Wearables and Health Care

Recently, fitness trackers and other wearables have gained more popularity as health monitors. And this is expected to continue.

As Business Insider Intelligence reports:

“The health-care industry is undergoing a transformation due to pressure from ballooning healthcare costs, a rising burden of chronic disease, and shifting consumer expectations. Thus, wearables — including smartwatches, fitness trackers, and other connected devices — play a key role in this transformation.”

“U.S. consumer use of wearables for health purposes jumped from 9% in 2014 to 33% in 2018, according to Accenture. And penetration should continue to climb. With more than 80% of consumers willing to wear tech that measures health data. The growing adoption of wearables, and the breadth of health functions they offer, will capture a fuller picture of consumer health and behavior. Thus enabling health-care organizations to differentiate from the competition, drive value, and engage consumers.”

“In this new report, Business Insider Intelligence details the current and future market landscape of wearables in the U.S. health-care sector. We explore key drivers behind wearable usage by insurers, health-care providers, and employers. And the opportunities wearables afford to each of these stakeholders.”

“Consumers are becoming increasingly comfortable sharing the health data captured in these devices with their doctors, employers, and insurers. Such data offer opportunities to improve outcomes, reduce health-care costs, and engage customers. Providers can use wearables to improve chronic disease management, lessen the burden of a burgeoning staff shortage, and navigate a changing reimbursement model. Employers can combine wearables with cash incentives to lower insurance costs and improve employee productivity.”

 

Would You Buy Your Prescriptions at Amazon?

Until now drugstore chains, independent pharmacies, mail-order delivery from prescription suppliers, and in-store pharmacies in retail stores have been the major ways that we buy prescription drugs.

Now, Amazon intends to change this — as it has so many other business segments. So, would you buy your prescriptions at Amazon?

According to Business Insider Intelligence:

“More than half of U.S. consumers say they would ditch their current pharmacy for Amazon. And Amazon’s $1 billion deal to acquire online pharmacy startup PillPack is bad news for CVS, Rite Aid, Walgreens, and other pharmacies. The majority of respondents (57%) in an exclusive Business Insider Intelligence survey said they would use a pharmacy service offered by Amazon over their current pharmacy.”

“Amazon’s strengths are price, product selection, and delivery speed — all of which could be applied to retail pharmaceuticals. While it’s unclear how Amazon aims to use PillPack, we think consumers anticipate lower prices and convenience.” 

“Amazon still has a number of hurdles to overcome before offering a full-fledged pharmacy service. For instance, Amazon could have trouble forging relationships with pharmacy benefits managers who could see Amazon’s entry into the pharmaceutical market as a direct threat.”

Would You Buy Your Prescriptions at Amazon?

 

International Health Efficiency Scores

Click the image to learn more about the health-efficiency index and to see the latest index rankings. The United States is tied for 54th!

The United States annually spends more than $9,500 per person for health care. Nonetheless, the effectiveness of this spending lags far behind many other nations (that spend a lot less).

According to a recent Bloomberg report:

“Want medical care without quickly draining your fortune? Try Singapore or Hong Kong as your healthy havens. The U.S. will cost you the most for treatment, both in absolute terms and relative to average incomes. Yet, the life expectancy of Americans — about 79 years — was exceeded by more than 25 countries and territories, according to an annual Bloomberg analysis in almost 200 economies.” 

“A health-efficiency index was then created to rank those with average lifespans of at least 70 years, GDP per-capita exceeding $5,000 and a minimum population of 5 million. And Americans aren’t getting their medical money’s worth, according to each of the categories.” 

“The U.S. had the second-highest per-capita spending on health care at $9,536. Switzerland’s average based on gross domestic product was $9,818. But that $282 supplement helped deliver an extra 4.2 years of life — with the average Swiss lifespan of almost 83.”

Click the image to learn more about the health-efficiency index and to see the latest index rankings. The United States is tied for 54th!

International Health Efficiency Scores