Imagine the year is 1990 and life expectancy is only 47 years. Nearly every hospital in the United Stated were nonprofit organizations established by religious groups back then. Moreover, people died in war more from infection than from battle.
Now let’s look at today’s healthcare climate in the United States. It’s inflated into a massive field worth $3 trillion. The U.S contributes roughly $9,237 a person for healthcare, almost three times extra than most first-world nations. Still, all that money hasn’t proven to be in superior in results.
We can only fix the issues that we are aware of, and by definition, the majority of entrepreneurs don’t hold a background in the healthcare field. John Crowley, for instance, established Amicus Therapeutics after his children were diagnosed with a disease called Pompe — a serious and usually fatal neuromuscular ailment. In his efforts to get them a suitable cure, he left his position in management consulting and started as an entrepreneur.
In 2000, he started Novazyme Pharmaceuticals, a biotech upstart directing studies on a new experimental cure for people with the Pompe disease. Ultimately, this initiative was able to save his kid’s lives. Many companies in healthcare nowadays, similar to John Crowley, have personal connections to their efforts. However, think of the opportunities that will go undiscovered if we just depend on new health revelations coming out of personal disappointments with the status quo.
For all the money spent since 2015, ($3.2 trillion) healthcare is primarily a feared and neglected investment option — with good reasons. Healthcare is jumbled with massive regulations, counter-intuitive payment considerations and deep-rooted cultures. It’s anything but a free market.
Regulations want to move forward with a market-based system, but customers haven’t had options in over 50 years. A lot of the most promising opportunities to enhance people’s lives exists in healthcare. The more entrepreneurs we attract to work on such issues, the more improved the world can become. Success in healthcare may involve creating a billion-dollar business, or simply improving and preserving lives.
Drew Madden is a business professional working in Healthcare IT. He’s extremely involved with building quality organizations along with committed client relations. Drew began his healthcare IT journey with Cerner Corporation. He earned an Industrial Engineering B.S.E. with a concentration in Medical Systems with the Iowa College of Engineering.