Health Care Is in the Midst of a Transformation

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By Yitzhak Peterburg
Chairman of the Board of Directors, Teva

This post is part of a series produced by The Huffington Post in conjunction with the Israel Dealmakers Summit 2016, the premier Israel-focused business event of the year representing a meticulously curated gathering of global corporations, investors, dealmakers and technology entrepreneurs converging from around the world during this exclusive two-day event in Silicon Valley. You may learn more at www.IsraelDealmakers.com.

What do the travel, banking, taxi, journalism and retail sectors all have in common?

They have all had their business models completely disrupted by hungry and innovative tech entrepreneurs. And those are not the only sectors facing this particular challenge: so far healthcare has escaped largely unscathed but even this, most well-established and vital industry, is about to face an equally powerful revolution.

This looming change is being largely driven by three forces. First is the massive and increasing financial pressure bearing down on healthcare systems across the world. Nearly one-fifth of the total US GDP is being spent on healthcare. Clearly, this is not sustainable and creates continuous pressure on the health industry players.

The second driver of change in healthcare is the emergence of the empowered and proactive health consumer. It is not surprising that consumers who are now used to shopping online for groceries, who manage their banking via their phones, choose their summer vacations with a click and order a taxi without even lifting a finger, expect the same from their healthcare providers.

Fortunately for the consumer (and for the healthcare innovators) it is now possible to envisage a healthcare system which goes above and beyond what we have today to meet these new, higher expectations. And that is thanks to the third driving force, the technology. The same innovations which have enabled change across almost every aspect of our lives, are now gaining momentum across the healthcare space. These developments facilitate the creation of healthcare system which can connect with the patient, collect and analyze his medical data and use it to provide him with personalized, on-the-spot and holistic support for his health needs.

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