How More MBAs Can Lead to Innovation in Healthcare

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Doctor meets with older patient and is taking notesThe remit of the modern healthcare industry is an extensive one. While healthcare was once implemented on a purely scientific basis — by using cutting-edge biological and pharmaceutical techniques to research and develop cures, and then using the appropriate medical methods to administer them — the role of modern healthcare now extends far beyond this.

If the healthcare industry is to rise to and surpass the contemporary and future challenges it faces, it requires professionals with business, fiscal, and logistical expertise to join the forefront of its development. Forecasts from the United Nations indicate that 20 percent of the world’s population will be aged 50 or above by 2050, and this aging global population will bring with it new challenges in healthcare.

Inter-Disciplinary Cooperation

Dealing with this problem and others will require efficiency, innovation, and inter-disciplinary co-operation, all of which can be achieved by more doctors and professionals with MBAs joining the industry.

Aesculap AG offers a prime example of how this approach can work. Affiliated with German pharmaceutical giant B. Braun Melsungen AG, Aesculap encourages innovation by working closely with external partners from a wide range of fields, including computer-hardware experts and producers of bio-materials, to come up with innovative and exciting answers to healthcare conundrums.

This kind of business-minded outlook has led to great leaps in healthcare technology.

A Fresh Perspective

In order to foster a culture of innovation, the healthcare industry must approach problems with fresh eyes. Encouraging more MBA graduates to move into the healthcare industry invites fresh perspectives on old problems, in turn inspiring innovative and novel methods to overcome those problems.

Taking the aforementioned example; an aging population will put the world’s existing healthcare infrastructure under immense pressure and strain. Overcoming this will require more than just the development of more effective ways to treat geriatric diseases and ailments; it will require the development of more efficient ways of implementing these treatments, more cost-effective medicine production systems, and an improved system of logistics to deliver care and medication to where it is required.

To achieve this, the healthcare industry needs a new business model, and it is MBA graduates and their ideas that can help to drive this shift in the industry.

A New Business Model

The commercialization of the healthcare industry is a thorny issue. On the one hand, there is much debate around the ethics of the big pharmaceutical companies that appear to put profit margins above the lives of patients. On the other hand, most commentators recognize that the introduction of a business-style model is the only way to make the healthcare industry more resilient in the face of future challenges.

To quote physicist Albert Einstein, “Innovation is not the product of logical thought, although the result is tied to logical structure;” and it is these logical structures — provided by a more business-minded outlook — that form the framework for innovation in healthcare.

This is why MBA graduates and business experts are so vital in evolving healthcare industry; not to commodify medicine and treatment, but to overcome barriers and find solutions to the problems posed by administering healthcare in an ever-changing world.

Additional Reading

Disruptive Innovation in Healthcare
Which Innovations are Revolutionizing Healthcare Today?
Hard Skills You Can Learn in the Online Healthcare MBA Program