🎓 England's Higher Ed Spend Down 20%. +85% US Medicine Expenditure. Rising GenAI Use in Workplaces.
Chart of the Day #355 Looks at England’s Higher Education Expenditure, Gen AI Usage in Workplaces, and US Medicine Expenditure
Yia sas 🏛️
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Today's Topics
🎓 Higher Education. 20% drop in England's higher education expenditure
⚕️ Healthcare. >85% growth in US medicine expenditure
🤖 Artificial Intelligence. >90% of Chinese and Indian knowledge workers use GenAI
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🎓 20% Drop in England's Higher Education Expenditure
After peaking at ÂŁ44.4B in 2021, UK university expenditure dropped to ÂŁ36.7 billion by 2023. This decline reflects a deepening financial crisis, with sector-wide income falling for a third consecutive year. Faced with a long-term freeze on domestic tuition fees, universities are now increasingly reliant on higher fees, particularly from international students, to address funding shortfalls. Sector bodies like Universities UK and Russell Group continue to press the government for a sustainable funding policy to resolve the crisis
⚕️ >85% Growth in US Medicine Expenditure
Total US spending on medicines surged to $576B in 2023, following a peak of $603B in 2022. This long-term growth reflects rising prescription drug costs, which have driven US per capita spending far above other nations; in 2021, the US spent $691 more per person than comparable countries. To address this, the White House announced an initiative to implement a Most-Favored-Nation pricing model, aiming to lower drug costs for Americans by aligning them with international prices.
🤖 >90% of Chinese and Indian Knowledge Workers Use GenAI
In 2024, generative AI usage among knowledge workers is highest in India (92%) and China (91%), outpacing the US (71%) and UK (69%). This high adoption rate underscores a global push for workforce optimization, sparking concerns over job displacement. This trend is visible in corporate policies, with some companies even requiring proof that AI cannot perform that task before approving new hires. Developments in Agentic AI by companies promise to further accelerate this shift by automating complex workflows.
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