The American Diabetes Association estimates that when it comes to diabetes 116 billion dollars (with a “b”) is spent on everything out of lost time which is an additional 58 billion dollars.
I believe there will be a solid advantage to the pharma world that is aligned with the place and/or organization that takes us closer to a cure, or is helping those in need on a larger scale–a thought occurred to me that I think needs addressing.
If you combined all—I mean all—of the money given to those focusing on research, you would come nowhere near the 300 million dollar mark annually. That’s JDRF, DRI, ADA, Joslin, Barbara Davis, DECA, Columbia University, Minnesota, Harvard, and on and on and on; COMBINED. I believe my number of 300 million is very high for an annual amount.
For all that is given, spent, and utilized to care for all those with diabetes; all the fundraising combined is .25 of the total revenue spent on diabetes care annually; and almost all of that fund-raising is private philanthropy; one-quarter of one percent!
Anyone else find that number to be slightly skewed?
I get it. Companies are in business to make a profit for their stock holders. And many companies give a good deal; but are all of them giving even 1% back to the consumer in the form of a cure or helping those in need?
We now have many choices when it comes to diabetes supplies, maybe we should add, “What are you doing to help?” to our decision process when choosing a company to purchase our supplies. Maybe we should be asking more, what do you think?
I am a diabetes dad.
2 replies on “$116,000,000,000 You Pay….What Comes Back?”
I was thinking recently that a cure is not in the financial interest of many companies out there. If I was the CEO of a company that invested a lot of money in pump technology would I invest in a cure that would put me out of business. It also makes me think that the technology in so many of the pumps is so rudimentary as the companies are not totally committed to funding advances that won’t be needed if a cure comes along. If you compare most pumps to a smart phone – its pitiful really.
Hi Tom; I agree completely and maybe all of us who are involved in this D community should make a stance with these companies that are making so much $$$ on our kids and us -insist that they start contributing a percentage of what they sell to a cure. Sounds like a plan to me.