The American healthcare industry is on the move courtesy of the American government. For ages, the healthcare sector has been seen as a complicated area with deep-rooted politics, extensive regulations, and other counter-intuitive measures. As a result, smart entrepreneurs, investors, and other professionals who are catalytic to innovations have given the industry a wide berth. However, the government’s recent moves including the initiation of several projects such as Healthdata.gov, Argonaut Project, Startup America, etc. have opened up the industry to more players.
Smart entrepreneurs avoiding the American healthcare industry has cost the American government a pretty penny. In 2014, for instance, WHO availed data that intimated that America spends the highest amount of resources—$9,403—on healthcare per capita. While that may not appear like a problem at a glance, America’s average life expectancy of 79.8 is below Japan’s life expectancy of 83 years, yet Japan spends roughly half the amount the U.S spends on healthcare per capita. In addition, America’s healthcare spending as a percentage of its GDP—17.1 percent—is the highest. WHO warned that America’s healthcare spending as a percentage of its GDP would continue to rise unless the government instituted some radical measures to reverse the trend.
The few innovations that the American healthcare industry has witnessed over the last few years were initiated by the likes of John Crowley. Mr. Crowley became a healthcare entrepreneur as result of frustrations with the healthcare system. He could not fathom the fact that America’s healthcare industry was unable to treat Pompe disease adequately, partly because of inadequate research accomplished on the field. Crowley chose to do the right thing: find a cure for Pompe disease. He started a couple of biotech companies including Novazyme Pharmaceuticals and Amicus Therapeutics. Crowley credits his biotech startups for saving his children’s lives.
He is part of the team seeking to leverage the limitless opportunities offered by technology to address problems in the healthcare industry. Drew Madden is fascinated at how technology can improve patient records through electronic medical records and electronic health records. He is a senior executive at Evergreen Healthcare partners, a firm known for its revolutionary EHR solutions.