Final answer:
The healthcare industry faces high avoidable costs, partly due to the lack of a socialized healthcare system which results in higher product prices and the aging Baby Boom generation impacting Medicare spending significantly.
Step-by-step explanation:
The healthcare industry incurs substantial avoidable healthcare costs due to various systemic issues. For instance, expenses related to the absence of a socialized healthcare system imply that U.S. manufactured goods like automobiles cost significantly more, approximately $2000, as manufacturers absorb the medical insurance costs for employees, a cost not carried by manufacturers in countries with government-provided healthcare. Moreover, the demographic shift with the aging Baby Boom cohort is set to place further strain on the healthcare system, with projections of Medicare spending growing substantially as a percentage of GDP over the coming decades.