According to the Canadian Institute for Health Information (CIHI) Canada is expected to spend a new record of $308 billion on health care in 2021, approximately $580,000 every minute.
Growth in health spending is expected to have increased by about 12% between 2019 and 2020. That’s about triple the growth rate for 2015 to 2019 and a rate of increase not seen in more than 30 years.
While hospitals, physicians and drugs continue to make up the largest areas of spending, the new spending category COVID-19 Response Funding will make up about 7% (approximately $23 billion) of total health spending. It was created due to the immediate need to scale up health systems to respond to the pandemic.