The report - "Rising to the Challenge", was published at the World Innovation Summit for Health (WISH) which kicked off here today and said that the cost of direct healthcare for diabetes and its complications was around 11 per cent of total healthcare costs worldwide in 2014.
This, the report said was equivalent to USD 612 billion which is greater than the entire GDP of countries such as Nigeria or Sweden.
Experts said that diabetes currently "lacks" the public or political priority that it should have and proposes three clinical goals for policymakers.
"Improving disease management for people with diabetes to reduce complication rates, establish effective surveillance to identify and support those at risk of type 2 diabetes and deliver a range of interventions to help create an environment focused on prevention," the report said while proposing three clinical goals.
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"The health consequences of type 2 diabetes are more severe than often recognised and include increased susceptibility to blindness, lower limb amputations, kidney failure, heart attacks and stroke," the report said.
Type-2 diabetes is a metabolic disorder where high levels of blood sugar occur and if left untreated, it can cause heart attacks, strokes, blindness and kidney failure.
The report aims to equip policymakers around the world with tools to stem the tide of diabetes.
The report focuses on proposing actionable recommendations which enable policymakers to improve disease management, increase effective surveillance and implement prevention strategies, based on innovative approaches from around the world.
This is one of eight reports being presented at the WISH Summit 2015 where leading international health experts, leaders and policymakers are participating to discuss innovative solutions to some of the most pressing global health challenges.