Ten things you dont know about the healthcare sector
The healthcare industry has been growing significantly over the past few decades due to various factors such as the growing population, aging demographics, urbanization, and rising demand for healthcare for chronic illnesses and comorbidities. This has led to an increase in healthcare expenditure worldwide, as clinical breakthroughs and government support have improved access to medical care.
You must be aware of these ten facts regarding the healthcare industry if you are enrolling as a starter at a medical institution or school:
- Physicians for a National Health Program reports that the United States has the highest healthcare taxes in the world, surpassing countries with universal healthcare systems.
- A study conducted by the Yale School of Medicine has found that around 22,000 patients die every year due to preventable medical errors, a much lower figure compared to the previous estimate of 250,000 deaths annually attributed to medical mistakes.
- One of the primary reasons why Americans are delaying retirement is the fear of not being able to afford health insurance or medical care. The number of Americans aged 65 and above who are working either full-time or part-time has increased by 6% from 2000 to 2016, comprising almost 9 million individuals.
- The healthcare and social assistance sector is the largest employer in the United States, with a workforce of over 20 million and an annual payroll of $1.0 trillion, as of 2018.
- The healthcare sector is vast and includes over 890,000 single-location businesses and multi-location organizations in the United States. These businesses range from well-known companies such as Pfizer, Kaiser Permanente, and Ascension to small pharmacies in small towns.
- The healthcare industry is predicted to be transformed by IoT through methods such as workflow optimization, patient monitoring, training simulations, and preventive care. The implementation of IoT is expected to reduce operational and clinical inefficiencies by up to $100 billion annually, or 25%. The latest examples of IoT in healthcare include coagulation testing, ingestible sensors, and insulin delivery.
- Cyrcadia Health has introduced a revolutionary device, the Cyrcadia Breast Monitor, which consists of two reusable breast patches that are able to detect changes in the circadian temperature of breast tissue. This device has been proven to be effective and beneficial in detecting breast cancer at an early stage.
- As of May 2019, healthcare professionals such as doctors and surgeons, registered nurses, and dental hygienists have a median annual income of $39,810, which is the highest in the industry.
- Around 85% of hospital waste is non-infectious and can be recycled, rather than being disposed of in landfills or burned. Cleveland Clinic is an example of a healthcare facility that recycles waste, with up to 33% of its waste, equivalent to 194 tonnes of plastic, being recycled as of 2017.
- As of December 14, 2020, there were over 982 medications and vaccines in development to combat COVID-19, with Sorrento Therapeutics leading the way, followed by ImmunoPrecise and Roche. Other companies such as Novartis, AstraZeneca, and GSK were also competing in the development of drugs and vaccines.
Interesting, aint it?
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