Health is wealth, so they say. It is not a wonder that the health sector is one of the most successful businesses on the planet nowadays. This 2009, we’ve seen how various turn of events in this country gave deep impact on how the health sector works. Below you’ll find some of the major happenings in this business over this recent year as we take a glance at the health sector today.
Based on the PricewaterhouseCoopers’ Health Research Institute 2009, external forces including pressures from consumers, fiscal realities, regulations, technology, election of new president and Congress, and want of technical businesses to extend into the health sector have had various effects on the health business.
At the heart of the economic crisis, the health sector sought means to produce quality products and services despite of the negative conditions of the market. Although the economy was down, we nonetheless saw investments from some firms since the health sector is less vulnerable to economic downturns than other kinds of industries.
Nevertheless, effects of monetary and credit crisis were still very much visible particularly from 2008 and early 2009. Media reports state that in the late 2009, an estimated one third of consumers have delayed or skipped test or treatment due to financial issues. Hospital services such as elective operations and outpatient processes in addition to pharmaceutical products have decreased significantly.
Other negative effects of the economic slowdown contain increase in hospital debts, decrease in investment portfolios for insurance companies, and decrease in charitable donations for health jobs.
This 2009, pharmaceutical companies also faced various challenges. Go to this website to learn more regarding Dennis Wong YOR Health. One of which is that very few new drugs have entered the market. Aside from that, some drugs are going off patent and going for generic. Furthermore, the government has started to control health promotion and sales channels. The biggest effect of this is decrease in earnings.
Preventive drugs and medicines also made it big this year. Vaccines, for instant, enjoyed advantages of non-governmental organizations’ promotion of immunizations. More individuals were immunized this year than in the recent years. Outbreak of viral infections additionally led to this occurrence.
In addition to this, more state and local governments have started regulating health-related behaviours, tasks, and diet. Smoking in public areas is banned in many states while in New York and California, serving foods with trans-fats has been prohibited. More states have started to follow their lead. Because of the efforts of the authorities to boost healthy lifestyle, both company and insurance companies are able to reduce medical costs.
Lastly, just like in the recent years, technology has also been a strong player in the health industry this 2009, as clinical treatments and tests rely heavily on the usage of modern technological tools and equipment. Apart from this, patients have easier access to health advice via the Internet. Patient-to-patient interactions in social networking applications have also become a hot style. More healthcare services use the Internet technology, internet communications, and digital telephony to provide better health care services.