HEALTHCARE. Prepared by National Policy Office
SUBMISSION TO THE SENATE INQUIRY INTO OUT-OF- POCKET COSTS IN AUSTRALIAN HEALTHCARE Prepared by National Policy Office May 2014 COTA Australia Authorised by: Ian Yates AM Chief Executive iyates@cota.org.au
More informationSOA Annual Symposium Shanghai. November 5-6, 2012. Shanghai, China. Session 4b: Health Insurance Market in China. Jesse Song
SOA Annual Symposium Shanghai November 5-6, 2012 Shanghai, China Session b: Health Insurance Market in China Jesse Song Jesse Song, FSA, MAAA Agenda China health insurance market overview US health insurance
More informationFinancing Innovative Medicines in Mainland China: The Role of Commercial Health Insurance
Chinese Studies 2013. Vol.2, No.3, 128-133 Published Online August 2013 in SciRes (http://www.scirp.org/journal/chnstd) http://dx.doi.org/10.4236/chnstd.2013.23020 Financing Innovative Medicines in Mainland
More informationImpact Investing TAILORED, TRANSPARENT SOLUTIONS
We set the standard for Impact Investing and are the first-choice partner for asset owners seeking to understand and control their global impact. Build your impact strategy with us - see inside for details.
More informationThe National Health Plan for Young Australians An action plan to protect and promote the health of children and young people
The National Health Plan for Young Australians An action plan to protect and promote the health of children and young people Copyright 1997 ISBN 0 642 27200 X This work is copyright. It may be reproduced
More informationCurrent challenges in delivering social security health insurance
International Social Security Association Afric ISSA Meeting of Directors of Social Security Organizations in Asia and the Pacific Seoul, Republic of Korea, 9-11 November 2005 Current challenges in delivering
More informationUHI Explained. Frequently asked questions on the proposed new model of Universal Health Insurance
UHI Explained Frequently asked questions on the proposed new model of Universal Health Insurance Overview of Universal Health Insurance What kind of health system does Ireland currently have? At the moment
More informationCFO MATTERS: TAX PERSPECTIVES SURVEY HIGHLIGHTS
CFO MATTERS: TAX PERSPECTIVES SURVEY HIGHLIGHTS ALVAREZ & MARSAL TAXAND Contents Executive Summary 1 Survey Methodology and Demographics 2 Results and Analysis 3-8 Contact Us 9 EXECUTIVE SUMMARY While
More informationSnapshot Report on Russia s Healthcare Infrastructure Industry
Snapshot Report on Russia s Healthcare Infrastructure Industry According to UK Trade & Investment report, Russia will spend US$ 15bn in next 2 years to modernize its healthcare system. (Source: UK Trade
More informationUnderstanding Captives and Alternative Risk Transfer
Understanding Captives and Alternative Risk Transfer Putting your insurance premiums to work for you Managing risk as you manage your bottom line What do Verizon, Coca-Cola, BP and most Fortune 500 sized
More informationPlanning for health care in retirement
FOR INVESTORS Planning for health care in retirement A guide to covering your medical expenses 1 Not FDIC Insured May Lose Value No Bank Guarantee You can stay on top of health care expenses The confidence
More informationBUSINESS SECTOR STRATEGY:
BUSINESS SECTOR STRATEGY: MEDICAL TECHNOLOGY Created with: MEDEC - CANADA S MEDICAL TECHNOLOGY COMPANIES February 2011 Open for Business is Ontario s initiative to create faster, smarter and streamlined
More informationA Trade Agenda that Gets Results
A Trade Agenda that Gets Results Annex to the Canadian Chamber of Commerce Election Platform June 2015 A Trade Agenda that Gets Results The Canadian Chamber of Commerce 1 Canada s next government should
More information上 海 醫 藥 集 團 股 份 有 限 公 司
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationStocks: Quick-start guide part 3 - Orders & Tickets
Saxo Academy Stocks: Quick-start guide part 3 - Orders & Tickets academy.tradingfloor.com 1. By clicking on one of the icons you can place a related Limit order and Stop order respectively. Once you have
More informationNon-Group Health Insurance: Many Insured Americans with High Out-of-Pocket Costs Forgo Needed Health Care
Affordable Care Act Non-Group Health Insurance: Many Insured Americans with High Out-of-Pocket Costs Forgo Needed Health Care SPECIAL REPORT / MAY 2015 WWW.FAMILIESUSA.ORG Executive Summary Since its passage
More information賽 迪 顧 問 股 份 有 限 公 司 CCID CONSULTING COMPANY LIMITED *
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationShip finance leasing in China
Ship finance leasing in China FINANCIAL INSTITUTIONS ENERGY INFRASTRUCTURE, MINING AND COMMODITIES TRANSPORT TECHNOLOGY AND INNOVATION PHARMACEUTICALS AND LIFE SCIENCES Jonathan Silver Of Counsel, Norton
More informationChapter 2.2. Company Fundamentals
1 Chapter 2.2 Company Fundamentals 0 Contents COMPANY FUNDAMENTALS Company fundamentals such as how much money is the company earning and how efficiently is the company utilizing its resources drive the
More informationINDUSTRY OVERVIEW OUTSOURCING OF SOFTWARE DEVELOPMENT AND SERVICES
The information presented in this section and elsewhere in this prospectus relating to the software market of selective countries is derived from various publications and news reports. Such information
More informationThe Healthcare market in Brazil
www.pwc.com.br The Healthcare market in Brazil Brazilian Healthcare market: one of the most promising and attractive in the world Context Fifth largest country in area and population, with 8.51 million
More informationKONE CMD 2014 Developing our business in China on a broad basis
KONE CMD 2014 Developing our business in China on a broad basis William B. Johnson, Executive Vice President, Greater China Agenda Our performance in China Major current market trends Solid long-term growth
More informationUrban Planning and Development Systems Business Strategy
Urban Planning and Development Systems Business Strategy Hitachi IR Day 2012 June 14, 2012 Toshio Ikemura Vice President and Executive Officer Infrastructure Systems Group President & CEO Urban Planning
More informationRocket Internet Co-Investment Fund
Presentation1 Agenda Page [ P R E S E N T A T I O N T I T L E ] April 2015 Rocket Internet Co-Investment Fund [ C L I E N T N A M E ] 19 th January 2016 1 Disclaimer This document is being presented solely
More informationAbbott to Acquire Alere, Becoming Leader in Point of Care Testing and Significantly Advancing Global Diagnostics Presence
News Release Abbott to Acquire Alere, Becoming Leader in Point of Care Testing and Significantly Advancing Global Diagnostics Presence ABBOTT GAINS LEADERSHIP IN THE $5.5 BILLION POINT OF CARE SEGMENT,
More informationRe: Agreement to Commence the Process for the Acquisition of Amlin, a UK Insurance Holding Company by Mitsui Sumitomo Insurance
September 8, 2015 MS&AD Insurance Group Holdings, Inc. Re: Agreement to Commence the Process for the Acquisition of Amlin, a UK Insurance Holding Company by Mitsui Sumitomo Insurance Mitsui Sumitomo Insurance
More informationMarket Access for Medical Technology & Pharmaceutical Companies An Organizational Priority in Times of Economic Austerity and Reform
Market Access for Medical Technology & Pharmaceutical Companies An Organizational Priority in Times of Economic Austerity and Reform By Joakim Steen Mikkelsen, Managing Healthcare Counselor, Embassy of
More informationLuncheon Briefing to HK Women Professionals and Entrepreneurs Association 16 April 2008
Your Health Your Life Public Consultation on Healthcare Reform Luncheon Briefing to HK Women Professionals and Entrepreneurs Association 16 April 2008 Problems in the Existing Healthcare System (1) Primary
More informationTeachers Retirement Insurance Program
Comparison of Illinois State Retiree Health Insurance Options with Traditional Medicare and Medicare Supplement (Medigap) Insurance Teachers Retirement Insurance Program Insuraprise, Inc. (C) Copyright
More informationAMP to acquire 19.9% of China Life Pension Company
30 October 2014 AMP to acquire 19.9% of China Life Pension Company AMP Limited, Australia and New Zealand s leading independent wealth management business, announced it has agreed to acquire a 19.99 per
More informationTestimony Provided by Kathleen M. White, PhD, RN, CNAA, BC Chair of the Congress on Nursing Practice and Economics
Committee on Energy and Commerce United States House of Representatives Hearing on Health Reform in the 21st Century: Proposals to Reform the Health System Testimony Provided by Kathleen M. White, PhD,
More informationANNOUNCEMENT OF THIRD QUARTERLY RESULTS (FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2009)
(a joint stock limited company incorporated in the People s Republic of China) (Stock Code: 8106) ANNOUNCEMENT OF THIRD QUARTERLY RESULTS (FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2009) CHARACTERISTICS OF
More informationpressrelease ROCKET INTERNET PRICES IPO AT TOP OF PRICE RANGE MANILA, Philippines, 2 nd October 2014 - Philippine Long Distance Telephone Company ( PLDT ) (PSE:TEL) (NYSE:PHI), the leading telecoms operator
More informationRonald Riner, MD. The Riner Group, Inc. 5811 Pelican Bay Blvd., Suite 210 Naples, FL 34108 800.965.8485 www.rinergroup.com
Impact of Healthcare Reform on Small Business January 12, 2011 Ronald Riner, MD The Riner Group, Inc. 5811 Pelican Bay Blvd., Suite 210 Naples, FL 34108 800.965.8485 www.rinergroup.com Healthcare Reform
More informationNATIONAL UNITED RESOURCES HOLDINGS LIMITED
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationHEALTHCARE STAFFING MARKET OVERVIEW. November 2015
HEALTHCARE STAFFING MARKET OVERVIEW November 2015 HEALTHCARE STAFFING INDUSTRY OVERVIEW Healthcare staffing is an $11.1 billion industry in the United States, with expected growth of 7% per annum through
More informationThe Future of Investment Compliance for Asset Owners: The Next Great Transformation
The Future of Investment Compliance for Asset Owners: The Next Great Transformation By: State Street Global Services Performance Services December 2014 STATE STREET CORPORATION 1 Contents Introduction
More informationChina s health care reforms
China s health care reforms China wants to establish a basic health system to provide effective, low-cost health services to its more than 1.3 billion citizens. Can it succeed at this ambitious goal? 55
More informationSmart Metering Systems plc. Interim Results For the half year ended 30 June 2015
Smart Metering Systems plc Interim Results For the half year ended 2015 Introduction and agenda Business review Alan Foy, CEO SMS story Financial Operational Financial review Glen Murray, CFO Highlights
More information萬 全 科 技 藥 業 有 限 公 司 * (Incorporated in the Cayman Islands with limited liability)
VENTUREPHARM LABORATORIES LIMITED 萬 全 科 技 藥 業 有 限 公 司 * (Incorporated in the Cayman Islands with limited liability) (Stock code: 8225) THIRD QUARTERLY REPORT 2012 FOR THE NINE MONTHS ENDED 30 SEPTEMBER
More informationSecond Generation of Reform in Indian Insurance Industry: Prospects and Challenges
Second Generation of Reform in Indian Insurance Industry: Prospects and Challenges By Dr. R. Kannan Member (Actuary) Insurance Regulatory and Development Authority, India June 24, ICRIER, India 1 Historical
More information