Global healthcare spend will reach $8.7 trillion by 2020
As per Deloitte’s 2017 Global Life Sciences Outlook report, global healthcare spend will reach $8.7 trillion by 2020. This demand will rise from factors like the increase in aging population, and prevalence of chronic and communicable diseases, as per the report.
Healthcare demand rising in Canada
While most of this demand for healthcare services and products is estimated to arise from emerging and low-income countries, Canada too will need to expand its services to cater to the rising senior (> 65 years of age) population. Statistics Canada’s 2016 census figures indicated that for the first time, seniors outnumbered children in Canada. As per the statistics, there are now 5.9 million Canadian seniors, compared to 5.8 million Canadians 14 and under. By 2036, the population of those older than 65 in Canada is expected to increase to 10.4 million, more than twice the size of what it is today and approximately 25% of the overall population.
A media story published by CBC quoted Dr. Frances Woolley, Economics professor at Carleton University in Ottawa, “As people get older, they need more health care, more home care, and that puts increasing demands on government spending. There are big challenges for the government coming on the fiscal side.”
To meet this rise in demand, a report by KPMG, Blurring the Lines – Convergence in Canadian health and Life Sciences, recommends that companies across the health and life sciences industry should realign their goals with those of the health system as a whole and identify opportunities to work collaboratively with system stakeholders or they will risk being left behind.
Future of the Life Sciences industry
The life sciences sector has perpetually faced issues related to costs, innovation, consumer engagement, regulatory compliance and more recently evolving technological advancements. To combat these issues, collaboration is needed within related sectors such as pharmaceutical, medical device, and diagnostic health service providers, as well as retailers, technology companies, telecommunications companies and seniors housing providers.
For years, PR Associates’ team members have worked with health-related experts to simplify complex information and create awareness on issues with the target audiences, has helped companies attract investors and helped bridge the gap between health research done in academic environments or Canadian small and medium-sized enterprises and the commercial market for such products.
PR Associates works intrinsically in the life sciences industry with organizations to identify the need gaps through research and analysis, train spokespeople and scientific experts on how to convey their message, showcase the successes achieved by organizations and researchers alike, and garner media coverage where needed.
Call us today to know how we can collaborate to grow the life sciences industry in Canada.