Healthcare: World Bank warns of global crisis

The World Bank has expressed concern over rising healthcare costs world wide while countries are struggling to cope with HIV/AIDS crisis and bird flu pandemic.

The multilateral agency was also worried over the enormous health gap between rich and poor countries and estimated that additional $25.7 billion foreign aid would be required to achieve Millenium Development Goals for health.

In a new report, World Bank raised "serious concerns" about current global efforts to expand the reach of healthcare systems to improve the health of millions of the world's poorest people by 2015 as required under MGGs.

The international community must live up to its promise to substantially increase development aid.

Developing countries must face the challenges of reforming their health financing systems to create sufficient operating budgets, ensure citizens get effective healthcare while checking spiraling medical costs.

According to the report global health spending was $3 trillion in 2002, about 10 per cent of global gross domestic product, but only some 12 per cent of that was spent in low and middle-income countries.

On the other hand, high-income countries spend about one hundred times more on health per person than low-income countries.