Economic Costs of Diabetes on the Labor Market in America - Assignment Example

Economic Costs of Diabetes on Labor Market in America Economic Costs of Diabetes on Labor Market in America The effects of diabetes in America have over the years continued to skyrocket. This has definitely had a negative effect on the working population of America. Specifically, there has been reduced productivity from 2008 to 2014. This being the case, there is need to carry out a research in depth to ascertain the effects that the diabetes menace have had on the labor market in America. According to a report by the American Diabetes Association on the economic costs of diabetes in the US, Diabetes brings a lot of burden to the American Economy through such costs as increased medical fees as well as indirect costs from absenteeism at work places, reduced labor performance due to chronic disability. As a result of this, it forms a basic need for the economic costs that diabetes imparts on the labor market to be quantified adequately. According to the study on the diabetes prevalence, it was found that almost one adult in every three have diabetes and this affects the productivity in absolute. By researching on this area, there are innumerable advantages that America will gain. First of all, the policy makers will be adequately informed such that they can come up with the proper regulations which can be effectively used to reduce the prevalence of diabetes and the burden that it imposes on the Country. All in all, this field needs extensive research to be conducted. This will not only help the government in the reduction of the costs incurred on drugs, but also improve the labor market in the country by ensuring that the working population of the country is in good health thus improving the productivity. This research will majorly affect the working population. Most of the persons in the working population are between the ages of 19 years and 55 years. The choice of this age bracket is inspired by various statistical evidences. According to a report by the National Diabetes Statistics report of 2014, there was an increased in the number of cases of pre-diabetes in young Americans aged twenty and older by a worrying 7 million from 79 million in 2010 to 86 million in 2012 (National Diabetes Org, 2014) . With the increasing cases of diabetes diagnosis every year, it is important that these people be evaluated with much more seriousness so as to reduce the significant effect that the diabetes is having on the working class in America. Most of the persons within the ages are in their reproductive ages, especially women. According to Healthline, there is increased risk of women who become pregnant to develop diabetes later in their lives. This has an effect on their productivity. In the findings, women who experience gestational type of diabetes when pregnant have 35 to 60 possibility of developing diabetes 10 to 20 years following their pregnancies. These statistical facts about the populations affected by the diabetes disease, especially those persons who are in their productive ages and can be incorporated in the labor market forms a basis on which the research should be conducted. All these are pointers to the adverse effects that the diabetes menace has brought to the country. The labor market is particularly affected, among other areas of the economy as well. Focusing on the labor market, based on a study by Gooddays on ‘Skyrocketing Diabetes Rates and Costs’, diabetes is one of the leading causes of employees absenteeism in the labor market. Based on the study, when compared to the employees who are not diabetic, the employees who are diabetic in nature, have a higher possibility to miss on their working time. Sometimes they even go absent without notices due to their health issues (Gooddays from cdf, 2015). The labor market is also affected in terms of the reduced productivity of employees while at work. Most of the employees who suffer from diabetes have some other complications such as esteem issues and heart diseases. These issues make them poor in execution of duties, some with heart complications cannot work as much as others, they are easily exhausted and this makes it hard for them to be productive in the jobs. According to the American diabetes association, the indirect costs, which affect the labor market as a result of the diabetic employees being less productive amounts to 20.8 billion dollars (The American Diabetes Association, 2014). This is an enormous amount which is as a result of diabetes. Besides these, diabetes has a negative effect on the labor industry through the loss of productive capacity as a result of early mortality. There are many young Americans who are dying every day as a result of diabetes. This issue impacts negatively on the labor market of America. Based on the fact that these are the future, persons who are required to lead the various positions in the work force, it is of a negative impact since these persons who holds the much needed energy die having not assisted the labor markets. According to a research by the American Academy of Pain Medicine, from the report by Institute of medicine, the annual cost of lost productivity in the year 2010, ranged between 297.4 billion dollars to 335.5 dollars. Much of this was attributed to the high mortality of the people in the labor market as a result of the diabetes infections. (Sandeep, 2004) According to the association of diabetes, issues related to labor have been rising constantly. In America, diabetes affects the labor market negatively given the high number of people who suffer from the diseases (American Academy of Pain Medicine, 2014). Though this is the case, there is a possibility that this could be reverted through encouraging the persons who are affected to take their own personal care. According to a research by university of Hawaii, through self-management, diabetic people can prevent poor function and maintain proper independent hence contributing positively to the labor market (Nishita, 2011). This makes it basic that there needs to be indepth understanding on this area to avert all the negative effects. References American Academy of Pain Medicine. (2014, August 27). The Cost of Pain to Business and Society Due to Ineffective Pain Care. Retrieved from American Academy of Pain Medicine: http://www.painmed.org/patientcenter/cost-of-pain-to-businesses/ Gooddays from cdf. (2015, January 29). Case Study: Skyrocketing Diabetes Rates and Costs. Retrieved from Gooddays From cdf: http://www.gooddaysfromcdf.org/case-study-skyrocketing-diabetes-rates-costs/ National Diabetes Org. (2014, June 10). Statistics About Diabetes. Retrieved March 2, 2015, from National Diabetes Org: http://www.diabetes.org/diabetes-basics/statistics/ Nishita, C.M, U. D. (2011, December 11). PubMed. Retrieved from PubMed: http://www.ncbi.nlm.nih.gov/pubmed/21800161?report=abstract&format=text Sandeep Vijan, R. A. (2004, December 21). The Impact of Diabetes on Workforce Participation: Results from a National Household Sample. Retrieved from PubMed: http://www.ncbi.nlm.nih.gov/pmc/articles/PMC1361091/ The American Diabetes Association. (2014, July 20). The cost of Diabetes. Retrieved from American Diabetes Association: http://www.diabetes.org/advocacy/news-events/cost-of-diabetes.html Read More