Globally, the healthcare industry is experiencing rapid growth and transformation. Majority of changes in the sector are associated with cost-effective health care services and overall delivery efficiency. Along with these changes, new reforms are also being implemented to control cost trajectory, which is a major challenge the industry faces in most of the countries.
The pharmaceutical and medical device sectors are experiencing an immense growth, because the pharmaceutical industry is witnessing high investments in R&D, due to the increasing demand for innovative drugs.
Due to strategic global alliances and innovation in medical technologies, patient care is witnessing high innovations as well. These innovations and advancements have resulted in the shortening of overall recovery time, and have also helped lower medical costs.
Globally several organizations in developed countries, as part of their cost-containment strategies, are focusing on long-term care and preventive medicines. As far as developing countries are concerned, they are making substantial investments for improving healthcare infrastructure, and to provide affordable health care services. The industry’s aim is to provide high-quality healthcare services at an affordable cost; hence various companies in the industry are under immense pressure to deliver cost-effective products.
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