Healthcare Economy

Overview

Healthcare Economy

Significant technological and scientific breakthroughs and trends in the healthcare industry have created tremendous potential in personalized medication and treatment. Healthcare innovations have revealed how cost and accessibility can be improved to address local challenges. Increased consumer literacy, participation, and proactiveness call for change in healthcare delivery.

Age, population, lifestyle, globalization, and prevalence of chronic diseases present many challenges to an already stretched healthcare delivery in various economies. Fundamental transformations are required to prevent increasing costs, inconsistent quality, and inaccessibility to timely healthcare. Healthcare companies must ensure affordability to consumers.

Affordability is not just about being cost-effective; it is about providing quality healthcare on time. Irrespective of the funding model, final costs are borne by consumers via higher premiums or taxes. Cost-effective treatments can be brought about by eliminating wastages, redundancies and excesses. Technology not only reduces the cost of delivery but also helps companies adapt to changing demographics. While improving efficiency increases affordability, the prime focus is prevention of diseases themselves.

Prevention is the future of healthcare. The preventive model focuses on the overall well-being of patients, unlike the traditional 'cure' model that focuses only on paying physicians for treating specific illnesses. Patient-centric care considers a patient's values, involves her in clinical decisions, and ensures transparency and self-care. The shift from the 'cure' model to the 'prevention' model will revolutionize the healthcare sector.

Infosys believes affordability, prevention and patient-centricity are driving transformation in healthcare and technology, consequently enhancing the patient’s experience and providing effective care.

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Published with the permission of Health 2.0

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