Brexit, Trump Administration healthcare policies, austerity in Europe, heavy M&A activity and the targeting of healthcare by Amazon and Apple are among the factors adding up to an "Era of Uncertainty" in healthcare, according to analysis from Kalorama Information. Current global socio-economic trends are quickly changing the way that virtually all industries operate. In healthcare, there are 27 potential disruptors that could have a large impact on the market:
• New US Healthcare Policies/ACA Status
• Reimbursement Changes in Europe and Other Developed Nations
• Emerging Countries
• Demographic Changes
• Ransomware and Blockchain Strategies
• Walk-in Clinics
• Empowered Consumers
• "Gig" Economy
• Value-Based Reimbursement
• Brazilian Biotech Market
• Healthcare in China
• Association Healthcare Plans
• Brazil as a Significant Pharma Player
• Technology Advances
• Physician Shortages, Advanced Nurse Surplus
• Changes in Drug Sourcing
• Mergers and Acquisitions
• IPO and Venture Investment
• And Others…
This report details current challenges and upending factors in healthcare markets globally. It also processes these developments into useful market forecasts in overall healthcare and pharmaceuticals specifically, in 18 ten-year forecast tables.
From the report:
Empowered Healthcare Consumers - The Internet has dramatically increased the availability of medical, health and wellness information for consumers in virtually all world markets. As of early 2018, almost 4 billion people used the Internet, representing over 52% of the world’s population. Usage is highest in North America and Europe, with about 90% and 80% of the population online, respectively. While just 32% of Africa is online and about 48% of Asia, these proportions are expected to increase strongly over the next several years. As a result, consumers are easily able to access:
• health and wellness information in online publications, platforms and communities;
• provider (physician, hospital, lab, insurance) websites and information.
As a result, patients are becoming better educated and informed. By learning about the availability of healthcare products and services in other areas and connecting with other providers, they are also increasing competition in the marketplace.
MACRA and Value Based Reimbursement - Also known as Quality-Based Reimbursement, VBR is a means to compensate care providers in a way that ties payments to the quality of care provided while rewarding providers for efficiency and effectiveness. It is an alternative to fee-for-service (FFS) reimbursement which pays providers for services delivered based on bill charges or annual fee schedules.
The “Gig Economy” is a relatively new term that refers to the growing shift away from fulltime employment towards part time, temporary and/or project work as a means to earn income. These two forms of professional activity are structured quite differently although both forms may be utilized to perform similar functions – ie. some workers in a particular company or profession may be characterized as fulltime, while others may be legally characterized as temporary or project workers.
Increasing and Aging Populations - Over the past 50 years, the world’s population has expanded significantly and over the next decade, this growth is expected to continue. The total population expanded by 1.14% per year from 6.8 billion in 2008 to more than 7.6 billion in 2018 and is expected to exceed 8.5 billion by 2028. Greatest growth will occur in Africa at an estimated 2.55% per year, followed by Oceana at 1.43% per year and Asia at 0.94% annually.
Trump Administration Positions and New Policies -In December 2017, President Trump signed a bill repealing the Individual Mandate of the ACA beginning in 2019. The mandate is a core component of the Affordable Care Act and fines people who do not have health insurance. For tax year 2017, this fine is either 2.5% of the individual’s total household income, or $695 per uninsured adult and $347.50 per uninsured child (up to a maximum of $2,085), whichever figure is higher. But the tax bill leaves every other major component of the ACA intact.
Kalorama Analysis: Processing the 27 Factors into Market Forecasts
Kalorama Information's Unique report takes a look at these factors and how they could impact pharmaceutical and healthcare markets. The report includes the following forecasts:
• Global Healthcare Market, 2017-2027 -Worst Case/Best Case/Most Like Case Scenario
• U.S. Healthcare Market, 2017-2027 -Worst Case/Best Case/Most Like Case Scenario
• Europe Healthcare Market, 2017-2027 -Worst Case/Best Case/Most Like Case Scenario
• Global Pharmaceutical Market, 2017-2027 -Worst Case/Best Case/Most Like Case Scenario
• U.S. Pharmaceutical Market, 2017-2027 -Worst Case/Best Case/Most Like Case Scenario
• Europe Pharmaceutical Market, 2017-2027 -Worst Case/Best Case/Most Like Case Scenario
FIND OUT MORE: https://www.kaloramainformation.com/Era-Uncertainty-Healthcare-Factors-Disrupt-11538729/