In the global healthcare industry, glocalization is an emerging trend. Glocalization, a term derived from combining the words globalization and localization, describes the adaptation of global products and services to meet the needs of people in a specific geographic location. Many healthcare industry challenges are shared around the world; however, the effects of these challenges are generally influenced by local issues. A surge in global healthcare spending, along with glocalization, is presenting pharmaceutical companies with both great challenges and opportunities.
The Economist Intelligence Unit (EIU) estimates that global healthcare spending in 2014 will amount to 10.5% of the world’s GDP. With worldwide life expectancy rising, a rapidly aging population, and the tremendous middle class growth in emerging markets, the demand for healthcare products and services is higher than ever. This presents an immense challenge for the international healthcare sector, as it has to combat the soaring prices of healthcare products and services, uneven quality in products and services, infrastructure limitations, and varying patient locations. Never before have there been more global healthcare challenges than there are today, but these challenges should prompt players in the healthcare industry to innovate and deliver solutions that will benefit the health of people worldwide.
Going forward, it will be interesting to see if global pharmaceutical companies can meet the ever-increasing international demand for healthcare products. What are your thoughts? Will these companies be able to satisfy demand or will some people be left without the healthcare products and services they need.
Stay tuned to the globalEDGE blog the rest of this week to learn how Ebola has affected Africa’s economy, the impact of counterfeiting and illicit diversion on the healthcare industry, the growth of Southeast Asia’s healthcare sector, and the implications of outsourcing healthcare.