Socioeconomic Factors Affecting Healthcare Expenditures in Selected Asian Countries DOI: https://doi.org/10.33093/ijomfa.2024.5.2.8
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Abstract
The rising cost of healthcare in Asian countries has become a matter of concern, reflecting an extensive influence of socioeconomic factors. This study highlighted that the financial burden on healthcare systems is crucial for ensuring sustainable and equitable access to medical services. However, the impact of socioeconomic factors on healthcare expenditures varies across countries and regions. Therefore, this study seeks to determine socioeconomic factors affecting healthcare expenditures in 10 Asian countries, utilising annual data starting from 2006 to 2020. By employing panel data analysis and the model of fixed effect with a feasible generalised least squares method, the finding shows that the impact of variations in factors such as life expectancy and urbanisation are positive and significant towards healthcare expenditures. Meanwhile, the gross domestic product (GDP) and unemployment rate adversely affect healthcare expenditures, and the findings indicate significant relationships between these variables and healthcare spending. Hence, the finding suggests that the government should look into the substantial healthcare costs and increase investments and funds to reduce the financial load on the country’s healthcare sectors and ensure that the healthcare industry is well-equipped to handle rising demand and deliver high-quality services to the public.
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References
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