In a post at the Signal to Noise blog, Charles Huang claims that the healthcare market is already a huge industry with a lot of frenzied activity with tremendous opportunities from innovation, technology, and employment standpoint.
It’s a huge industry. I agree it’s not the new gold rush. I think we should look at the industry and then ask where is the “gold rush” in the healthcare industry instead.
In Australia, with a market capitalization at $48billion, healthcare joins the top 5 wealthiest industries. In the Philippines, there are tremendous opportunities. Here’s one fantastic example: eMedical Record Network system launched. The pharma industry is strong, no doubt, and medical tourism is growing, too. I’m also witnessing the growth of retail clinics, which by the way is something I’m really interested to find more about.
I’ve gleaned from I’d say outspoken health IT enthusiasts in the Philippines that the healthcare IT market is misunderstood in terms of being anti-innovation, or even anti-technology. It’s not. I’m inclined to say “it’s just being cautious” (which was one comment I’d gotten) but a lot of science is being applied in the industry in general, and that being said means it takes time before I’d say certain changes in the processes or platform gets implemented.
There will be (and there have been) “gold rush” moments when a new medical discovery has been found or a new solution has been successfully implemented, but the industry will keep on “grabbing attention” because man essentially strives to create that magic elixir of life.
Technology will be a powerful catalyst for innovation in healthcare, much as it has been for other industries. That point where technology and innovation intersect with healthcare and then delivers value [aka better patient care] substantiates (the) gold rush.
Go read Charles’ sentiments on factors fueling the attention on the healthcare industry.
Healthcare called the new gold rush, American Medical Association
Top 5 Wealthiest Industries in Australia, Business Review Australia
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