What the Music Industry can Teach Us About Health
For people who grew up in the ‘70s and ’80s, rifling through album racks at a record store was a great pleasure. Over the past 20+ years, most of the record-store chains (Tower Records, Sam Goody, Musicland) that once flourished have all but vanished. It’s not because they were poorly run; it’s because many of them invested in the future without understanding the profound impact of new technologies, outside innovators, and what consumers desired. Health care appears to be following suit. Transformational technologies, an explosion of minable data, tech-savvy companies from outside the industry, and empowered consumers armed with data are among the forces that will likely define the future of health. We expect these forces will fundamentally change health in the next 20 years.
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- Whether hospital/health system leaders should seek funding for a new 2,000 bed facility, or invest more in remote care and tele-health technology.
- Whether health plans should continue to emphasize provider network strength, or develop new coverage models designed around health and wellness.
- Whether the biopharma industry should continue to develop products aimed at the masses, or move to highly personalized therapies.
- Ralph Judah, Managing director with the Life Sciences & Health Care practice of Deloitte Consulting LLP , Deloitte LLP
Ralph Judah, Managing Dir, Life Sciences & Health Care Practice Of Deloitte Consulting Llp , Deloitte Consulting LLP
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