AmCham Latvia calls for sustainable healthcare financing model in Latvia

• Published date: 11 May 2022

RIGA, May 11 (LETA) - The American Chamber of Commerce in Latvia (AmCham Latvia) has called on Latvia to create a sustainable, efficient and equitable healthcare financing model by proposing to align healthcare funding, the organization said in a position statement Wednesday.

In its position statement, which on Wednesday was presented to the Saeima Committees for Budget and Finance, Social and Employment Matters and Sustainable Development, AmCham urges Latvia to align healthcare funding to the EU average to ensure improved patient care and introduce a value-based healthcare financing model and integrated healthcare approach.

mCham emphasizes that healthcare financing is crucial for improving health and developing human capital in the long-term. OECD data shows that increase in health spending explained 46 percent of male and 39 percent of female gains in life expectancy at birth. No other factor GDP, education, pollution, or lifestyle characteristics was shown to play a larger role in lengthening lives than health expenditure. Recent research in Estonia shows, that investing one euro in healthcare produces a return of 2.4 euros and each person would gain an average of 28 days of healthy life per year.

mCham President John Tully argues that a healthy society is crucial for the future of Latvia. It is also crucial in securing investment and to ensure further economic growth.

"Investments in people are vital to their wellbeing contributing to a more resilient society. Sustainable and efficient financing for health will ensure a healthier population...