WASHINGTON (NETWORK INDIANA) — Artificial intelligence is being integrated more and more into our daily lives. The realm of healthcare is no exception to this as doctors, medical researchers, and drug makers begin to use the tech to help create new treatments.
However, many are concerned about an apparent lack of innovation within healthcare as compared to other industries. One of those concerned is Rep. Victoria Spartz (R-IN-5th) who says the primary reason for a lag in healthcare innovation is government oversight.
“I think the healthcare space is over-regulated,” she told Nasdaq TradeTalks. “That’s why we don’t have as much innovation. But, the government’s goal is to protect people’s rights to life, liberty, and property.”
Spartz believes there is a fine line that needs to be more defined between the government’s role in healthcare and the industry’s ability to freely innovate and compete. She said this competition in the healthcare realm is lacking and thus leading to “hyperinflation of prices.”
Spartz, who is an accountant by trade, said this has ended up leaving more Americans in massive debt.
“Healthcare is one of the biggest drivers of our debt,” she said. “It’s also one of the biggest drivers of consumer debt. One in seven Americans are in insolvency because of medical debt.”
She is proposing a “legal framework” to properly regulate the healthcare industry while also not getting in the way of innovation. Spartz suggested a more reactive framework rather than a proactive one.
