Rise in Medical Education Fees
Pursuing the dream of becoming a doctor has become strenuous as well as extravagant in a past few years. The whooping rise in the tuition fee of medical colleges and institutions has surpassed the inflation rate and consumer price index. The fees in many countries are as high as $14,000 per year. Moreover if we talk of India, the government curbing strict rules regarding admissions through NEET (National Eligibility cum Entrance Test) is becoming an obstacle for the medical institutions to charge capitation fees, thereby hiking the medical tuition fees by the private colleges substantially in the last financial year. Such escalating fees are resulting in the economic depressions among the students. So what is the reason for the exorbitant price of medical education?
We have an assumption that the criticality to produce or deliver a product or service is the prime reason for its expensive nature. But this may not be the case every time. A basic approach suggests that the prices hike shows vital affect on the student loan. But just drill your mind a bit and contemplate inversely. Can the rise in low interest rates student loan have an influence on the price? Though they both look directly proportional to each other but here the facile availability of the very low interest student loans can be the driving force in the upsurge in the fees.
The demand for medical education certainly falls above the line. The gap between the supply and demand remains another reason for the skyrocketed prices. It would be surprising to know that the ratio of applicants to medical institutions to accepted candidates is 16:1. The breach remains large enough and so does the prices.
Most of the medical colleges offer treatments and other hospital services to the commoners at a much subsidized rates. Moreover umpteen numbers of medical researches also go hand in hand at various levels. Somehow the cost bearing of these medications and researches are drawn out from the students’ fees. This adds on to the bucket list of the education fees in medical field to go through the roof.
To emerge as the winners in this rat race, the institutions are spending extravagantly on the infrastructure, facilities provided, clinical experimentations, faculty etc. Amenities play a very important role to prove to be the best among the lot to attract more and more applicants towards it.
This alarming situation of constantly rising fees is hampering the dreams of many to become doctors especially population belonging to the middle class community. We are losing on many talented children who can be the finest in the medical profession. It is an urge from the citizens as well as government to curb and monitor the tuition fees and the other charges levied on students involved in medical education. It has become necessary for the government to intervene on these issues also for a better tomorrow for the upcoming generations.
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