The Paradigm Shift: Sick Care vs. Wellness Care
In a healthcare industry valued at a staggering $5 trillion, the vast majority — 90% — is dedicated to sick care, leaving only 10% for wellness care, such as IV therapy and hormone replacement therapy.
A seismic shift in this paradigm is expected over the next two decades. White envisions a future where it will be easier and more cost-effective to keep people healthy than to treat them when they fall ill. This transition is akin to routine maintenance for automobiles, where preventive measures are taken rather than waiting for a breakdown — a concept that is gradually gaining traction.
Implications for Entrepreneurs and Business Owners
For aspiring entrepreneurs and business owners seeking opportunities in the ever-changing healthcare landscape, it’s crucial to recognize that significant brands will emerge as wellness care becomes more mainstream.
These brands will instill confidence and trust in consumers, marking a notable shift in the industry. This shift will encompass the development of brands associated with both sick care, such as pharmaceuticals and hospital systems, and wellness care, exemplified by companies like Liquivida.
Entrepreneurs who grasp the evolving dynamics of healthcare and provide effective, non-invasive solutions are poised for success in this new environment. Educating consumers about clinically proven treatments that promote health is paramount since traditional healthcare often fails to proactively disseminate such information.
Traditional healthcare is not incentivized to promote wellness, as it doesn’t profit from keeping people healthy. Instead, the system is geared towards addressing illness. Thus, entrepreneurs entering the wellness and vitality-minded space are poised to succeed by offering alternatives and solutions prioritizing health maintenance.
Three Essential Pieces of Advice
Here are three key tips for those entering the health and wellness industry:
- Differentiate Yourself: Stand out through a unique approach or brand identity customized to your target audience.
- Niche and Branding: Focus on a specific niche and communicate your mission clearly through your brand.
- Build a Strong Team: Surround yourself with capable individuals, as trying to do everything alone can be overwhelming.
But as we contemplate this exciting future, let me ask: How can you position yourself to thrive in this evolving healthcare landscape? The answer lies in knowledge and guidance from those who’ve paved the way.
To delve deeper into the world of modern wellness, explore “How to Win in Modern Wellness,” the recently published book by Sam Tejada, President & Founder of Liquivida. In his chapter, “Moving Healthcare in the Right Direction,” Mark shares insights on various topics, including his perspectives on the direction of the health and wellness industry from a business standpoint. He explores what this means for business owners, entrepreneurs, and anyone looking to embark on their entrepreneurial journey.