May 24, 2016 / by Jonathan Lawrence / No Comments

We will continue to change, as health care is an ever-changing industry.
Jonathan Lawrence

As the world is getting drastically prone to deadly viruses, drug-resistant bacteria and natural catastrophes, the health care industry is witnessing a boom and an urgent need for new, well-trained professionals. There is also a dire need for the development of path-breaking medicines and vaccines across the pharmaceutical industry. In this context, the most surprising change has been witnessed with the evolution of amputee prosthetics, which has made the world easy for dependent patients who can now do their day-to-day chores with ease and without assistance.

With privatisation during the early 90s, the health care industry saw a rise in the number of private hospitals and clinics. The same period also witnessed a surge in the medical costs, which became a matter of concern for the common man. The world, as we know of today, is undergoing a revolutionary change in the health care sector, which is further leading to a dramatic shift in the operating, clinical and business models. The governments, private players, stakeholders and NGOs are doing their best to deliver efficient, effective and equitable medical care to all.

This paradigm shift in the health care industry can be attributed to various reasons, including changing fiscal and quality policies, development of new-age technology and equipment for medical care and increased health care awareness in people.

The fiscal cost of the international health care industry is one of the most important concerns today. There are numerous factors impacting this industry; some of them are financial regulatory measures, innovations in the field of medicine and demographics. Many industry experts believe that rising costs in the medical sector are a result of demand for expensive treatment of chronic diseases, which includes costly medical equipment and high insurance premiums. However, the fact that these rising medical costs have paved the way for advanced medical treatments of diseases that were once considered fatal cannot be ignored.

Although the health care sector is still in a deplorable state across the Third World countries, the situation is changing fast in countries like India, China and Brazil. We are slowly witnessing the evolution of the public–private partnership (PPP) model along with the establishment of medical centres by governments, NGOs and trusts offering low-cost or free medical services.

The doctor–patient ratio has considerably improved with more medical professionals on board and with a rise in the number of private hospitals in tier 2 and tier 3 cities. According to a report issued by Deloitte, “Adoption of new digital HIT advances, such as electronic health records, mHealth, telemedicine and predictive analytics, is transforming the way physicians, payers, patients and other health care stakeholders interact. Digital innovations like additive manufacturing, artificial intelligence, diagnostic devices and wearables are helping to facilitate new diagnostic and treatment options, increase process efficiency and reduce costs. Technology advancements are also connecting developed and emerging markets—and participants along the health care value chain. These changes may be rapid and, in some parts of the world, disruptive to established health care models. However, their potential to improve the care process is already being seen.”

World of Business aims to cover and analyse the vast global health care industry. Since the sector is growing rapidly in parts of Asia, Eastern Europe and Latin America, the magazine features articles, interviews and in-depth analyses on the same. In addition, the magazine regularly conducts online polls and surveys to determine the companies and people who are influential in the health care sector and who are dedicated towards the betterment of this sector.