From 2001 to 2017, the economic cost of the opioid crisis in the US was estimated to have exceeded $1 trillion, according to Altarum data. To put into perspective how the crisis has heightened in the last 15 years, the cost of the opioid crisis has increased from $29.1 billion in 2001 to an estimated $115 billion in 2017. Also, the growth rate between 2011 and 2016 has doubled from the previous 5 years, indicating the massive surge in the growing epidemic in recent years. Economic problems are only expected to heighten, as it is forecasted that the epidemic will continue to cost an extra $500 billion for the three years between 2017 and 2020 if the rate of opioid use continues at its current rate in the US and no action is taken.
Cost to payers
The greatest cost to individual groups is from lost earnings and productivity from overdose deaths, which is estimated at $800,000 per person based on an average age of 41 among overdose victims. This consists of mainly lost wages of workers and productivity losses of employers. However, governments are also impacted through lost tax revenue and are included in this figure. An analysis conducted by Altarum in Lorain County, Ohio, noted that the largest cost within that county was in the form of lost earnings and productivity, amounting to $139.8 million. The biggest cost came to individuals, families and businesses.
What we offer
Randox Toxicology, through their very own patented Biochip Array Technology, are able to test for multiple drug analytes from a single drug sample and across multiple matrices. We have a new drug panel for new psychoactive substances called NPS II, allowing for simultaneous immunoanalyser testing for fentanyl and other opioid drug substances that are contributing to the growing opioid epidemic in the US and damaging its economy.