BUILDING TEAMS THAT BUILD A BETTER WORLD
Effective Healthcare Reform Can Happen With Continued Digital Transformation
Technological advances in health care will define how we make better lifestyle decisions and find greater compassion in caring for each other.
Health care is the most mentioned topic in our national political debates. Changes in administration, the uncertainty in the future of the Affordable Care Act and vastly different new health care policies are creating market volatility. In particular, new regulations in response to the opioid crisis are forcing greater levels of transparency into prescription drug distribution.
Millennials are more comfortable sharing their health data and monitoring lifestyle choices using wearables. The biopharma industry is being transformed as innovations in biotechnology and pharmaceuticals converge to offer personalized medicine. New developments in AI/machine learning are positioning health care firms to make significant advancements in genomic medicine and development of personalized treatment. Increasing the availability of “smart drugs” is imperative, including in the treatment of Alzheimer’s disease; the increasing availability of gene therapy to prevent conditions such as Parkinson’s disease, cancer, diabetes, inflammatory bowel disease, and the brain damage that often accompanies this diseases.
The increasing cost of health care, and changing patient demographics are forcing continued industry disruption and technological innovation. Demand for health services continues exponential growth across hospital, pharmacy, insurance and wellness/prevention. Large legacy health care companies have benefited from knowledge workers for years, but many skilled workers looking for innovative culture and higher pay are navigating towards opportunities with start-up HealthTech firms.
Increased operational cost is driving greater consolidation. Large M&A deals, including CVS/Aetna and Cigna/Express Scripts will ignite greater industry consolidation. Large hospital systems also continue to merge and draw attention of potential antitrust enforcement. The increase in mergers, acquisitions, reverse mergers, and divestitures amongst large companies is expected to continue. The combination of large pharmaceutical, health service, medical device companies and health insurance companies, are all expected to increase. Market consolidation, increase in post merger profits position firms to transform legacy health platforms.
Use of big data in population health initiatives are connecting healthcare corporations and scientific researchers from around the world. Excitement around new developments in health care and health insurance technology, have new investments being made in the industry. Large technology companies making more deliberate moves into health care. A health care revolution is happening through investment in digital transformation. Investments health care data platform integration have been increased significantly.
Changing Talent Dynamics
Rapid change in the health care industry has spurred great demand for new technology based skills and competencies. This industry is creating a critical mass of technologically skilled workers in order to develop the next wave of digital health care services. As these shifts occur, the health care industry will be more dominated by high-skilled technologists and this change will influence the competitive landscape between traditional health care providers and technology companies that are entering health care.
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David has 17 years of global recruitment experience and is Founding Partner of Willard Powell. Prior to founding Willard Powell, David worked with Leathwaite International, a global executive search firm. Before his employment with Leathwaite, David worked for Wachovia Securities (now Wells Fargo Securities) supporting the firm’s Investment Banking & Capital Markets Technology group. David is a graduate of Lasell College in Newton, MA, where he received a Bachelor of Science in Business Management with a concentration in Management Information Systems. David also serves as a Trustee on Lasell’s Board.
BUILDING TEAMS THAT BUILD A BETTER WORLD