5.1.4 Key Issues of the 21st Century

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En provenance du cours de University of Minnesota

Healthcare Marketplace

306 notes

University of Minnesota

Healthcare Marketplace

306 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 Healthcare Marketplace Specialization Healthcare Marketplace

overview.

I'm Steve Parente and this is module 5.1.4, Key Issues for the 21st Century.

So the issues that are germane for the 21st century when we think about

technology and population and health and lifestyle really all come

together to determine what kind of health care system we are going to have globally.

When we take a population, we are really talking about how the population is

growing and changing in terms of disease, all those demographics.

Technology is talked about, medial technology devices, pharma,

biotechnology, all those elements even help IT sort of falls in that space.

And lifestyle is really just how do we live our lives.

And then the three things represented here, basically food, smoking, and sin.

Well at least in alcohol for some cultures.

So, let's get into this a little bit more.

If you think about the production of health for any given individual,

it's really a combination of four things to come together.

Demographics, simply what state are you in?

What level of income are you in?

What state of economic development might your society be in?

And that actually varies across the United States, too,

not every place is really doing super awesome.

There's lots of variation across the United States.

We've talked about before, lifestyle behavior.

That can really change a bit if you're very sedentary,

that'll affect your health.

We know that.

Genetics plays a huge role.

Sometimes you win the genetic lottery, and people can live for a very long time.

My grandfather for example lived til he was 99 years old,

who came from rural Italy.

His mother, who spent her whole life basically in a village that didn't have

electricity til 1967, lived to 102.

Medical care plays a major role, but it's just a piece of the puzzle.

And really if demographics, lifestyle, and genetics are going against you,

medical care might not necessarily be the thing that's going to always help you.

So when we compare a major demographics issue,

which is the aging of the population.

There's sort of three slides to go through to sort of show you

where things are heading.

This is looking at the US population in 2000.

We have men, we have women,

we have the number of population that's here across different age spectrum.

And then you can see that there's a few more females than men, but for

the most part it's largely up here.

You can see the baby boomer population sort of in the middle here,

at least in the year 2000, pretty much firmly in their 40's and 50's.

Now when we get to 2025, lot of things start to get more interesting here.

First of all, the fertility rate that is we're not having as many babies and

we are living a lot longer.

So a lot more people at 85+.

You can still see the boomlet or baby boom sort of moving its way now through here.

There was a little boomlet that that baby boom created later that are really kind of

the, not Gen Xers, but more Millennials, but not replacement, and

then what gets more disturbing Is when you get to 2050, and current projections

assess we're going to have a lot of folks that make it over the age of 85, but

in terms of replacement, it's just not quite the same place.

And the burdens that could come from this population are pretty substantial.

So people talk about medicare going bust for example as a program for elderly.

What you have to understand is when you go back to sort of a state of the world

where 865, only 10% of the population would make it there.

It's a different state than where we are here where many people are going to make

it past 65 and then 85.

One of the great ironies of the Medicare program was that Lyndon Johnson,

who was the president when it was passed in 1966,

never actually made it to the age of 65 to take advantage of it.

He died when he was 64 years old.

This concludes this module on global trends in the healthcare marketplace.

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