Final answer:
The exact number for preventable medication errors mentioned in the Institute of Medicine report is not provided. However, these errors result in significant avoidable healthcare costs in the United States, estimated to be around $3.5 billion annually, indicating a dire need for improvements in medication safety practices.
Step-by-step explanation:
The Institute of Medicine report highlighted a critical issue in the healthcare system: preventable medication errors. Unfortunately, the exact number of medication errors referred to in the student's question is missing and thus cannot be provided. However, we do know these errors contribute significantly to avoidable healthcare costs, with an approximate annual financial impact of $3.5 billion in the United States.
Medication errors can be due to various factors, including miscommunication, confusion about drug names, poor handwriting, and unclear dosage instructions. These costs could be invested elsewhere, such as in providing health insurance for those without coverage or in other life-saving regulations.