Pharma Investments, Ventures & Law Weekly
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Life Sciences
Over 60% of All US Bankruptcies Attributable to Medical Problems: Most victims are middle class, well educated and have health insurance
June 28th, 2009
In 2007, before the current economic downturn, an American family filed for bankruptcy in the aftermath of illness every 90 seconds; three-quarters of them were insured. Over 60% of all bankruptcies in the United States in 2007 were driven by medical incidents. In an article published in the August 2009 issue of The American Journal of Medicine, the results of the first-ever national random-sample survey of bankruptcy filers shows that illnesses and medical bills contribute to a large and increasing share of bankruptcies. The share of bankruptcies attributable to medical problems rose by 50% between 2001 and 2007. Following up on a 2001 study in 5...
Source: Pharma Investments, Ventures & Law Weekly (2009-06-28)
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