health care industry

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A term used mainly in the United States to describe that part of the health sector of society comprising the organized hospital-based and community-oriented health care services for which in many, but by no means all, instances there is financial provision for payment through a medical and hospital insurance plan or through a tax-supported program such as Medicare or Medicaid. The health care industry is an important component of the national economy. In the United States, it absorbs about 14% to 15% of the gross domestic product; in most other rich industrial nations, about 8% to 12%; and in most low-income nations, less than 5%.

Subjects: Public Health and Epidemiology.

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