The healthcare sector has made remarkable advances over the years, breakthrough technologies and treatment methods have emerged as a result. However, the packaging and delivery of the medical treatment may often turn out to be inefficient, ineffective, and far from being consumer-centric. From general medical errors to poor or no health insurance cover, the costs incurred account to about one-sixth of the U.S. gross domestic product. On the other hand, governments have also tried to provide free healthcare to their citizens in other parts of the world. While the direct cost factor is cut back, other issues start to arise: limited patient care, long waiting hours, and a hindrance to the development of new technology. People also have to pay for taxes to support such a model, indirectly paying for healthcare which they might not receive.
There is an urgent need for the up-gradation of the healthcare model according to Nancy Hanrahan, a professor and dean of the School of Nursing at the Northeastern University. She believes healthcare institutions should focus on delivering their service in real-time, irrespective of the location. People are getting increasingly busy and this had led to a surge in the number of urgent care clinics, to meet the demand. She also believes artificial intelligence can play a crucial role especially in the treatment of the old. Besides, she also believes that further advancements in the health app technology with their smart wearables could be a great boost. In other words, there needs to be a more consumer-centric model in place which is more convenient, more effective, and less expensive.
However, there exist factors which hinder innovation in this sector. Existing players have many stakeholders who want to uphold their interests and agendas over development. Many new startups also lack the funding to exist and develop. Moreover, consumers may still prefer the traditional providers due to their reputations.