Implications on the Medical Devices Industry
The Reform Plan may also trigger a series of swift market changes for this industry (MedicExchange, 2010). A Frost and Sullivan consultant projected that the U.S.$2.3-billion medical devices market would grow at an estimated 9% between 2009 and 2012. Approximately U.S.$98 billion was spent on healthcare goods and services in 2009 alone. . Government funding for healthcare steadily increased to respond to the need for better services especially to the ageing population and increasing rates of chronic disease. The consultant predicted that the Reform Plan would open many new growth opportunities for medical device companies. He foresaw the market achieving roughly U.S.$3 billion by this year. The Reform Plan will invest in primary and sub-acute care to reduce preventable hospital admissions, increase health awareness, improve healthcare infrastructure and improve access to emergency departments. About U.S.$530 million of the total budget has been reserved for the purchase of medical equipment, machines, the hiring of more physicians, adding more beds, providing more training and the like in order to reduce waiting time for elective surgery for four years. Other factors like increasing healthcare costs, the ageing population, high prevalence of chronic disease, rising need for personalized care and technological advances will fuel the growth the medical devices industry. Healthcare expenditures for those 65 years and older will be seven times today's level 40 years from now. The Commonwealth's health spending should rise to more than 200 Australian dollars by 2050 (MedicExchange).
Expansion in exports will also power the growth of the medical devices industry, which is extremely trade-oriented (MedicExchange, 2010). More than 90% of the country's domestic demands for medical devices is met by both imports and exports of 90% of products manufactured in Australia. Two such companies are Cochlear and ResMed with their niche products and innovativeness. The development of biotechnology and nanotechnology will lead to new materials and devices for medical and diagnostic use. The industry has high levels of research and development expenditure and tight collaboration with the health and medical systems, educational and health institutions. Increasing healthcare costs, landmark healthcare reforms since Medicare, billowing exports and technological advances will altogether accrue to the sustainable growth of the industry. At the same time, these will create opportunities for the creation of cardiovascular devices, surgical equipment and devices, point-of-care diagnostics, and homecare and non-hospital devices, the consultant added (MediExchange).
Advantages and Disadvantages
Publicly-funded healthcare delivery systems are universal healthcare systems (Mission, 2012). Opponents call them socialized medicine systems but proponents call them national healthcare service...
Health Care in the U.S. And Spain What Can the U.S. Learn About Health Care from Spain? In 2009, Spain's single-payer health care system was ranked the seventh best in the world by the World Health Organization (Socolovsky, 2009). By comparison, the U.S. health care system ranted at 37 (Satiroglou, 2009). The Spanish system offers coverage as a right of citizenship that is constitutionally guaranteed. Spanish residents pay no expenses out-of-pocket, with
Healthcare Management Australia's health care system is funded and administered by the national, state, and local government. The initiatives by these levels of government are also supported by private health insurance schemes (Australian Bureau of Statistics, 2012). The Australia's Medicare is funded and administered by the medical services, prescription pharmaceuticals, and hospital treatment. The Australian and territory governments deliver population health programs, community health services, health and medical research, mental health
Healthcare Policy Systems: Hong Kong, Australia VOUCHERS FOR THE ELDERLY Healthcare Policy Systems in Hong Kong and Australia Primary Health Care for the Elderly in Hong Kong Primary care is the starting point in the healthcare process (PCO, 2011). A good one is made available to the public for a comprehensive, holistic, coordinated and in locations accessible to where people live or work. It also provides preventive care and optimal disease management. In Hong
Healthcare Spending The United States Health Care System is probably the worst organized system. It expends double than other developed countries on health care system but face worse outcomes. The Government is running healthcare programs but still lagging behind the rest of industrial world. The healthcare expenditures are rising year by year with no significant outcomes. Current National Health Expenditures The national health care expenditures of United States have increased at an alarming
Surgeons in Canada report that, for heart patients, the danger of dying on the waiting list now exceeds the danger of dying on the operating table. Emergency rooms there are so overcrowded that patients awaiting treatment frequently line the corridors. Not only is there a long wait for care, but care is frequently denied to patients who prognosis is poor. In Britain kidney dialysis is generally denied patients over
Lack of accountability, transparency and integrity, ineffectiveness, inefficiency and unresponsiveness to human development remain problematic (UNDP). Poverty remains endemic in most Gulf States with health care and opportunities for quality education poor or unavailable, degraded habitats including urban pollution and poor soil conditions from inappropriate farming practices. Social safety nets are also entirely inadequate and all form part of the nexus of poverty that is widely prevalent in Gulf countries.
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now