5.1.1 Globalization of the Medical Industry

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En provenance du cours de University of Minnesota

Healthcare Marketplace

293 notes

University of Minnesota

Healthcare Marketplace

293 notes

Cours 1 sur 5 dans Specialization Healthcare Marketplace

In this course in the Healthcare Marketplace specialization you will identify, define, and describe potential business and public policy solutions to the challenges facing society’s growing demand for health services. Students will master a body of knowledge on the health care sectors major components through reading and reflection. Healthcare has many different cultural components that will be discussed as historic trends as well as future demographic challenges. You will understand diverse philosophies and cultures within and across societies as they relate to healthcare. This outcome is particularly critical because of the tradeoffs needed to be assessed as medical technology advances faster than budgets and perhaps cultures are sometimes willing to tolerate. At the end of the day, you will gain an appreciation for the role of creativity, innovation, discovery, and expression across disciplines in the development of new medical care solutions through and examination of the physician, medical technology and financing sub-sectors of the health economy.

À partir de la leçon

GLOBAL MEDICAL INNOVATION

In this module you will learn about the global market trends. You will also learn the key components of medical technology valuation. The take-away messages from this module are that health economy continues to expand and there are many behavior challenges that are problems as well as opportunities. The module concludes showing a promising technology that is novel, needed, cost-effective and will deliver return – rare qualities when all are checked-off. The skills gained from this module are targeting global health market trends ripe for opportunity as well as knowledge of the checklist of key areas to be covered for the capstone project’s assessment of a promising new innovation.

Module 5 Overview3:09

5.1.1 Globalization of the Medical Industry3:01

5.1.2 Medical Tourism Evolution & Growth6:52

5.1.3 Medical Tourism: The Case of India3:48

5.1.4 Key Issues of the 21st Century4:04

5.1.5 Health 'Bads' and Their Consequences9:53

Rencontrer les enseignants

Stephen T Parente
Professor
Carlson School of Management, Department of Finance

This is the Healthcare Marketplace Specialization,

Healthcare Marketplace Overview.

I'm Steve Parente, and

this is module 5.1.1 the Globalization of the Medical Industry.

So, when we think about this notion of a giant global worldwide

medical industry, we need to think about two key premises.

The first is that human disease and healthcare needs are not restricted

within national boundaries, they're clearly across the globe.

And then access,

delivery of care is a fundamental necessity for all human beings.

Pretty much, that's unequivocal no matter what your political party.

Even creativity is also not restricted within national boundaries and

the development of care can occur anywhere around the globe as well.

So when we think about getting healthcare, one of

the conventional wisdom is that we're trying to the best that money can buy.

As a result, we find many wealthy foreign patients that are coming

from the Middle East, Europe, Latin America, Caribbean, traveling to the US.

For the best care that money can buy, they paid cash up front for

United States surgery and routine checkups.

Many US hospitals are both catering to and profiting from wealthy foreign patients.

You see a place like Mayo Clinic, Johns Hopkins University,

MD Anderson in Texas all doing this type of thing, and also the Cleveland Clinic.

Large medical centers offer concierge services.

We cater to traveling families, whether it be banking, dining, shopping desires.

John Hopkins Medicine International, for example, has full time,

50 full-time and 45 on-call interpreters.

Mayo Clinic, a little smaller, 38 full-time and 25 on-call employees.

Cleveland Clinic, 35 staff interpreters.

Texas Medical Center, 10 full-time folks and 25 bilingual staffers.

So this is just in 2006.

The scope of this has gotten much bigger since then.

So, when we think about the notion of medical tourism, it's a different concept.

Globalization is where you can pretty much get your care wherever you want.

But increasingly, we're finding nations such as Thailand, India, Taiwan,

are pursuing this medical tourism strategy,

where it's actually a form of economic development.

So in this instance, Americans can travel to these countries for

surgery as varied as hip replacement, heart bypass, plastic surgery, for

a fraction of what similar costs that we pay in the United States.

These self-paying Americans are sure to find these arrangements attractive

particularly if they are going more into consumer-driven health plan as argued by

Greg Scandlen in Health Affairs in 2005.

And essentially, we're finding that informed and motivated consumers, and

those also of resources can have an impact on the entire medical system if possible,

walk with their feet to get the care that they need.

This concludes this lecture,

focusing on the introduction to the global market place in healthcare.

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