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Staying Prepared to Combat the Pandemic: Lessons for the US Healthcare Industry from Italy’s Response Flaws

The WHO (World Health Organization) ranks Italy among the top 10 countries with high quality of healthcare and related services in the world. Although the Italian healthcare system is far from perfect, this rating by the WHO is largely based on equality of healthcare access and other healthcare outcomes such as life expectancy and healthy life years of the population. Despite displaying qualities of a higher level of care and healthcare services, Italy is currently the new epicenter for COVID-19.  Despite now having some of the toughest measures in the world to contain the spread of the pandemic, Italian authorities were slow to react and fumbled many of those steps in the early stages of the contagion as they sought to preserve basic civil liberties as well as the economy, raising the fatality of the coronavirus outbreak in the country. The number of reported coronavirus positive cases in the US has skyrocketed over the past few weeks, and the death toll from COVID-19 in the US is not far behind from that of Italy. The rising number of cases has already overwhelmed the US healthcare industry. In this article, healthcare industry experts at Infiniti Research outline some key takeaways for the US healthcare industry from Italy’s flawed response to the outbreak and how healthcare companies in the US can prevent themselves from a similar fate.

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Ensuring protection of healthcare staff  

The US has surpassed the initial phase where the spread of the COVID-19 can be contained completely. As such, what companies in the US healthcare industry need now is to be equipped with the staff and resources to cater to the rising number of cases in the country. In Italy, over 2500 healthcare workers have become victims of the novel coronavirus outbreak. They account for approximately 20% of Italy’s healthcare staff who are out of action due to active infection and are subject to isolation or even death due to the virus.

The US healthcare industry cannot afford a similar situation at the current state, as such, they must ensure the safety of healthcare staff at all costs. Appropriate PPE should be provided to the staff based on the area in which they work Furthermore, supplies should be plentiful and necessary training must be imparted to the staff on guidelines to treat coronavirus patients. Apart from this, it is vital to offer timely and efficient testing of staff in order to ensure safety.

Rationing resources fairly

The surging COVID-19 cases can drive companies in the US healthcare industry into an agonizing emergency scenario and will require caregiver to take several crucial decisions. Rationing the available resources fairly to meet the demand of the rising number of cases would be one of the most crucial decisions to be made. The resources include ICU, ventilators, medicines, and staff to care for the patients.  One of the first steps in managing available resources is screening outpatients who are unlikely to need critical care and urging them to self-quarantine at home. Providers in the US healthcare industry must also strive to look at the cases and try to evaluate as quickly and efficiently as possible the likelihood that they can improve a patient’s condition faster.

Set patient treatment guidelines

Providers in the US healthcare industry Hospitals could adopt a lottery or first-come-first-served system for triaging patients. However, this could mean that someone less sick is treated before an infected patient who needs critical care, thereby potentially failing to achieve the goal of saving the most lives. Hospitals could choose to treat worse-off patients first, but if those people are unlikely to survive, doctors might be better off focusing on people who are less infected. However, the chances of survival of these guidelines in an extreme crisis situation remain to be seen. Professionals in the US healthcare industry are of the opinion that as the US currently lacks an exact historical comparison for how the coronavirus pandemic could play out, these guidelines offer general principles for steering hospital decision-making. Having predetermined guidelines prove helpful not just for determining which patients to treat but also on how long to treat them.

Undertake extensive testing

Timely and rapid testing for healthcare workers as well as the general public with symptoms, and those who are asymptomatic is the need of the hour to help the US healthcare industry to prepare better for what lies ahead. Apart from the clinical benefits to COVID-19 testing such as creating an action plan for treating low- and high-risk patients, the primary purpose of testing during a pandemic is advancing public health. Testing allows tracking who has COVID-19 and can help limit the community spread of the virus.

Want more insights on how our healthcare market intelligence solutions can help stakeholders in the US healthcare industry to better organize patient treatment plans, allocate medical resources, and be better equipped to fight the pandemic?

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Uncovering the Potential of Strategic Planning in Healthcare

The U.S. healthcare system is extremely complex and often difficult to comprehend. Healthcare consumers face difficulty in understanding the factors that cause limited access or uncoordinated care, conflicting interests amongst healthcare providers, and even high charges that leave financially broke. Healthcare organizations itself are often affected by rapid changes taking place in their external environment. Amidst the dynamic nature of the industry, it is vital for healthcare providers to undertake a strategic planning process to streamline their operations.

What is strategic planning in healthcare?

The answer to what is strategic planning in healthcare is simple. Strategic planning involves creating objectives and setting goals relating to where a healthcare company would like to go in the future, and then constructing a plan to achieve these objectives. Healthcare strategic plan must consider the factors that could change the organization’s operations significantly. This includes potential government policy changes, technological advancements, and economic trends. Although some providers tend to overlook the importance of strategic planning in healthcare, agile organizations in the healthcare industry use it to their advantage to succeed in both long and short term.

The work of strategic planning doesn’t stop at the strategic plan, but it’s a start. Request a free proposal to know how our experts can help healthcare organizations in effective strategic planning.

Benefits of strategic planning in healthcare

strategic planningStrategic planning in healthcare has numerous benefits primarily because healthcare organizations operate at many levels ranging from patient care to financing. As such it is crucial for healthcare systems to plan well in advance for the future. Unlike traditional planning techniques, a strategic plan takes into account every sector of the organization, considering foreseeable changes for all departments. Some of the key areas that a healthcare strategic plan can significantly improve include:

Helps become proactive

Strategic planning helps providers to become proactive rather than reactive. Through strategic planning, healthcare companies can anticipate unfavorable events much before they occur and allows the organization to take necessary precautions before they actually happen.

If you're considering adopting strategic planning at your organization or are looking for ways to align your operations, then Infiniti may have just the solution you've been looking for. Get in touch with us for more insights.

Increases operational efficiency

Having a strategic planning process in place acts as a roadmap for healthcare companies to align the operational activities to achieve predetermined goals. It guides management discussions and decision making in determining resource and budget requirements in order to accomplish the key objectives, thereby increasing operational efficiency.

Enhances market share and profitability

Organizations can gain valuable insights with strategic planning on market trends, consumer segments, as well as product and service offerings in healthcare which can have an impact on their success. An approach that is targeted and well-strategized to turn all sales and marketing efforts into the best possible outcomes will facilitate in increasing profitability and market share.

Makes the business more durable

Due to the highly dynamic nature of the healthcare industry, organizations that lack a durable foundation, focus and foresight will have trouble riding the next wave. Strategic planning in healthcare ensures that organizations are well focused on what they want to achieve and how to achieve it.

Learn more about Infiniti's solutions for the healthcare industry

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Weekly Round-up: A Storyboard on the Benefits of Market Intelligence Solutions

LONDON: Infiniti Research, a leading market intelligence solutions provider, has announced the release of their FREE downloadable resources on the benefits of market intelligence solutions. These supplements provide comprehensive insights into how our solutions help businesses to track market trends, forecast demand-supply shifts, and analyze market opportunities.

In today’s competitive market, sustaining market position and achieving business growth has become challenging. The inability of an organization to react to the dynamic market increases business risk. Hence, keeping track of the market changes is very crucial to thrive in the marketplace. Infiniti’s solutions offer a comprehensive overview of the current market, including competitor strategies, market challenges, market trends, and much more. Our solutions enable organizations to gain a holistic view of the entire market. This insight further helps businesses to customize their products and services and distinguish their brand from their competitors.

Our solutions help businesses keep tabs on target market segments, forecast demand-supply shifts, track emerging market trends, regional market developments, and provide insights on the potential impact of changing factors on business segments. Request FREE brochure to learn more about our market intelligence solutions.

#1: Market Intelligence Versus Business Intelligence – What’s the Difference? Wondering what is the difference between these two terms? Well, both the services assist organizations in better understanding their business anddifferentiating their offerings from other counterparts in the market.. Although both are sometimes  used interchangeably, it’s important to understand the fundamental differences between the two terms. Our latest supplement explains the key differences between market intelligence and business intelligence solutions.

#2: Market Intelligence Vs Competitive Intelligence – Where to Draw the Line? Competitive intelligence and market intelligence help businesses to advance in the market. Both market intelligence and customer intelligence have different focuses. It’s imperative for a business leader to understand the differences to avoid confusion. Download our FREE supplement to know the key differences between the services and make better strategic decisions.

Leverage Infiniti's solution to evaluate your competitive landscape and analyze and track competitors’ market presence, business models, financial performance, and strategic moves.

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#3: Healthcare Market Intelligence – Top Trends and Market Analysis: Recent study shows that healthcare intelligence services help companies to address demographic shifts and attain strategic goals at diverse stages of the product lifecycle, from clinical research and approval to commercialization. Download our FREE supplement to gain an overview of the healthcare market and top trends in the healthcare industry.

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Top Patient Monitoring Trends – Aim for Better Patient Care

Patient monitoring systems are essential to provide quality care to the patients. Monitoring can be done by measuring different health parameters including vital signs, heart rate, blood glucose, and neurological indicators. A top-notch patient monitoring system helps healthcare facilities to reach the highest levels of clinical excellence. The goal of any healthcare system is not only limited to providing the highest level of patient care but also to limit the incidences of readmission. New patient monitoring devices can change the medical care landscape and streamline Request Free Proposalcosts by reducing such hospital readmission rates. So what are the trends in patient monitoring that are changing the landscape of the healthcare industry?

Top Trends in Patient Monitoring

Real-time and remote patient monitoring

Telemedicine is becoming more of a reality these days. The ability to remotely diagnose patients and provide a treatment plan drastically reduces the healthcare costs. It’s a win-win situation as the care is delivered to them as per their convenience. It also enables healthcare professionals to serve remote and less populated areas without having to be physically present in the location. Imagine a situation where cardiovascular patients blood pressure and heart rate are regularly measured, and the data is fed back to cardiologists. It can help the cardiologists to track all the vital metrics and make important suggestions to improve patient care.

Aging population vulnerable to chronic disease

The world population is aging, and people are living longer than ever before. Consequently, they require better healthcare attention than the general population. This tends to put a lot of strain on the healthcare system. It is estimated that by 2050, the population of people over the age of 65 is expected to reach nearly 1.5 billion.

Shift to value-based, outcome-based, and patient-centric care

Industry analysts frequently point out that the healthcare industry is moving towards value-based care. It is shifting the financial incentive to a healthcare model where healthcare facilities and providers are compensated based on how their patients fare. It means the healthcare industry has to figure out a way to only perform necessary amounts of tests, visits, or procedures. Patient monitoring solutions can give healthcare professionals real-time data on patients’ well-being and progress, which assists them in providing quality care.

The emergence of big data

Big data is shaking the healthcare industry. It is helping the industry progress in all fronts including precision medicine, predictive analytics, fraud detection, and clinical trials. It has affected all healthcare areas from oncology, neurology, genomics, to cardiology. Patient-specific data gathered from patient monitoring tools such as wearables, home monitors, and smartphones is boosting the patient experience and improving health outcomes. Big data allows healthcare professionals to analyze sizeable medical data sets across a vast population to explore research and treatment opportunities.

Role of IoT

The role of IoT has been deeply discussed in the manufacturing industry and home automation. However, it is also playing a big part in the medical industry. IoT will allow patients and providers to work together for deeper engagement, open communication, and chronic disease management. The Internet of Things will enable devices to connect to the internet and provide patient health information to the doctor who can assist with the treatment. It can also monitor patient behavior and notify doctors if patients missed their prescription.

 

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Market Intelligence Study Helps a UV Spectroscopy Devices Manufacturer Increase Brand Awareness

The key stakeholders in the medical equipment industry have started witnessing unprecedented challenges in terms of increasing their market shares and growth opportunities globally. IR_BrochureTo gain a stronger foothold and gain a competitive edge over their competitors, firms specializing in the production of UV spectroscopy devices have started relying on robust market intelligence solutions to tap new market segments, improve their product offerings, and encourage superior patient outcomes. Devising robust market intelligence solutions help clients identify the potential buyers of the products and services seamlessly. Additionally, these solutions help players operating in the UV spectroscopy devices space to gain actionable insights on the prominent competitors and predict the entry of new competitors.

Manufactures of the UV spectroscopy devices have started approaching organizations like Infiniti Research to gain a 360-degree view of the market space. With expertise in offering a plethora of services, Infiniti’s market intelligence experts provide an accurate and precise view of the market in terms of the customer behavior to allocate the resources accordingly and consequently enhance brand awareness.

The Business Challenge

A global manufacturer specializing in UV spectroscopy devices with offices spread across various geographic locations was facing predicaments in understanding the market landscape of the UV spectroscopy devices. The client was also facing difficulties in understanding the market scenario in terms of the competitors, their product positioning, and offerings. As a result, they wanted to devise an effective strategy to understand the market’s growth prospects and demand forecasting. This would help them enhance their product offerings and develop positive customer relationships.

Our Approach

To gauge the current market landscape and expand their product and service offerings to niche market segments, the UV spectroscopy devices manufacturer contacted Infiniti’s market intelligence experts. With years of proficiency in offering a wide array of market intelligence solutions, Infiniti helped the client gain strategic insights into the medical equipment space by compiling information from various proprietary sources such as paid industry databases, company presentations, and online forums. The industry experts also carried out an extensive research comprising of interviews and discussions with leading stakeholders in the UV spectroscopy devices space to cater to the client’s business requirements.

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Market Intelligence Engagement Benefits

  • Examine information on the customers and product offerings
  • Identify the potential opportunities and estimate the market growth
  • Segment the size and growth and evaluate the potential market opportunities
  • Gain insights into the drivers and factors restraining the growth of the market
  • Efficiently map, monitor, and track market performance and determine the key performance indexes

Benefits of Our Integrated Approach

The manufacturer specializing in UV spectroscopy devices gained in-depth insights into the potential opportunities and target segments across this industry in a span of mere 12 weeks. Furthermore, the client was able to boost their marketing effectiveness and consequently improve their brand awareness.

A must-read case study for strategy experts and decision makers looking to develop an understanding of the UV spectroscopy devices segment

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Market Intelligence Study Helps a Leading Medical Imaging Firm Increase Brand Awareness

Over the past few years, organizations in the healthcare segment have started increasing their focus on entering lucrative and niche market segments. Additionally, the relentless growth of technology in the medical imaging landscape has forced organizations to adopt innovative technologies and standards to optimize efficiency in treatment patterns. Moreover, the higher level of competition in this market space is forcing medical imaging firms to leverage robust market intelligence studies to tap new market segments, enhance their product offerings, and promote superior patient outcomes. Market intelligence also helps clients to innovate new products, reach out to niche market segments, and rapidly adapt to the emerging trends.IR_Brochure

Infiniti’s market intelligence specialists, who have proficiency in offering business solutions to global conglomerates, help clients devise a robust speed-to-market approach to augment marketing activities with sales; thereby, improving the sales performance. Additionally, the client can reinvent themselves in the market and enhance their brand awareness by leveraging these market intelligence solutions.

The Business Challenge

A global medical imaging firm with offices spread across various geographies was facing predicaments identifying potential customers and increasing their brand awareness. Additionally, the client wanted to understand their competitors, current offerings, and current technologies to devise an effective go-to-market approach and enhance their product offerings, increase leads, and develop positive customer relationships.

Our Approach

To assess the current market landscape and expand to niche market segments, the medical imaging client contacted Infiniti’s market intelligence specialists. With years of proficiency in offering efficient market intelligence services, Infiniti’s healthcare industry specialists conducted a thorough assessment of the market by carrying out discussions and interviews with leading stakeholders in the medical imaging space.

Additionally, the research team offered strategic insights to the medical imaging client by compiling information from various proprietary sources such as company presentations, paid industry databases, and online forums to meet the increasing consumer demands.

Medical ImagingWant more information about our market intelligence engagement?

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Market Intelligence Engagement Benefits:

  • Identify the potential opportunities and forecast market growth
  • Segment the size and growth and assess the potential market opportunities
  • Analyze information on the customers and product offerings
  • Gain robust insights into the drivers and restraining factors of the market
  • Effectively map, monitor, and track market performance and determine the KPI

Benefits of Our Integrated Approach

In a span of mere eight weeks, the medical imaging client gained in-depth insights into the potential opportunities, market direction, and target segments. Additionally, the client was able to improve their marketing effectiveness and brand awareness among consumers.

A must-read case study for strategy experts and decision makers looking to develop an understanding of the medical imaging industry.

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Applications of IoT in the Healthcare Industry

Internet of Things (IoT) in healthcare aims at improving the health of millions of people across the globe. The concept of Internet of Things is relatively old but has recently garnered more attention, especially in the healthcare industry. What is the internet of things, you ask? It is the use of mobile or electronic devices connected to the cloud that captures and monitors data, thereby allowing them to trigger certain events. Ask an analystThere are various applications of IoT in the healthcare industry right from remote patient monitoring and health information technology (HIT), which help diagnose, track, and prevent chronic diseases. IoT in healthcare services enables personalized patient monitoring, facilitates calorie count, offers regular checkup reminders, and tracking health information. Smart IoT enabled devices eliminate the need for a direct physician-patient access and interaction by leveraging data insights.

Applications of IoT in Healthcare

IoT in healthcare has revolutionized the medical services industry through apps and devices that have redefined the way physicians and patients interact and communicate with each other. The introduction of technology in healthcare has improved patient journey, enabled remote monitoring, and real-time location services. IoT in healthcare offers tools and systems that help improve the efficiency of service providers, improve the quality of services, resulting in a significant reduction in health care costs. IoT in healthcare

  • Through remote monitoring, health care service providers can offer timely and prompt attention to patients. These IoT-enabled wearable devices fitted with sensors can be leveraged to immediately notify family members and doctors of any interruption in the individual’s routine activity

 

  • Physicians and service providers can leverage real-time location services by tracking medical devices and apparatus used to treat patients. Medical tools and surgical devices can be tagged with IoT enabled sensors to help the medical staff locate it

 

  • IoT in healthcare helps improve patient journey by streamlining processes and minimizing costs. The health care service providers provide better patient experiences with an updated infrastructure and accessing patient information stored in the cloud; thereby, providing immediate assistance, communicating through email services, and providing quality medical care to patients

 

IoT in healthcare enables the physicians, providers, promoters, and hospitals to optimize their resources to achieve operational efficiency. Although there are a few loopholes and concerns regarding security and privacy of patient information, applications IoT in healthcare has gained momentum across the globe.

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Immunization and Health Economics– Best Friends in the Making

Health is not just the absence of illness– rather it is the ability to grow and develop to one’s full potential. Several elements go into the making of a healthy workforce– and it is health economics which closely analyses the connection between health and resources. Resources are not just about money; it also covers materials, time, and the people involved in making the process of healthy living easier. Especially in the case of developing countries, the debate often spirals on how to make a lasting impact with the limited availability of resources.

Relation between health and economic growth

According to noted American economist Robert Fogel, a good part of England’s economic growth in the past 200 years is the result of improvements in the population’s food consumption. Thus, the relation between health and economic growth is a rather strong one. Improved productivity and less burden of illnesses is in fact the direct effect of health on economic growth. At the same time, health also has an indirect impact on economic growth. For instance, a generation of healthy children are sure to raise the future income potential of any country – and this is the indirect and long term impact of health on the economic progress of a country.

Another report published by David Bloom and colleagues outlines how the labor productivity of a nation can improve by 4% just by increasing the life expectancy of its citizens by one year. All this shows how health and economics are deeply connected to one another – any change in one aspect is sure to influence the other.

Better immunization, greater economic gains?

Adopting the right vaccines is one of the major agendas of those involved in public-health decision making. Often there is a lot of brainstorming done on if it makes economic sense to promote and use expensive vaccines in a low-income country. The debate gets an even more serious angle when traditional cost-effective solutions are taken into consideration. But the fact remains that despite being expensive, these vaccines have broader benefits which often goes unrecorded in the traditional calculation formats. For instance, most traditional methods fail to consider the fact that lessening child mortality rate results in families having fewer children that enables the parents to spend more on their children and take better care of them.

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Lately, due to immense research and field studies, it has finally been accepted that immunization is the stepping stone to building a healthy family, vibrant community, and a strong nation.

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Market Assessment

Treating Challenges in the Healthcare Industry

The Global Healthcare industry faces certain significant healthcare challenges that need to be promptly addressed. Healthcare executives must be able to manage greater risks in increasingly uncertain environments to provide affordable, accessible, and sustainable healthcare for the global population.

Today’s healthcare executives are faced with a growing number of global challenges. Over the next few years, executives will be required to manage increased risks as a result of rapid changes such as healthcare reforms, growing ageing populations across the globe, the end of blockbuster drugs, and increasing demand for healthcare services, professionals, and infrastructure in the developing world. Executives are also expected to face additional healthcare challenges as a result of shifting from a market-based approach to a community-centric approach, without an impact on quality or cost-effectiveness. Listed below are the four most significant healthcare challenges facing executives today.

1. Industry changing Healthcare Reform

Recent healthcare reforms in the US have presented some significant challenges for healthcare executives. The government’s deficit will continue to be an issue for healthcare providers despite the Affordable Care Act, which will incorporate approximately 30 million paying customers into the system. It has been forecast that the 10-year deficit will result in federal debt exceeding US$19 trillion, leading to the imposition of austerity measures. Services and funding for healthcare providers could be on the federal chopping block over the next ten years as Medicare funding may be reduced in an effort to help balance the budget. Hospitals account for 46% of Medicare spending and derive a significant amount of their operating revenue from Medicare funding. Any Medicare budget cuts would present significant financial challenges to hospitals and other healthcare companies.

In light of these challenges, healthcare executives should prepare their companies for a period of fiscal stringency and ration capital and operating funds until healthcare reform is fully rolled out and operational. Hospital CEOs must find ways to reduce costs, align provider and payer incentives, adjust to value-based purchasing, and adapt strategic planning around an uncertain regulatory and legislative environment.

2. Rapidly Increasing Ageing Population

Globally, the number of elderly citizens is growing at a rapid pace, and this is expected to have a tremendous impact on healthcare. In the US, the number of elderly people is expected to increase by 128% by 2050, while the number of people over the age of 85 is expected to increase by 251% in the same period. The US is not the only country facing this issue; ageing population presents problems for healthcare systems in Canada and Europe as well. Europe has been dealing with the impact of an ageing population for some time now. In 2000, 16% of the population in the UK and 16.4% in Germany were over 65 years of age.

The growth of ageing populations around the world presents unique challenges for the health care system. Elderly patients require a different type of healthcare regime with a focus on chronic illness care. Hospitals must manage multiple diseases and disabilities and also improve the quality of long-term care. New ways must be found to integrate medical and long-term care services, and there is also a prevailing need to co-ordinate healthcare and social services. However, this is especially difficult in the US owing to its fragmented financial and social services. Developing a cost-effective integrated healthcare system will be essential for healthcare providers moving forward.

3. End of the Blockbuster Drug era

Beginning in 2010, the Pharmaceutical industry in the US experienced one of the largest waves of drug patent expirations in history. Patents for top earning drugs in the Pharmaceutical industry expired, and continued to expire till 2014. Pharmaceutical companies have been shrinking over the past five years as their top revenue streams dry up.

Sales of a blockbuster drug often drop by up to 90% within a year of the expiration of its patent as competitors are able to offer cheaper generic alternatives. As a result, the industry is witnessing a slowdown in drug innovation and the number of new drugs entering the market. This wave of expiration presents the industry with a future of reduced free capital for R&D as over half of the revenue of major pharmaceutical companies and over one third of the total revenue in the industry is derived from the sale of blockbuster goods.

4. Higher healthcare demand from the Developing World

Rapid economic growth and an emerging middle class have led to a significant increase in the demand for health services in developing nations. However, governments have struggled to meet these needs, in both rural and urban areas. By 2050, 6.4 billion people are expected to live in urban centers compared to 3.4 billion in 2009. Increased urbanization creates additional healthcare challenges for providers as it can often lead to an unhealthy lifestyle. The availability of unhealthy food choices, pervasive use of motorized vehicles, barriers to physical activity, and poor air quality can increase the number of cases of hypertension, heart disease, obesity, diabetes, and asthma. Rising energy costs, decreasing availability of resources, and climate changes also present healthcare providers with significant challenges. For instance, hospitals in Brazil accounted for 10.6% of commercial energy use in 2012. This is likely to become an issue for sustainability as the cost of energy rises. The growing needs of developing nations require significant investments in the services and infrastructure required to support healthcare systems.

These issues present healthcare executives with a variety of global and localized healthcare challenges. Healthcare executives will be required to manage increased levels of risk under uncertain regulatory and financial conditions, and they must be prepared to face these challenges. Healthcare executives across the world must also address the challenges presented by healthcare reforms, the growing ageing population across the globe, shrinking of pharmaceutical giants, and unprecedented growth in developing nations.

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