Healthcare is most challenging since it is most important to people. Rising costs, different standards of quality and continuous emergence of new diseases has presented unprecedented challenges to healthcare payers as well as providers. Cost of healthcare is forcing healthcare providers to redesign plans conducive for growth. Discovery of new drugs is important for pharmaceutical players to survive and generic drugs are driving growth in emerging markets. Healthcare cost disparity between the developed and developing worlds is rising with new business models adopted by the emerging market healthcare providers that provide end to end healthcare services.
Technology has transformed the healthcare and pharmaceutical industries. Today’s doctors carry medications along with their stethoscopes, enabling them to spend more time treating patients than catching up with paperwork. Patient records are comprehensive and are stored in a central location, ensuring all aspects of an individual’s care can be reviewed by any of your healthcare professionals at any time.
Challenges facing the players involved in the industry:
With many patented drugs going to expire in the west, need for further and fruitful discovery is needed to sustain growth in developed markets. Pharmaceutical companies need to inculcate a culture of constant innovation in their organizations to ensure this happens at a steady pace.
Drug manufacturers of developing markets are facing increased scrutiny by European and American regulations putting a bar on generic drug manufacturing and selling in developed markets. Careful designing of strategy is needed to keep the developed markets sustainable.
Rising costs are hurting revenues by making healthcare payers to look for alternative choices. Innovative transformation of services to keep costs low through collaboration is needed among players to keep the industry growing.
With emerging economies witnessing higher growth in wages, devising a cost effective strategy and service offering is important to extend profitable healthcare services.
We are an independent provider and have a global network of quality assurance consultants who are experts in quality management and end to end testing within the healthcare and pharma sectors; we can bring peace of mind in the accuracy and security of your systems and patient-related data. Flying Fish Radical also offers business level consultancy in best-practice quality and testing methodology.