Health care is one of the biggest industries in the United States; consequently, the U.S. is one of the biggest healthcare spenders in the world. However, the biggest concern is that the outcome of this expenditure is not satisfactory. Additionally, most entrepreneurs don’t have experience in health care. Subsequently, the entrepreneurs don’t understand this sector. It is amazing how a largely funded sector can be so neglected. Research shows that this is because the healthcare sector is heavily sanctioned by law and politics.
Some entrepreneurs like Drew Madden, however, have been able to penetrate the healthcare sector. Drew, an industrial engineer by education, started his illustrious career at Cerner Corporation. Later on, he joined Nordic Consulting Partners. During his tenure as President, there was tremendous growth in the company. The firm’s revenue increased from one million dollars to 130 million dollars annually. Moreover, the company’s client base rose from three to 150 client partners during his incumbency.
Over the past few years, serious considerations have been made so as to make the healthcare sector more attractive to entrepreneurs. Some of the regulations have been reduced so as to offer new players a level ground. The fact that there is a growing culture of openness towards new inventions has opened up the healthcare sector largely. The move to grant pharmacy licenses to Amazon, for example, has led to there being a wide variety of healthcare products readily available to the consumer.
The move by Amazon has made pharmaceutical companies get more innovative. So as to counter Amazon’s move, CVS has considered buying Aetna: a health insurance company. This will allow CVS to broaden its market base by adding pharmaceutical services and routine care facilities.
This process is known as consumerization. This is a procedure through which many health care providers are brought together under one roof. This ensures that consumers have control over decision making and ultimately enjoy greater control when purchasing health care products. A move towards more consumer-friendly business models and technology will ensure that people satisfied and live healthier lives in general.