The future of health, wealth, and longevity services hinges on a collaborative approach between governments, healthcare providers, health and long-term care insurers, employers, and technology companies. This shift is driven by ageing populations and declining birth rates, prompting governments to explore new funding models and flexible retirement options to improve well-being and reduce economic inactivity. Platform-based technologies will play a crucial role in integrating services, enabling data sharing and exchange of goods and services, and offering tailored solutions that promote healthy ageing and financial well-being. This integrated ecosystem will empower individuals to make informed decisions about their health, wealth, and longevity.
There are several cross-cutting constraints that could affect the prediction (not having the right skills and talent, funding models, approach to regulation, and data governance in place). The prediction can be realised by turning the constraints into enablers by:
Our latest Predictions perspective outlines several critical trends with significant relevance for the Australian healthcare market including the convergence of health, wealth, and longevity services. An ageing population with a growing burden of disease, combined with changing consumer expectations and increasing cultural focus on wellness, is anticipated to prompt Governments and businesses to invest in prevention, mental health, productivity, and health equity.
Platform-based technologies will be pivotal in integrating services, enabling data sharing, and offering personalisation. This technological shift will support healthier ageing and financial well-being, providing a collaborative ecosystem for informed decision-making by citizens, patients, and providers.
The economic case for prevention and well-being will move into sharper focus as Governments and insurers realise that the rising cost of care cannot be solved by increased efficiency alone. A 2021 report by the Australian Productivity Commission estimates that the cost to Australia of mental ill-health and suicide is around $200 to $220 billion per year. This includes direct economic costs of around $40 to $70 billion per year. As economic conditions tighten, the appetite for innovation will grow.1
Addressing constraints to growth such as skill gaps, funding models, and data governance is necessary. Investments in digital skills, regulatory frameworks for consumer protection, and secure, interoperable data platforms is essential. Australia's adoption rate of platform technologies, including cloud computing, AI, and IoT, is slightly behind global leaders, highlighting the need for timely action.
The convergence of health, wealth and longevity services will lead to Australian healthcare providers, policymakers, and patients benefiting from integrated, technology-driven approaches that prioritise prevention, personalised care, and financial security.
Is your organisation ready?
Reference
1. https://www.pc.gov.au/inquiries/completed/mental-health/report/mental-health-volume1.pdf
Our predictions series for the life sciences and healthcare industry looks ahead to the year 2030 to help you see what’s coming and to keep your organisation moving forward.
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