Australia has long been considered a “Lucky Country” as life expectancy has continued to increase for Australians. Quality of life is on the rise, with living conditions improving thanks to advancements in vital sectors like health care. Australia’s dual private-public health care system is highly regarded by most Australians. The private and public sectors are deeply interconnected and having private health insurance has largely become part of the Australian way of life. Despite the additional costs, 84% of Australians with private health insurance value the product and want to keep it. Our health system is also well regarded in terms of clinical outcomes. Australia is among the world’s best in terms of outcomes like infant mortality. The majority of the population (65%) believe the quality of the health system in their State or Territory is very high.
Government data shows the lifespan of both sexes has increased. People born in 2011–2013 are now tipped to live to around 33–34 years longer than Australians born between 1880 and 1890. So, on an average, we have gained an extra 34 years of life expectancy over the last 100 years, and with that, the prevalence of disease has shifted from acute self-limiting conditions to chronic illnesses, which can be treated, but not cured.
Utilisation of health services has increased dramatically as a result. Improvements in health technology have tended to add to health costs, not substitute for them, leading to a situation where the majority of health expenditure on a single patient occurs in the last year of their life. Consumer expectations of what the health system should deliver are increasing in line with economic growth and increased life expectancy. Many people who have a hip or knee replacement these days do so with the expectation of returning to work, not retiring.
Out of the major countries in the world, Australia ranks fourth. Japan holds the 1st position closely followed by Switzerland and Iceland, although all countries are very close falling between the 82-84yrs range. With quality, outcomes, and value being the watchwords for health care in the 21st century, sector stakeholders around the globe are looking for innovative and cost-effective ways to deliver patient-centered, technology-enabled “smart” health care, both inside and outside hospital walls.
The trends for the healthcare sector remained strong in 2017 and we expect this momentum to continue into 2018, driven by - Friendly regulatory environment like the US FDA approving more drugs and increase in population mostly driven by Immigration that is likely to result in higher revenue generation for the companies in this sector and consequentially increasing the growth. It can well be concluded that the Healthcare sector is a sure bet sector, as long as the population is growing and human life expectancy improves.
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