“Disputes over the US healthcare reform and the future of the Affordable Care Act dominated headlines in 2018, but that could take a backseat this year, as challenges such as digital therapeutics and tax reforms have started coming to the forefront,” says a healthcare market research expert from Infiniti Research.
The US healthcare industry is witnessing a phase of tremendous disruption, triggered by the advent of digital therapeutics, rising need for upskilled health workers, and emerging trade pressures. This pace of change has not only brought about new opportunities for companies in the US healthcare industry but has also compelled companies to restructure their businesses to efficiently tackle the rising challenges. Consequently, many healthcare companies, especially companies who are new to the US healthcare industry are now partnering with market research firms like Infiniti Research to explore new avenues and markets for growth.
The client is a healthcare company based out of Canada. The client was looking to expand their business operations to the United States. As the US healthcare industry is highly saturated, the client wanted to gain detailed insights into the market before making huge investments.
They also wanted to understand how the advent of digital therapeutics is reshaping the landscape for new medicines, product reimbursement, and regulatory oversight. Moreover, the client wanted to evaluate capital requirements for increasing their workforce’s efficiency and productivity and ensure they get the most out of new and impending investments into technologies such as AI and robotic process automation (RPA).
Furthermore, the client wanted to identify the tax reforms and restructure their business strategies to accommodate new rules and healthcare policies in the US healthcare industry. To do so, the client approached the healthcare market research experts at Infiniti Research.
Top challenges faced by the US healthcare company were:
Advent of digital therapeutics – As companies in the US healthcare industry are highly investing in digital therapeutics and connected devices, the client wanted to understand how these digital health technologies will reshape the landscape for new healthcare companies.
Tax reforms – Tax reforms posed a serious threat to companies in the US healthcare industry. Therefore, the client wanted to understand the evolving healthcare policies and restructure their business to accommodate new rules and regulations. They also wanted to restructure their supply chains to accommodate a new territorial tax system.
Need for skilled workers – With artificial intelligence and robotic process automation becoming mainstream in the US healthcare industry, the lack of skilled workers to support the new processes can turn out to be costly for the company. Therefore, by conducting a thorough US healthcare industry analysis, the client wanted to evaluate the budget they would need to recruit skilled workers or train them.
With over 15 years of experience in serving various healthcare companies across the globe, the experts at Infiniti Research helped the client to devise an efficient market expansion plan to enter the US healthcare industry.
- By leveraging Infiniti’s expertise in offering market entry advisory solutions, the experts helped the client to review macro and micro-economic environment, identify potential barriers to market entry, and identify the best route to enter the US healthcare industry.
- By conducting a detailed market opportunity analysis engagement, the experts at Infiniti Research helped the client to assess markets’ readiness for new offerings including digital health technologies. With our help, the client was able to understand how digital health technologies will transform the US healthcare industry landscape in the years to come and identify competitors who were leveraging similar technologies.
- By leveraging our expertise in offering market scanning solution, the market research experts at Infiniti Research helped the client to understand the evolving healthcare policies and tax reforms and track regional developments.
- The experts also helped the client to evaluate the capital requirements for entering the US healthcare industry and also analyze the capital investment for recruiting skilled workers to support business operations.
Based on our insights, the client gained detailed insights on the market demographics and competitive scenario. They also developed a detailed understanding of the attractiveness of market opportunities for their product and service offerings. The healthcare company was also able to devise a market expansion plan to establish a foothold in the US healthcare industry. Also, they were able to better understand the current and future market potential, capital investment, and market opportunities in the US healthcare industry. Furthermore, within two years of entering the US healthcare industry, the client was able to achieve profitable growth and establish themselves as one of the top 20 companies in the US healthcare industry.
US Healthcare Industry: Major Challenges