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The dawn of medical cities
The global challenge
Within our lifetime, the global population is set to grow and change demographics at a rate unseen by previous generations, says John Raspin, partner at Frost & Sullivan.
This puts enormous pressures on all industries but specifically healthcare. Hospitals are already at capacity with a huge strain on resources and expertise, but there is an opportunity to adapt in order to deal with this change in a sustainable and affordable way.
The health and wellness of a community is a collective social responsibility and a cause for which medical technology and Business-to-Society (B2S) business models have a huge role to play. At Frost & Sullivan, we expect that global healthcare expenditure will grow to $12.7 trillion by 2020 while investment in prevention, diagnosis and monitoring will increase from 30% of total spending in 2014 to reach almost 45% by 2020, signalling a paradigm shift from focusing on cure to prevention and diagnostics.
The rise of medical cities
With smarter drugs, virtual hospitals and cyber documents, the healthcare industry could undergo radical change. While patients in the developed world grow increasingly impatient with slow moving regulatory and healthcare provision environments, the developing regions will drive new business models tailored to meeting specific patient needs in novel and cost-effective ways. This change is rolling out across the globe, for example with ‘super-hospitals’ being created in Denmark in order to increase efficiency and promote the use of eHealth systems in partnership with companies like Hitachi.
The business opportunity
In a recent report we conducted with Hitachi, we defined Social Innovation as “the deployment of technology and new business models to bring about real positive change to the lives of individuals and societies, creating shared value.” Sectors that were once separated in the past are converging into new products and services to provide innovations that will help provide breakthrough changes for the benefit of society, improving quality of life. Where more can this make a difference than healthcare. When it comes to healthcare innovation, Hitachi deploys a huge range of technologies, systems and data management solutions to support a healthier and safer society. Innovations can be seen from proton beam cancer treatment solutions to automated analysis systems and nursing care business solutions. From diagnostic imaging in Brazil and Egypt to using microscopy to advance STEM education in the USA and IT solutions to increase hospital efficiency in Denmark.