How the future of healthcare will change in 2020

If you want to find out how healthcare is going to change in the next year or so then these are some of the top changes that you need to watch out for.
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Published 10th Jul 2020, 09:35 BST
Updated 10th Jul 2020, 09:35 BST
Investment has helped scientists make huge stridesInvestment has helped scientists make huge strides
Investment has helped scientists make huge strides

Price transparency

Healthcare experts are now working to make sure that price transparency is focused on for the future. Digital healthcare companies are trying to make sure that everything is done to make sure that prices are upfront to patients when and where possible. They are also trying to establish more clarity.

This should mean that packages can be created at an understandable level. This will drive down the market force and it will also mean that people can take advantage of a much fairer system. This is especially the case in America, where the price of healthcare is not just high, but sometimes, confusing to patients.

Behind this radical change is the advance in technology available to the healthcare sector. With the Tej Kohli Foundation for example, the money that the foundation has invested has meant that huge strides have been made. It is hoped more companies invest in this area, to help make a difference.

Rising cost of insulin

A lot of healthcare companies are trying to clamp down on the rising cost of insulin. Some believe that type 2 diabetes can be reversed if nutritional intervention is put into place soon enough and this could lower the ceiling value of insulin in general. The FDA has stated that the price of insulin has been far too high for too long.

Insulin is a biological drug that has been around for decades, and many believe there is no reason for costs to be so high. Many experts are calling for insulin to be regulated for the first time in 2020 and that the transition may spur some generic competition.

Lowering drug prices

A lot of company CEOs have stated that healthcare services need to try and focus on bringing the cost of drugs back under control, to avoid a major backlash against the industry.

Prescription drug prices need to lower, especially in America. If prescription price drop of even a small percentage would save Medicare $345 billion in the next 10 years.

The main iadvantage of this plan, at least for the US, is that it would mean that Medicare can then negotiate lower prices for up to 250 of the most expensive drugs around. This includes insulin and it would also mean that those who have a private plan could then receive a discount.

If the public back the call for change, 2020 could be the year that makes a difference.