Health care is as American as apple pie, at least when it comes to spending. The usual metric for the macroeconomy is the Gross Domestic Product (GDP). This is defined as the market value of all goods and services produced in a country. Technically,
GDP = Personal Consumption + Investment + Government Spending + (Exports – Imports)
Personal consumption is the largest single component of the economy. Health care comprises over 17% of personal consumption expenditures, and housing, 15%. The third largest line item in personal consumption is food, which eats up 14% of personal consumption expenses.
Thus, health care took 17 cents of each dollar spent in 2006. By 2015, this proportion is forecasted to be 20% — that is, 1 of every 5 dollars in America will go to health care.
Health Populi’s Hot Points: You’re upset about the cost of gas. Yet, gas, fuel and energy consume 75% less of your spending than health care. Face that fact, and get smart!
Sources: Health Care Spending: Public Payers Face Burden of Entitlement Program Growth, While All Payers Face Rising Prices and Increasing Use of Services, February 15, 2007, General Accounting Office, GAO-07-497T (http://www.gao.gov/)
Jane is delighted to be invited to speak at the Consumer Healthcare Products Association's (CHPA) annual conference with health care marketers, convening at the historic Hotel du Pont in Wilmington. We'll cover the growing retail health ecosystem and opportunities for self-care, health engagement, and digital health in the expanding IoT for health/care at home.
Grateful to GlobalData analysts for including me on this list of top health tech influencers, with many valued colleagues and collaborators: Sherry Reynolds (@Cascadia), Alicia Staley (@Stales), Eric Topol (@EricTopol), Joe Babaian (@JoeBabaian), Evan Kirstel (@EvanKirstel), and John Nosta (@JohnNosta), among others I greatly admire and hope to work with.
A long-time collaborator with the Health 2.0 team, Jane will once again join the crew in Silicon Valley to share and update perspectives on consumers, patients, and providers in the growing retail and digital health ecosystem for self-care and IoT for health at home.