Healthcare Trends and Game Changers—A Socio-Economic Perspective
Healthcare as an Economic Indicator
The general health of a country’s population is often used as an indicator of its socio-economic well-being. Acknowledging healthcare’s influence over the economic success of policies, governments have been taking a long, hard look at healthcare policies relating both to health insurance and programs to combat chronic diseases. For their part, pharmaceutical companies have increasingly shown greater interest in investing and selling in emerging markets across the world. In particular, for healthcare companies, the rapidly rising spending power of these countries, the evident need for modernization of health facilities, both in urban and rural areas, as well as the opportunities that might exist at “the bottom of the pyramid”i make these new markets very attractive.
A country's healthcare spending is generally directly proportional to its size, as evidenced by the BRIC countries’ absolute levels of spending on healthcare. Still, in terms of per capita healthcare penetration, they have considerable ground to cover. This creates unprecedented opportunities for drug manufacturers, medical equipment manufacturers, insurance companies, and hospitals to meet healthcare supply and demand in these countries. Conversely, smaller countries such as Israel, the United Arab Emirates (UAE), Slovenia, and Cyprus have low absolute healthcare spending, but much higher per capita spending. With healthcare-related companies booming in these countries, their healthcare industries have witnessed tremendous growth over the last decade.
In recent years, the world has been witnessing significant changes in healthcare trends globally. A comprehensive insight into healthcare scenarios is essential to address the upcoming trends that are likely to dominate the healthcare market for the next couple of years. Important changes are foreseen in healthcare delivery, growth in emerging markets, initiatives against counterfeit drugs, rising healthcare costs, as well as the intensifying application of information technology (IT) in healthcare.
About this report
Healthcare delivery and accessibility are critical to the economic development of a country. Using key indicators reflective of the healthcare scenario in a country and comparing them with government expenditure has demonstrated that some countries have improved healthcare conditions despite minimal spending. Innovation in service delivery is key to improvement; using case studies to examine the changing dynamics of healthcare, this market insight highlights the activities of agencies and companies that have contributed to improved healthcare and treatment in select countries.
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