Price Waterhouse Cooper’s Health Research Institute recently released its annual report on the top 10 issues facing the U.S. health sector this year, including the need to adjust to empowered consumers, rapid innovation and increasing competition from nontraditional players.
The report noted that much of the health care industry has accepted that reform is here to stay—and forward-looking executives are making decisions based on a post-Affordable Care Act landscape that has altered the provision of insurance and the delivery of care. The top 10 issues facing the health care industry, as identified by HRI, are:
1. Price transparency is growing as purchasers—consumers and employers—are demanding and receiving more information on cost and quality.
2. Employers are exploring new health insurance options through private exchanges.
3. New regulation aims to eliminate counterfeit medications in the drug supply chain.
4. States are turning to managed care to help contain Medicaid long-term care costs.
5. All health care companies need to rethink their roles and business models in the new health economy.
6. Health care companies will need to change their rules on innovation—embrace “fail fast” approaches.
7. Social, mobile, analytics and cloud technologies are driving new health industry business models.
8. Corporate venture capital is picking up the slack as traditional venture funding slows for pharmaceutical start-ups.
9. Technology is redefining the health care job market.
10. Drug makers must rethink their clinical trial research methods, embracing alternative approaches.
“While health insurance exchange implementation is driving headlines today, in reality the next 12 months will be marked by how well the industry addresses a range of core business challenges. Our annual top issues report identifies the main concerns facing the health industry in 2014,” said Kelly Barnes, PwC’s U.S. health industries leader. “Businesses must address rapid innovation and competition from nontraditional players, but above all they must respond to empowered consumers as customer-centric transformation sweeps health care.”
The full report is available at http://pwc.to/18H0CwI.