What is the healthcare industry?

The healthcare industry, also known as the medical or health economy industry, is an aggregation of businesses that provide goods and services to treat patients through medical services, manufacture medical equipment or drugs or provision of medical insurance. For the purpose of finance and management, the United Nations International Standard Industrial Classification (ISIC) categorises the healthcare industry as generally consisting of: Hospital activities, Medical and dental practice activities & Other human health activities. Whilst the Global Industry Classification Standard and the Industry Classification Benchmark further distinguish the industry as: healthcare equipment and services & pharmaceuticals, biotechnology and related life sciences.

What are the current opportunities and risks in the healthcare industry?

According to a 2020 Deloitte Global life sciences outlook article: “With global health care spending expected to rise at a compound annual growth rate (CAGR) of 5 percent in 2019-23, it will likely present many opportunities for the sector. While there will be uncertainties, stakeholders can navigate them by factoring in historic and current drivers of change when strategising for 2020 and beyond. Among these drivers are a growing and ageing population, rising prevalence of chronic diseases, infrastructure investments, technological advancements, evolving care models, higher labor costs amidst workforce shortages, and the expansion of health care systems in developing markets. Health care systems need to work toward a future in which the collective focus shifts away from treatment, to prevention and early intervention.”

What are the trends in numbers for the healthcare industry?

The healthcare industry is a critical expense for most countries to ensure that their citizens are healthy and cared for. The U.S. spends the most on healthcare per person and many European countries follow however the big difference is most of that cost is subsidised by the government while the U.S. relies on costly, private health insurance. Healthcare systems dictate the means by which people and institutions pay for and receive health services. Models vary based on the country, with the responsibility of payment ranging from public (social insurance) and private health insurers to the consumer-driven by patients themselves. Models include the: Beveridge model, Bismarck model, National health insurance model, Out-of-pocket model.

What are the 10 biggest healthcare companies by revenue in 2020?

  1. CVS Health Corp. ( CVS)
  2. UnitedHealth Group Inc. (UNH
  3. McKesson Corp. ( MCK)
  4. AmerisourceBergen Corp. ( ABC)
  5. Cigna Corp. (CI)
  6. Cardinal Health Inc. ( CAH)
  7. Walgreens Boots Alliance Inc. (WBA
  8. Anthem Inc. ( ANTM
  9. Johnson & Johnson (JNJ)
  10. Centene Corp. (CNC)

What are the top 10 countries by healthcare system in 2020?

  1. New Zealand
  2. Austria
  3. France
  4. Australia
  5. Netherlands
  6. Germany
  7. United Kingdom
  8. Canada
  9. Sweden
  10. Denmark

What skills and qualifications do I need to work in the healthcare industry?

The requirement of a degree depends on the job that you'd like to do often grouped by clinical and non-clinical roles. There is also an option to consider a graduate-entry accelerated course to start a clinical career. Some of these will require you to have a science or health-related degree, but others are open to graduates of any subject. In other areas you can also work your way up from assistant level through in-service, work-based learning, including degree-level study.

What Functions?

Pharmaceuticals & Related segments

Drug manufacturers can further be broken down into biotechnology firms, major pharmaceuticals firms, and makers of generic drugs.

Medical Equipment & Supplies

Medical equipment makers range from firms that manufacture standard, familiar products— scalpels, forceps, bandages, and gloves—to those that conduct cutting-edge research and produce expensive, hi-tech equipment, such as MRI machines and surgical robots.

Medical insurance, Medical services, and Managed care

Managed healthcare companies provide health insurance policies.

Healthcare Services & Facilities

Medical Affairs, Health Economics, Healthcare communications, Medical information, Sales and marketing, Manufacturing and Supply chain.

What is it like to work in this industry?

What is a a day in the life? What are the progression routes like? What are the average salaries?

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