INTERNATIONAL SYMPOSIUM
GEOPOLITCAL ENVIRONMENT: HEALTHCARE INDUSTRY
New Delhi, Delhi – Jagan Institute of Management Studies Technical Campus, Sector-5, Rohini hosts the much-awaited International Symposium centered around the theme – ‘Geopolitical Environment: Healthcare Industry’
The speakers at the event are - Prof Ashish Chandra, Professor of Healthcare Administration, University of Houston – Clear Lake, Prof Michael McMullen, Professor of Sociology, College of Human Sciences and Humanities, Dr. Bill Stroube, Professor of Health Sciences Administration & Director of Health Services Administration Program and Dr. Eric Brown, Assistant Professor of Health Sciences. Dr Sonia Dhir, dean – PGDM (International Business at Jagan Institute of Management Studies) moderated the session. The session was disseminated under the leadership of Dr. Mansi A. Madan, Faculty of Marketing at our Institute.
The session started with discussion on the sub sectors under the purview of the healthcare industry in a developed country like the US. The major problems highlighted by the panel members were delivery of clinical services, extensive care for people over 65 and strict pharmaceutical regulations
Prof Chandra brought in a very interesting perspective citing healthcare industry (medicines and services) as a form of a product which might have a hidden agenda. The healthcare starts before birth and continues after death spanning across conceiving and fertilization, neo natal services, mental health and counselling ad funeral business.
A food for thought was highlighted that industry has been aggressive in promoting prescription drugs through TV, magazines and radio. The paradox being such drugs cannot be brought without prescription, nudging people to visit doctors. The expenditure for promotion of such Direct-to-Consumer advertising which was roughly less than 35 million USD, 2-3 decades before, today has swelled upto more than 4 bn dollars today. This indicated towards empowered consumer base. Mr. Chandra further introduced the concept of Hospice care wherein person is terminally ill – to give dignity – already existed in UK, then came to US – supported by medical insurances and counselling activities for loved ones
Next up, difference in affordability for healthcare in US and India was discussed. Some mind-boggling figures related to average per capita expenditure of an individual in US came up as high as 14000 USD/year. In contrast, as low as 30 USD in some countries in Africa.
In continuation, impact of Globalization on public healthcare systems, challenges and shape it’s taking up post pandemic was discussed. Mr. Strobe highlighted the fact that bacteria do not know borders of countries and how important is the migratory pattern of birds. The pandemic has made up much more responsive today to changes and has made the importance of public healthcare explicit.
The rising cost of healthcare, particularly in the US, is becoming a major concern. Out-of-pocket expenses are increasing, roughly 800 percent increase in the past decade or so, limiting access for many, especially the middle class. Mr. Michael, a social scientist, predicted a potential shift towards a system similar to the UK or Canada, requiring higher taxes and potentially facing political resistance.
Next up, effects of technological innovations in healthcare on affordability for a common man was brought up. Mr. Chandra explained the evolution the telemedicine, it’s challenges and opportunities Telemedicine presents an opportunity to improve access to healthcare, particularly in remote areas. However, legal hurdles regarding licensing across borders hinder its full potential. Telepsychology offers promising solutions for mental health, providing convenience and support. Affordability remains a crucial factor, potentially creating a digital divide between those who can and cannot access these advancements.
India, today offers a more affordable healthcare system compared to the US, but requires improvement in rapid response services like ambulance facilities and data transmission for real-time medical monitoring. US on the other hand faces challenges in integrating older generations with AI-powered healthcare solutions. Mr. Erik discussed about the free app-based interventions for improving mental health and reducing stress, anxiety and depression.
Further, session headed towards discussion on the regulatory environment in healthcare industry in the west. These regulations have hindered the approach of foreign players in the west, potentially protecting jobs but also limiting competition and innovation. Highly regulated prescription and over-the-counter drugs ensure safety but require extensive certifications. Sir shared that one in three physicians in the US is of Indian origin which is potentially a big number.
Towards the end, the session headed towards the future trends in AI. Collaboration between programmers, healthcare providers, pharmaceutical companies, and insurance providers is crucial to harness the potential of AI while ensuring responsible data handling and cost management. Amidst increasing consumerism, individuals are taking a more proactive approach to their health, relying heavily on online information. Addressing the challenge of misinformation and ensuring the accuracy of health resources is vital. Telemedicine will have a wider adoption than expected, allowing physicians to reach more patients efficiently. Increased focus on data security and patient privacy is anticipated. Also, personalized Medicine considering family history and genetic engineering hold promise for the development of personalized treatment plans.
Some of the additional inputs included the importance of conflict resolution specialists (Ombudsmen) within hospitals to mediate between families, hospitals, and insurance companies. The potential revolution in pharmaceuticals with the development of new and more effective compounds in expected in near future.
The session ended with questions from the curious minds of students and the panel answering them. The symposium proved to be a huge success.