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The Changing Nature Of Healthcare Markets
IMT Hyderabad, 05th March 2024: Institute of Management Technology (IMT), Hyderabad, hosted its third session of the Global Immersion program with Prof. Nicola Mountford, Associate Professor and Ph.D. Director, Maynooth University, Ireland, as the keynote speaker who enthusiastically engaged the audience in a discussion on "The changing nature of healthcare markets." Prof. (Dr.) Nitin Gupta, Chairperson - International Relations of IMT Hyderabad, welcomed the speaker, after which Mohan Garje, a first-year PGDM student, briefly introduced the distinguished speaker to the audience.
Prof. Mountford's address revolved around four topics: technology in healthcare, technology in markets, market networks, and how these three gel together in the changing nature of health markets.
She started with how technology is used in healthcare and explained terms such as e-health, telemedicine, digital health, etc. She talked about the importance of e-health in the market, highlighting that the budget for the healthcare sector has seen a remarkable increase, particularly post-COVID-19. In 2020, it amounted to 69.5 billion USD, with expectations to reach 193.8 billion USD by 2025. Then, she moved to troubles in the healthcare system and discussed the situations in Ireland and Europe. She underscored that there can be significant issues in India in the next 30 years, with birth rates dropping and other issues prevailing in the Indian market. Prof. Mountford emphasized the government’s role, pointing out that the government is taking initiatives to keep the situation in check.
She discussed technology and markets, as well as how markets work differently everywhere by sharing practical examples. Additionally, she provided insights into emerging markets. She also spoke about how product-based transactions are moving to solution-based transactions. With this, the difference between traditional and complex emerging markets was explained. She then discussed a case about Haemophilia product selection, in which she talked about normative objectives and innovation in procurement processes.
Explaining how healthcare, technology, and markets go together, Prof. Mountford talked about her research in this field. She enlightened students about the CH ecosystem, which has components like industry developers, end users, payers, and others. She wrapped the discussion with a question, "What is more important, to make money or to save lives?".
Towards the end of the session, an exciting Q&A round added depth to the subject. Prof. Nitin Gupta thanked Prof. Nicola Mountford for her crucial observations and significant contribution to the discussion.
Following the conclusion of the session, the students expressed their sincere gratitude and thanked the speaker for such an insightful talk.
