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The healthcare sector is one of the largest and most complex ones
Government intervention in healthcare markets and activities is pervasive, in part due to some of these economic factors.
Demand for healthcare services is high in terms of price inelasticity. Consumers and producers face inherent uncertainties regarding needs, outcomes, and the costs of services.
Patients, providers, and other industry players possess widely asymmetric information while principal-agent problems are ubiquitous.
Major barriers to entering healthcare markets exist in the form of professional licensure, regulations, intellectual property protections, specialized expertise, research and development costs, and natural economies of scale. Consumption (or non-consumption) and production of medical services may involve significant externalities, particularly regarding infectious diseases.
Transaction costs are high in both the provision of care and care coordination.
• Research and development (R&D) expenses per new drug developed
• Number of new drugs developed
• Prescriptions filled per pharmacy
• Non-prescription sales as a percentage of total sales
• TAKT Time (the required product assembly duration that is needed to match the demand)
Metrics to evaluate adverse events help manufacturers determine the number of devices that failed to produce effective results and led to some serious conditions like rendering a patient disabled or even death.
• Ratings: Number of products with a positive, typically above 4 stars, rating.
• Reviews: Number of products with a specified review count. Appropriate number of total reviews should be determined by benchmarking against competitor products.
• Quality metrics: Depending on the category, metrics might include several different attributes.
Apiron Techologies can gather, process, and analyse data to address major healthcare industry challenges:
Developing new drugs
MIT study showed only 13.8% of drugs successfully passed clinical trials.
Improve medication safety
Monitoring side-affects, adverse reactions or events that make sense of clinical data.
New Products planning
Using insights to plan and develop a marketing strategy for new products or services.
Discover trends impacting businesses and products (e.g. Supplements, Vitamins or Diet products etc)
Monitor medication adherence
Ensuring that patients take their meds correctly has long been a challenge for providers as it can often be the difference between a prescription’s success or failure when it comes to addressing the targeted condition or disease.
Find the correct patients for clinical trials
Reliably and cost effectively predictions about health risks and outcomes across large populations or such as the epidemic outbreak prediction for malaria.
Tackle diseases previously deemed too difficult to take on
There could be as many as 7,000 rare diseases – defined in the EU as conditions that affect less than one in 2,000 people – but approximately 90% of them still have no effective treatments. In Europe alone, it is estimated that orphan conditions affect around 30 million patients.