While today’s stagnant economy and job scarcity has taken its toll on most of the country, it has also been a boon to entrepreneurs. The recession has given many people inspiration to learn from their previous mistakes and look for new opportunities. Now as these people bounce back from the recession they’re looking to a new booming sector – healthcare. Although there’s a lot of work to do, healthcare shows great potential.
Healthcare is always dismissed as bland and paper work orientated job, but new innovative ideas are changing this. In fact a Business Week article indicates new technologies are rapidly improving healthcare and putting it at the cutting edge of innovation. More specifically tools like E-CARE enable hospitals to reduce waste, safeguard privacy, and save lives. E-CARE can facilitate these goals because it allows people to share medical history and information. The article further notes the advent of personalized care is leading to new innovations in medicine and technology. Currently, customized medicine is expensive, but can revolutionize healthcare quality and delivery. All together new discoveries and inventions in healthcare are vigorously sought after. This places the healthcare industry not only at the forefront of innovation but also at the perfect place to achieve sustainable growth.
Sustainable growth, as the 2008 credit crisis has proven, is very important. Investing in massive growth real-estate schemes and accepting sub-prime mortgages showed America that prioritizing short term growth could be deadly. So while other industries withered away in the credit crisis, healthcare stood resiliently. CNBC concurrently pointed out healthcare is a recession-proof industry – to some extent. The article extrapolates that healthcare industry’s ability to adopt market conditions and provide essential care precludes its complete downfall. Even better, one year after the credit crisis had begun medical and diagnostic labs saw 8.22% jump in growth from 2008. Moreover, new government funding will ensure consistent growth over the next few years. A Forbes article notes the new governmental emphasis on healthcare means the industry will have to increase its workforce by 30% by 2020. Likewise, a Georgetown University study adds that after all is said and done that amounts to three million new jobs. This would make the healthcare the fastest growing sector in the US. Although job security is great, healthcare, as the Forbes article points out, also boasts a competitive earning potential. The reason is simply there is a high demand for healthcare workers, so qualified people will be paid more than usual.
All in all, the healthcare industry boasts many advantages over many other sectors. Thus the Wall Street Journal rightly notes the industry’s potential has made the entrepreneurial spirit infectious. Seeing the possibilities, entrepreneurs are realizing healthcare shows a lot of promise; not just from what has been done but what can be achieved.