Healthcare Innovation July 12, 2019
The healthcare sector has been evading competitive pricing, but will it be able to evade innovation?
Today’s consumers have the perception of a monopoly as something that increases the price of a product without offering an improvement in services. Take the example of our internet service providers (ISPs). Very few people can switch providers; most of us are stuck with no choice for an ISP. The same is true for utility companies. We do not have an option to change our electricity or gas or water providers. Utility companies and internet service providers are examples of government-approved monopolies with high prices, mediocre service and low customer satisfaction. The consumer is helpless.
Our healthcare sector does not have such monopolies. We...