Dr Vernon Coleman compares healthcare in the UK today to how it used to be in the 1970s:
The main single advance in medicine [in the 20th century] has been the
(accidental) discovery of penicillin and other antibiotics. The
discoveries of insulin, steroid hormones and a few other pharmaceutical
products made a difference. But most of the essential and useful
discoveries were made in the first half of the twentieth century. Since
then the pharmaceutical industry has produced very little of
consequence. Vaccines have been incredibly profitable for drug companies
and a disaster for patients. There has been no heart drug as effective
as digitalis (from the foxglove) and no pain killers as useful or as
safe as aspirin (from the willow tree) and morphine (from the opium
poppy).
On the other hand the practice and
management of health care has become incredibly complex, bureaucratic
and expensive and patients are provided with much poorer care than their
parents, their grandparents and their great grandparents. In the UK,
the National Health Service has far too much money but most of it is
wasted on administration, meetings, paperwork and pointless regulations.
Trade unions and disciplinary bodies seem to me to be little more than
outposts of the drug industry and seem to serve their interests rather
than the interests of patients. Why doctors now do more harm than good, Dr Vernon Coleman, 18 April 2026
Given the widespread distrust of pharmaceutical companies, it would seem that this is the
time to move towards rewarding those who achieve favourable health
outcomes, rather than
those who merely engage in activities purporting to deliver those
outcomes. Those currently employed in healthcare are reacting rationally
to the incentives on offer, to the detriment of our
physical and
mental health. And those incentives encourage
over-
screening and
over-treatment, and the neglect of commercially
nonnviable preventive interventions. It's the same, or worse, in the US:
The system is deemed broken, consuming 17% of GDP yet ranking last among high-income nations in life expectancy, maternal mortality, and preventable deaths, with 26 million uninsured and 43 million underinsured. Employer costs rose 160% in 20 years, driving wage stagnation and ER overuse; premiums for Obamacare and employer plans are surging in 2026 amid subsidy expirations. Shortages loom for providers, especially in rural areas, amid corporatized care and underfunded public health. US healthcare system is in crisis, James K Elsey 5 February 2025
It's time for a new approach. My suggestion is that, rather than
policymakers' focusing on the means by which they think good health can
be achieved, they instead focus on targets for good physical and mental
health, and provide incentives for people to achieve those targets. The
Social Policy Bond concept, applied to health, would do this, and more:
it would inject the market's incentives and efficiencies into all the
processes necessary to improve a nation's health. Health Bonds
would channel our scarce resources into the most efficient means of
improving our health, including those currently neglected or not even
considered by our current healthcare bodies, most of which have little
incentive or capacity to consider broad health outcomes that fall
outside their increasingly specialised remit.
Health Bonds wouldn't stipulate how our health goals shall be achieved,
nor who shall achieve them. This allows a broader approach. For example:
our current compartmentalised accountancy-driven policy approach would
not take into consideration the adverse health impacts of subsidising
advanced driving courses for young owners of motorbikes or cars. But holders of
Health Bonds would look at such measures, investigate their possible
health impacts, and make an informed decision as to how any improvement they might bring to the nation's health compares to other possible interventions.