In a groundbreaking study released y by the Milken Institute, the annual economic impact on the U.S. economy of the most common chronic diseases is calculated to be more than $1 trillion, which could balloon to nearly $6 trillion by the middle of the century.
Yet the news is not entirely grim because much of this cost is avoidable.
"An Unhealthy America: The Economic Burden of Chronic Disease" brings to light for the first time what is often overlooked in the discussion of the impact of chronic disease -- the economic loss associated with preventable illness and the cost to the nation's Gross Domestic Product (GDP) and American businesses in lost growth.
"In every community in our country, people are suffering from preventable chronic diseases. Not only does that suffering affect our nation's overall health -- but also our nation's economic productivity," said Richard H. Carmona, M.D., M.P.H., FACS. "With this new data from the Milken Institute, we now know the cost burden of chronic disease in our nation, and it's truly staggering. If we are unable to reduce the rate of chronic disease, the potential economic damage to our nation could be devastating. For both the physical and economic health of our country, we must bring together all sectors to find new, innovative, and cost-effective ways to prevent chronic disease. Any funding that we spend to prevent chronic disease today will actually be a valuable investment -- with long-term dividends." Dr. Carmona is Chairperson of the Partnership to Fight Chronic Disease (PFCD), 17th U.S. Surgeon General (2002-2006), and President of Canyon Ranch Institute.
According to the study, seven chronic diseases -- cancer, diabetes, hypertension, stroke, heart disease, pulmonary conditions and mental illness - - have a total impact on the economy of $1.3 trillion annually. Of this amount, $1.1 trillion represents the cost of lost productivity.
"By investing in good health, we can add billions of dollars in economic growth in the coming decades," said Ross DeVol, Director of Health Economics and Regional Economics at the Milken Institute and principal author of the report. "The good news is that with moderate improvements in prevention and early intervention such as reducing the rate of obesity, the savings to the economy would be enormous."