Understanding Market Failure in Healthcare: A Case Study of the Malaysian System

What are the main characteristics of market failure in healthcare?

Market failure in healthcare is characterized by inefficient distribution of goods and services, high costs and risks, inequitable access, and the presence of externalities and public goods.

How has the Malaysian healthcare system evolved since 1957?

The Malaysian healthcare system has undergone major reorganizations since the country's independence, with changes in infrastructure, policies, and healthcare delivery models.

Why are government interventions necessary in the healthcare industry?

Government interventions are necessary to address market failure factors such as externalities and public goods, ensure access to healthcare for all, and mitigate the high costs and risks associated with the industry.

What are the key challenges in the Malaysian healthcare system?

Challenges in the Malaysian healthcare system include inequitable access due to economic crises, a decrease in doctor to patient ratio, and a lack of preparedness to meet the population's current health needs.

How can market failure in healthcare be mitigated?

Market failure in healthcare can be mitigated through government interventions, policy reforms, and investment in healthcare infrastructure and workforce.