The United States is one of the biggest spenders in the healthcare industry. It has surpassed fellow first world countries like France and Britain. Even with all the healthcare spending, people do not feel satisfied with what they get. Most entrepreneurs venture into other business sectors and avoid the healthcare sector. They have little regard for the heavy government funding involved.
The problem is that most people who invest in the healthcare sector do it out of necessity. They often invest in the healthcare industry only when they need and wish to fix their own personal problems. As long as that continues to be the case, the sector can never grow. There are several other reasons why the healthcare sector is experiencing stunted growth. One of the main reasons is that most people do not understand this sector. Another reason is that the sector is heavily regulated by the government. Even though regulation is for a good cause, when it is too much, it hinders the growth of any sector. The age-old political stalemate on healthcare issues and policies has also played a big role in crippling this sector’s growth.
In the recent past, moves by Amazon and CVS have left the business fraternity with a lot to say. Amazon was successful in its application for pharmaceutical licenses in several states. On the other hand, CVS, a major player in the insurance sector, was reported to be in the process of buying insurance giant Aetna. The question is whether this moves will improve the lifestyle of healthcare consumers or not. The answer to this question lies in the goodwill of the stakeholders. Clearly, the move by Amazon inspired major healthcare players like CVS to be innovative. Some specialists even argue that CVS bought Aetna in response to Amazon’s major move. The hypothesis suggests that the threat which Amazon poses to other healthcare entrepreneurs’ claim on their market shares is real, and it cannot be wished away.
Drew Maden is one of the few people who managed to constructively penetrate the healthcare industry. Madden is an Industrial Engineer by education. He started his career at Cerner Corporation, and he, later on, joined Nordic Consulting Partners in 2010 as President. Nordic Consulting Partners is America’s biggest epic consulting company, and it has been the recipient of numerous awards. His tenure as president was nothing short of amazing; the company’s annual revenue sky-rocketed from one million dollars to 130 million dollars. The number of client partners also rose from three to 150.
The process of bringing many healthcare elements together is for the benefit of improving the quality of service rendered to consumers. This process is known as consumerization. It especially helps consumers to gain control in decision making and in purchasing of the healthcare products.