The Future of Healthcare Software Business in Canada (PDF)
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Prod. Code: EB009
The increasing appreciation of the potential benefits of software in the achievement of the dual healthcare delivery objectives of qualitative health services provision while simultaneously reducing health spending is creating immense business opportunities for software firms but also revealing potential challenges. The ability of these firms to harness their competencies in ascertaining these opportunities, evident and cryptic, and in overcoming market obstacles would determine their odds to survive let alone, thrive. With healthcare delivery becoming more patient-centered, the expectations of service delivery by the consumer more sophisticated and complex, healthcare jurisdictions under increasing budgetary pressure as health pending soars relentlessly, the transformational challenges healthcare organizations face unabated, and the debate over the need or otherwise for a parallel private health system persisting, Canada’s health sector, is indeed, evolving. The outcome of this process would be the product of the interplay of a variety of issues, whose underlying processes healthcare software firms need to explore to determine and actualize their strategic value propositions and market orientation.
That these issues cut across domains, health and non-health, underscores the complexity of the healthcare delivery process on the one hand, and on the other, the extent of the potential markets for innovative software products and services, particularly in a sector with a legendary lag in healthcare ICT adoption, relative to similarly information-intensive industries. The need for the health sector to reinvent itself is inherent in the perpetual flux manifest in these issues, from that of the need for preparedness for and response to the potential cataclysm of an emergent virus to that for inventive integrated customer relationship management or sector-wide supply chain solutions, for examples. It is therefore equally imperative that the health sector meets the challenges that confront it at every phase of its evolution to advance in its continuing transition along the quality progress spectrum, which makes its investments in the technologies that could both enable and accentuate this progress inevitable.
The market opportunities that this would present to healthcare software firms would not be exclusively vertical. In fact, the increased deployment of healthcare software and other ICT within the health system would result in an interlocking cascade that binds both vertical and horizontal markets, creating significant prospects for Canadian software firms, even if some they would need to ferret. These issues and others that drive contemporary healthcare and their bearing on the future of healthcare software and ICT business in Canada we will explore in detail in this e-book. That their influence on the healthcare software industry we cannot discountenance considering the health and economy dyadic, and the potential contributions of this industry on the latter too, further highlights the seriousness with which Canadian software firms need to view these issues, which with our analyses in this e-book, we would attempt to foster.
This e-book would interest software vendors and ICT companies in Canada and elsewhere. Hospital executives, policymakers, healthcare professionals, the public, health advocacy groups, the media, government agencies, health insurance companies, industry analysts and leaders, and other healthcare stakeholders would also find its perspectives refreshing.