5.1.5 Pharmaceuticals & Devices

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Do curso por University of Minnesota

Healthcare Delivery Providers

121 classificações

University of Minnesota

Healthcare Delivery Providers

121 classificações

Curso 2 de 5 em Specialization Healthcare Marketplace

Welcome to the exciting world of Healthcare Delivery Providers! This second course in the Healthcare Marketplace Specialization will help you understand the various providers of healthcare across the U.S. delivery continuum. We will explore the unique value proposition of the various providers- from hospitals and clinics to physicians to community based providers. We will dissect this important value chain using various lenses such as- site of care delivery, people who provide the care and payers who pay for care. You will also learn about the challenges facing these providers and the innovations they are creating in order to help transform this important industry. I will use readings such as a case study and videos to make this learning more experiential for you, so that you can see and feel the world of healthcare delivery. I will also explain the various acronyms and specialized terms used in healthcare, so that you become more proficient and familiar with the language. Given the fact that Healthcare is one of the largest industries in the U.S. and growing at an rapid pace, it is critical that current and future leaders understand the internal and external drivers that are shaping this industry. Current and future leaders will need to constantly innovate in order to sustain this industry into the future- by creating value for the end customer and the entire population, as well as increasing engagement of the humans who work within this industry. Get ready to take a deep dive into the complex ocean that is U.S. healthcare delivery- and make sure your oxygen tank is securely fastened!

Na lição

HEALTHCARE DELIVERY OF TOMORROW

As a way to wrap up this course, I will discuss some key stakeholders and their roles in influencing the healthcare delivery system and providers such as pharmaceutical and device companies, employers etc. I will then share some innovations in healthcare that I have personally experienced in order to showcase how the delivery providers are constantly improving the delivery model. Finally, I will offer some closing reflections and highlight some leadership skills that I have found essential in emerging healthcare leaders.

5.1.1 Governmental Payers4:06

5.1.2 Private Commercial Payers2:20

5.1.3 Employers5:06

5.1.4 Community/ Consumers6:56

5.1.5 Pharmaceuticals & Devices5:29

Conheça os instrutores

Dr. Rahul Koranne
Faculty
Carlson School of Management, Department of Finance

This is the Healthcare Delivery Providers,

part of the Healthcare Marketplace Specialization.

This is module 5.1.5, Pharmaceuticals & Devices.

Learning outcome will be, we will review how pharmaceuticals and

device companies impact healthcare delivery providers.

Where the pharmaceutical's used, of course, throughout the care continuum and

at home, and where the device is used in the hospitals,

the surgery center, urgent care, and all over.

So again, there's a prevalent throughout the healthcare delivery value chain.

Let's start with the pharmaceutical companies.

These are companies that develop, produce, and market drugs for use as medications.

They spend a lot of money in research and development, but also,

they have a lot of regulations, and

they have a lot of work to do before bringing a medication to market.

And they have to work with the Federal Food and Drug Administration Department

to get their approval before a medication can reach a human being.

The other big player in the pharmaceutical arena.

Is what's called the pharmacy business managers, so these are third party

administrators that process and pay for prescription drug claims.

So think of them as insurance companies that have to deal with medications and

pharmaceuticals.

They have very strict rules around formulary development, so they have a list

of medications that they approve and a list that they do not approve.

And they maintain that formulary very carefully,

and then finally they contract with local pharmacies

in order to make sure that the right medications reach the right patients.

Pharmaceutical companies, they impact healthcare by,

directly by the cost of medications.

And one of the things that has been noted, and

is being looked at is the rising cost of medications in the United States, and

again, there are many reasons behind that, but it's a debate that's happening now.

The other thing that is being looked at is brand

name pharmaceuticals versus generics.

So generic medications are those that have their patents expired and

they can be manufactured by other companies and are distributed widely.

Typically, the price of a generic is lower than a brand name pharmaceutical.

As we've discussed there's a lot of regulations both federally and

otherwise on the pharmaceutical companies and the pharmaceutical value chain.

Also, there's a debate around,

is direct to consumer marketing regarding pharmaceuticals okay.

So currently in the US, there's a lot of marketing happening on television,

radio, regarding new and expensive medications directly to the consumer.

The consumer then goes to the physician and demands that medication.

So again, there are many pro's and con's to that that are being debated and

looked at, especially as it relates to increasing the overall total cost of care

for the country.

Finally, pharmaceuticals obviously innovate quite a bit so they do R and

D they bring new pharmaceuticals to the market and lead in treating and

providing medical care for difficult illnesses in service of humanity.

Next let's turn to device companies.

United States is the largest medical device market in the world.

These companies are various devices, large and

small, for example, electro-medical equipment like the pacemaker that was

placed in Harlan Reeves, x-ray equipment of all types,

instruments that are used in the emergency department in the operating rooms,

all types of surgical supplies, and dental supplies, and many, many more.

Issues we have to think about around device companies are patents and patent

management also a lot of regulations similar to the pharmaceutical industry.

Also there's been a debate and a review of the physician involvement and

physician preference and device companies.

So decades ago, physicians were paid or

were incentivized to use various different devices.

And all of that now is being very strictly looked at by the federal government

in the United States and is being monitored and regulated.

Also, as you can imagine in device companies, there's a lot of competition

for devices because a lot of these are high margin items, and

on the other hand, there is definitely a commoditization of many devices.

And hence, the price of those is steadily going down, which again forces the device

companies to continue to innovate, come out with higher margin products.

And that dynamic is really playing off now,

especially in the context of healthcare costs.

In summary, the pharmaceutical companies and

device companies are key stakeholders in the healthcare delivery system, and

they affect the delivery system providers both directly and indirectly.

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