Kellogg Insight June 21, 2022
New business models abound, private equity is expanding, and healthcare workers are hard to find.
The United States’ healthcare industry has undergone seismic shifts in the last 40 years—not least its incredible growth as a portion of the nation’s economy.
“Back then, healthcare was about eight percent of GDP, and people were saying, ‘That’s too big. It’s not sustainable,’” says David Dranove, a professor of health industry management in the strategy department of the Kellogg School. “Now it is 18 percent of the economy, which is larger than the entire economies of every other nation outside of China, Japan, and Germany.”
Dranove, one of the nation’s leading healthcare economists, has tracked this evolution over the course...
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