We owe so much to the frontline heroes that serve society in critical times. The pandemic has shown us just how important and under-appreciated these individuals are. We owe them a debt of gratitude. Healthcare is one of those areas where we see both heroics and exposure. The lack of digital progress has been exposed across sectors by the virus. That is the bad news. The good news is that extreme events like this can serve as accelerants. This recent Article describes the turning point that COVID-19 likely represents for healthcare. Rethinking healthcare for the digital age should be a top priority (as it should across all industries).Continue reading
Last week. I posted about modern monetary theory (MMT) and how it challenges conventional wisdom regarding deficits. In her recent book titled The Deficit Myth , Author Stephanie Kelton – Professor of Economics and Public Policy at Stony Brook University – explores the tenets of the theory and its implications to government spending. Progressive agendas aimed at solving the challenges of education, healthcare, climate change and others look at modern monetary theory as a possible solution. In contrast to borrowing money or raising taxes, the monetisation of government expenditure (its financing by the central bank’s creation of money) is costless, in that the government does not have to pay interest on cash.
The attention garnered by MMT has drawn its share of critics. In the interest of understanding both sides of this debate, I read a book titled Modern Monetary Theory and its Critics. The book is a series of essays edited by Edward Fullbrook and Jamie Morgan. As the authors state: in the wake of the decade of fiscal austerity following the Global Financial Crisis, and the apparent exhaustion of standard monetary policy strategies and the ever-increasing income disparity, interest in MMT has grown beyond academia. The skeptics provide a different point of view. As we search for answers to our pressing issues and strive to think differently, it’s prudent that we keep an open mind to these new ways of thinking, while at the same time, understanding their limitations. I recommend the book, which I have added to my Book Library.
In a recent Article via the World Economic forum, author Saemoon Yoon identified 17 ways that technology could change the world by 2025. While the current pandemic exposed our vulnerabilities, it also shows what is achievable through collaboration. While efforts to collaborate globally must improve, a heightened visibility to the issues combined with an appreciation for the power of science and technology is a step in the right Direction. Here are snippets from the article that captures insight from 17 experts related to the world of 2025.
I wrapped up another great book. This one focused on government deficits as viewed through the lens of Modern Monetary Theory. Author Stephanie Kelton addresses the topic in her recent book titled The Deficit Myth. In this best seller, Ms. Kelton – Professor of Economics and Public Policy at Stony Brook University – explores the role of currency issuers (U.S., Japan, U.K., Australia, etc.) versus currency users. From the book:
“The distinction between currency users and the currency issuer lies at the heart of Modern Monetary Theory. And as we will see in the pages ahead, it has profound implications for some of the most important policy debates of our time, such as health care, climate change, Social Security, international trade, and inequality.”
A recent article on the Future of Medicine explores the emerging Wellness Ecosystem and the impact that COVID-19 is likely to have on its path. The key message from the article and associated video below is that Connected Health has a greater opportunity for realization. The pandemic has proven that virtual ways of working and telemedicine can work. The video examines the role of artificial intelligence, 5G, Sensors, and data in the progression towards a personalized health ecosystem.
As we peer into the Looking Glass, we know that uncertainty is staring back. Our exponential world and all its building blocks and scenarios has created this looking glass phenomenon – something I explored in this Leadership Course back in 2017. COVID-19 underscores this uncertainty, serving as both an accelerant and an obstacle. A good example is explored in this Article on automation. Will the pandemic serve as an automation accelerant, as businesses replace laid off employees via automation? Or is it an obstacle to the capital investment required to enable automation?
There’s been a lot of talk lately about the impact of Artificial Intelligence on Healthcare. An aging population is likely to place even more stress on a costly and ineffective healthcare system. There are other new innovations that are likely to improve healthcare efficiency and offer new ways to address global healthcare challenges. One such innovation is described in this Recent Article authored by science editor Jackson Ryan.
The path to breakthrough innovation is usually paved by compelling reasons to address challenges. China’s flourishing economy and continuous progress of medical reform has driven rapid expansion in their healthcare system and significant service improvements. There are over one million medical institutions in China and insurance covers more than 95% of the Chinese population. Average life expectancy has reached 76.4 years – higher than in some high-income countries. As with other countries however, population aging has put enormous pressure on their healthcare system – a phenomenon likely to play out everywhere as baby boomers retire. New innovations are likely to improve healthcare efficiency and offer new ways to address these global healthcare challenges.
Update January 22nd: I am adding a book just released to this short list – Shaping the Fourth Industrial Revolution
I’m often asked for book recommendations that aid with future thinking exercises. A good source in 2018 for this type of exercise is Fast Future Publishing, whose goal is to profile the latest thinking of established and emerging futurists, foresight researchers and future thinkers from around the world, and to make that thinking accessible to the widest possible audience. Their innovative publishing model bypasses most traditional publishing channels and accelerates time to market. Two books that I’d recommend for early 2018 are described below, and a new book due out in the spring is also included.
I had the pleasure of participating in the Milken Institute Health Summit earlier this week. A truly inspiring two days at one of the best run conferences I’ve attended. Great discussions with Pepsi CEO Indra Nooyi, Senators Corey Booker and Ben Sasse, and World Bank Group President Jim Yong Kim. The details and a video of the panel discussion I participated in are included below.
One of the most important public health findings in the last two decades is that medical care is far from the only factor in how long people live and the quality of their health. A key step to improving health outcomes for older adults–and reducing the costs to the health-care system–is to better integrate health-care and supportive services with housing and transportation at local levels. This session explores effective methods and solutions that can drive change and result in healthier aging on a vast scale. How can we encourage more communities across the country to make the needs of their older residents a priority as they plan for the future? How do we improve the critical connections between housing, health care, technology, transportation, and urban planning?
MODERATOR: Anand Parekh, Chief Medical Advisor, Bipartisan Policy Center
Catherine Anderson, Senior Vice President, Policy and Strategy, United Healthcare Community and State
Frank Diana, Principal, Tata Consultancy Services
Omar Nagji, Lead, Health Partnerships, Lyft
Allison Silberberg, Mayor, Alexandria, Virginia
Pattie Dale Tye, Segment Vice President, Bold Goal, Humana
View the full panel discussion Here.
In a recent post titled Demonetized Cost of Living, Peter Diamandis describes how technological socialism (i.e. having our lives taken care of by technology) will drive our cost of living close to zero. A similar case was made by Economist Jeremy Rifkin in his book titled The Zero Marginal Cost Society. Diamandis defines demonetization as the ability of technology to take a product or service that was previously expensive and making it substantially cheaper, or potentially free; removing money from the equation. Demonetized is one of the Six D’s of digital, as described by Diamandis and captured in one of my visuals below.
I am a firm believer that platform supported ecosystems will ultimately displace our current industry constructs. Given the uncertain nature of this transition, Future Thinking is a critical skill for any leader or organization to embrace. I have used the Driverless Car scenario as a way to describe future thinking and in this case, the progression towards a mobility ecosystem. I did a similar piece on Connected Health, which is likely the early manifestation of an emerging wellness ecosystem. This recent report on The Future Health Ecosystem provides a glimpse into the transition towards this wellness ecosystem. The author describes an expected shift of $1 trillion of the $3 trillion spent on healthcare to new players and business models; which could have devastating consequences for incumbents.
A Forbes article on this recent report looks at the major life transitions that the two largest generations in history are in the midst of – and the profound impact it will have on healthcare. Some of the very interesting findings – and clear drivers of a wellness ecosystem – are:
In a recent book titled The Future of the Professions, the authors describe an emerging paradigm shift in what I view as The Year of Shifts. They see significant change in the way expertise is made available to society, and envision a time when professionals will no longer be the dominant interface between lay people and the expertise required to address their own particular circumstances. The main hypothesis explored centers on a technology-based Internet society, and increasingly capable machines. These machines operating on their own or with non-specialist users, will take on many of the tasks that have been the realm of the professions. They predict an incremental transformation in the short term, with an eventual dismantling of these traditional professions.
This line of thinking fits with the Structural Change enabler as viewed through the lens of transformation in the digital age. It has prompted me to add another future scenario to my scenario visual, this one labeled “Institution 2.0”.
Some time ago, I did a series on the enablers required to propel organizations into the future. With the passage of time, and after considerable dialog, the time has come to update that point of view. In continuing with this future of business series, the next several posts will provide an updated list and perspective on these enablers. Leaders must effectively manage the exponential forces that drive them on a path to viability. In the absence of a burning platform, the growing gap between these exponential forces and the linear constructs of our day should spur leadership action. Continue reading
Part two of Anticipating 2025 will summarize the second section of the book. This section focused on three broad topics:
- Will advancing technology make doctors unemployed?
- The future of medicine and the convergence of nanotechnology and biology
- Rejuvenation Biotechnology program
It is fascinating to view this section through a disruptive and transformative lens. The acceleration of scientific advancement intensifies the degree and speed of change, thus positioning the type of paradigm shift that we have not seen since the steam engine. As this recent Forbes article points out, even The Acceleration is Accelerating.
The first topics author is Maneesh Juneja, Digital Health Futurist, and Founder of the Health 2.0 London Chapter. In the opening discussion, the author focuses on technology advancement and the future role of doctors. He describes a backward healthcare system that focuses on treatment versus prevention, and the difficulties of solving this problem when there is no profit in prevention. In researching systems from the past, the author looked at ancient China, where it is said that doctors only received payment while their patients stayed healthy. The author then explores the technologies projected to change the practice of medicine:
The last two posts focused on disruptive scenarios driven by the future introduction of autonomous vehicles. However, the context for viewing disruptive potential must be broad – not just one possible scenario. With that in mind, let’s take a look at the Healthcare industry with a broader lens. The authors (Chunka Mui and Paul Carroll) of The New Killer Apps do a masterful job of doing just that. They make a rather bold statement in a chapter dedicated to the Healthcare industry – specifically:
“Without a course correction, hospitals will lose their central place in medicine and many will disappear.”
Strong maybe, but not hype. The risk is real and not limited to Healthcare. The visual below is a great representation of the law of disruption. The progression of technology is riding an exponential curve. With this acceleration comes a progression of disruption where incremental business change can no longer keep pace. Disruption and the need for transformative actions occur when this scenario takes hold, and the enterprise has not taken steps to respond. A failure to respond in this fast paced, change oriented world is likely catastrophic, but the opening for killer apps depicted in the visual presents both risk and tremendous market opportunity.
The Law of Disruption (source: Unleashing the Killer App)