Market-based solutions are needed to reform the United States health care system, said a former chief executive officer of pharmaceutical giant Merck at The Bond Buyer’s 501(c)3 conference.

The former CEO, Raymond Gilmartin, is now a professor of management practice at Harvard Business School. In a keynote speech, he relayed the thoughts of five recent HBS graduates who are working in the health care industry. Three weeks ago the alumni told him that in the industry they are seeing cuts in research and development, doctors preparing to leave medical practice, and continued increases in health care prices.

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