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Assignment Executive Brief: Proposal of New Economic Opportunity
Assignment Executive Brief Proposal of New Economic Opportunity
The relationship between healthcare spending growth and the economy of a country is inherently complex and multidimensional. Currently, the government and hospitals are focused on increasing aggregate healthcare spending. Healthcare professionals are concerned about the health status of the communities they serve (Frakt, 2018). However, the ability to provide quality healthcare to the patients and the community is limited due to various external forces. Healthcare facilities should ensure that patients receive quality healthcare as well as access to medication. The long-run improvement in healthcare is linked to economic growth which promotes public health infrastructure such as sanitation and cleanliness of water supply (Frakt, 2018). Additionally, economic growth is also tied to better nutrition and more efficient medical technology such as vaccines and antibiotics. This paper discusses a proposal for a new economic opportunity broadly to improve the lives of patients and community members.
In order to ensure access to medications, health providers should have an understanding of the value of research and development in the pharmaceutical industry. Although communities across the world struggle with the increasing costs of drugs, the demand for affordable and effective medicines continue to rise (Taylor & Wonder, 2015). Healthcare organizations can help in expanding and promoting economic activities for community members they serve. The changing nature of diseases and the emergence of new infections have contributed a lot to the increasing demand for medications. Similarly, the supply of medicine has not met the demand due to the high cost of research. Pharmaceutical companies are shying away from researching ways in which they can make drugs available to the communities due to the high cost of research
. According to Taylor and Wonder (2015), the major problem impacting supply and demand in the pharmaceutical industry is the pharmacy benefits managers (PBMs). These are organizations acting as middlemen who negotiate drug prices between pharmaceutical companies and people who pay for drugs such as government agencies, pharmacies, hospitals, and insurance companies. To make the demand and supply of drugs uncomplicated, the pharmacy benefits managers should negotiate to obtain the best prices for patients and their health providers. Some drugs that treat complicated diseases such as cancer are very expensive. If pharmaceutical companies do not make changes in their supply chain, the problem will continue to grow (Taylor & Wonder, 2015). This is why this paper calls for research in development in this industry to ensure patients can access affordable medications.
The proposed new economic opportunity (initiative) involves healthcare research and development in the pharmaceutical industry to improve access to medications while promoting economic activities and quality of life in regions where they operate. Drugs are the most important cost driver of healthcare (Rother, 2017). Patients are most likely to be happy with the treatment they receive when they have access to medications. Pharmaceutical companies should ensure that patients have access to effective medications and at the same time making sure that they grow to expand economically. They can only do this by carrying out research regarding innovative ways to improve patient’s access to mediation. Only a handful of pharmaceutical companies engage in supply and demand related research.
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Hospitals and pharmaceutical companies can source for donors to access funding for research. As stated earlier, most pharmaceutical companies do not embrace demand and supply research due to insufficient funds. Reaching out to various donors may
help them in terms of research findings. Additionally, these industries can come together and collaborate with the aim of research and development. According to Anusha, Rao, and Kumar (2016), the partnership can promote research by building infrastructure and trial sites, providing resources, and setting up training in good clinical practices. Therefore, research can be promoted by collaborating with high-income country pharmaceutical companies, national government, and local manufacturers.
On the other hand, hospitals can also pursue research through a partnership with the community and organizations that offer patient assistance and government agencies to enhance research. Only through research can the pharmaceutical industry be improved to ensure patients access affordable medications (Anusha, Rao, & Kumar, 2016). Based on this information, health providers may engage communities and ensure they promote access to medication. Investing in this new economic opportunity (research and development of the pharmaceutical industry) will enhance quality care and access to medication.
Relevant Economic and Environmental Data
People across the globe are experiencing several challenges associated with healthcare services. The services offered by the healthcare providers cannot meet the demand due to the growing population as well as the rising cost of quality care. It is, therefore, necessary to devise new approaches to expanding access to medications and quality care while causing minimal damage to the environment. According to NIH (2017), the National institute’s annual investment in medical research is about $30.1 billion. The institution asserts further that the amount is insufficient due to the high cost of carrying out research. The prices of drugs have increased twice as fast as expected for drugs that were in short supply in 2016. In the United States, the price increases that occur during shortages along with the higher cost of medications which are prescribed as substitutes cost the healthcare system approximated $230 every year (NIH, 2017).
Additionally, it is only through drug discovery that new medications can be manufactured. Most patients suffering from new diseases such as cancer have hope that a new medicine will be invented to cure their illnesses. (Anusha, Rao, & Kumar, 2016). Pharmaceutical companies understand better the level of demand and challenges involved in drug discovery and the development of new drugs. Between 200 and 2016, the Food and Drug Administration, (FDA) approved only 500 new drugs. The number is too small compared to the growing list of complications. This information supports the idea that access to medication is a problem among communities across the globe. A solution to this problem is therefore required which can only be arrived at through research.
The effective communication of the proposal to relevant stakeholders can significantly contribute to its success. Seeking support and approval from stakeholders is highly required. It is important to draft a comprehensive report that reflects the research methodology and how it will improve patient care. This comprehensive report can be conveyed through verbal, written, or visual communication. Verbal communication may entail presentations to a group of stakeholders (Butt, Naaranoja, & Savolainen, 2016). A written document may be distributed to every stakeholder with simple and clear details of the proposal. Visual communication may include using photographs, sketches, charts, and others. Proper communication methods may enhance proper understanding between the researcher and stakeholders.
In summary, hospitals are concerned about increasing healthcare spending. The demand for drugs is increasing as patients continue to struggle with the rising costs of healthcare. Hospitals are challenged by the fact that access to medication is a problem for many patients. Investing in research and development in the pharmaceutical industry is the best way of ensuring access to drugs and quality health.
Propose an economic initiative that presents an opportunity for improved care quality.
Master\’s-level health care practitioners are charged with the responsibility of constantly scanning the external environment for shifts in supply of and demand for services. Concurrently, leaders must examine strategic fit with their organization\’s directional strategy and determine if adjustments need to be made for current service offerings, updates in equipment, changes in staffing models, and a variety of other decisions. Each decision that is proposed must be evaluated in terms of the health care setting as a system, alignment with the mission and strategy, available internal resources, potential contract and payer source implications, and the short- and long-term economic effects at both the micro and macro levels.
Note: Complete the assessments in this course in the order in which they are presented.
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:
•Competency 1: Analyze the effects of financial and economic factors (such as cost-benefit, supply and demand, return on investment, and risks) in a health care system on patient care, services offered, and organizational structures and operation. ◦Analyze the supply and demand for a proposed economic initiative within contexts relevant to a care setting.
•Competency 2: Develop ethical and culturally equitable solutions to economic problems within a health care organization in an effort to improve the quality of care and services offered. ◦Propose an economic initiative that presents an opportunity for a care setting at both the micro and macro levels, and that will provide ethical and culturally equitable improvements to the quality of care.
•Competency 3: Justify the qualitative and quantitative information used to guide economic decision making to stakeholders and colleagues. ◦Explain relevant economic and environmental data that support a proposal and analysis.
•Competency 5: Apply various communication methods in order to clearly, effectively, and efficiently relate information to stakeholders and colleagues related to economic data, findings, and strategies. ◦Communicate an economic proposal in a logically structured and concise manner, writing content clearly with correct use of grammar, punctuation, and spelling.
◦Effectively support a proposal with relevant economic data and scholarly sources, correctly formatting citations and references using current APA style.