This paper describes the transformations in the modes of health care financing and delivery that occurred during the last decade in Argentina. The hypothesis alludes to a new "lost decade" for health care in the country. Emphasis is placed on the political analysis of the main relations between social actors and state actors during the implementation of health care reform. The focus on history attempts to provide a vision of historic legacy on the processes involved, taking into account the particular conditions in the Health Sector that limit the ability of the State to regulate it.