Constituting one of the largest sectors of the American economy, the US healthcare system currently employs almost thirteen million people. It boasts highly advanced medical technology and an admirable level of pharmaceutical innovation, and is frequently the staging ground for new treatments that later spread across the globe.
Yet by many accounts the US healthcare system is riddled with inefficiencies and burdened by wasteful spending. The cost of medical care in America is often too high, a disheartening state of affairs caused by a variety of complex factors, including the delivery of unnecessary treatments, the pricing of services at non-competitive rates, and the presence of excessive administrative costs.
If these negative trends continue, annual US healthcare expenditures are projected to reach over five trillion dollars in the next few years, a sum which could effectively cripple the US economy.
The New Entrepreneurs
A new class of entrepreneur has risen to address the looming healthcare crisis. Seeing opportunity where others before saw only extravagant spending, these new entrepreneurs view inefficiencies in the healthcare system as service gaps with the potential to foster new treatments that can generate better patient outcomes at a fraction of the current price.
From newly formed start-ups to corporations with a long history of service in the medical industry, a host of businesses have launched endeavors spanning such disparate fields as artificial intelligence, nanotechnology, and the life sciences. Yet all share the common goal of turning the burdensome American healthcare system into a world-class model of efficiency, affordability, and access.
The health technology market is currently growing at a rapid pace, with new developments happening every day across the nation and around the globe. Each has the potential to alter not just how healthcare is delivered in the US, but how it is administered throughout the world. And because these developments aim to lower medical costs while improving patient outcomes, from an economic perspective they represent an extraordinary opportunity for everyone involved.
At CyberMed News, we aim to provide you with timely and relevant coverage of the digital health community so that you know who is working to change our healthcare system, what they are doing to address our current crisis, and how they are going about laying the foundation for the future of healthcare in America.