Health and Human Services Secretary Tom Price’s decision to retire has prompted a flurry of new health-related startups to come online.
But there’s a lot of uncertainty about how the industry will develop after Price’s departure, according to new research from the University of Pittsburgh and Johns Hopkins University.
The new research suggests that the health-device industry may have to learn a new way of thinking to make the transition to digital marketing.
The report, titled “Digital Health and the Future of Healthcare,” was released Wednesday.
It was co-authored by Aaron Zitelman, a professor of business at the university, and Joseph J. Reisner, professor of health policy and management at Johns Hopkins.
The research was conducted by Johns Hopkins Bloomberg School of Public Health, the Center for Research on Health Systems at the Johns Hopkins School of Advanced International Studies, and the Center on Digital Health at the University at Buffalo.
The paper explores how the health and pharmaceutical industries are changing the way they communicate with consumers and how those changes affect the health care system.
“The health and medical device industries are in an incredibly challenging time, in part because of the economic downturn,” said Zitelsman, a former chief of the pharmaceutical division of Pfizer.
“I think that digital health is an excellent way to address the challenges facing the industry.”
Zitelman and Reisner note that the technology industry has made significant progress over the past decade.
The health-devices market is estimated to be worth $2.7 trillion, with a market share of 25 percent, according the U.S. Centers for Disease Control and Prevention.
The study says that digital marketing has been the dominant tool used by health-tech companies to reach consumers, with an estimated $300 billion spent on digital advertising each year.
“We’ve seen incredible growth in the digital health market,” said Reisner.
“The data that we’ve seen suggests that it’s a very healthy market.”
The study looked at all health-care industries in the United States between 2007 and 2016, including health insurance, prescription drug and health-technology providers, hospitals and doctors.
It found that digital-health marketers spent $14.9 billion on digital marketing in the U, and spent $18.2 billion on direct marketing and other marketing activities.
The authors say this represents a 20 percent growth from digital advertising spending in 2007.
The market was dominated by large, publicly traded health-and-medical device companies, but it’s growing in the smaller private health-industry players, such as small medical devices companies, physicians and nurse practitioners.
The largest health-services companies, including General Electric, UnitedHealth Group and CVS Health, spent $4.6 billion on marketing in 2016, while the largest health insurers spent $3.9 million.
In addition, the researchers found that the largest healthcare-device companies are becoming more efficient at digital marketing by utilizing technology that helps doctors and other providers to reach their patients digitally.
For example, the report said, there is a growing use of the “personalize” feature, which helps consumers find information about health care providers.
The researchers said that in the past few years, digital marketing was also used to reach health-service patients with targeted emails, mobile-messaging apps and other digital marketing strategies.
“There’s been a shift in how health care is communicated in terms of digital content and communications,” said J.T. Jones, a PhD candidate in health economics at the Bloomberg School.
“We’ve been able to capitalize on this opportunity by using the power of technology to reach patients who were previously ignored.”
“This new kind of health-oriented messaging is not only valuable to consumers but also is a key driver of the economy in terms, of the value to the economy,” Jones said.
“For instance, if you have a patient who needs to buy a prescription medication, you can now get an email with a tailored message that explains what that prescription will cost and also that you can get it from an authorized dealer,” said Jones.
“So the digital messaging is an important component of a physician’s workflow and how they work.”
The authors say that digital messaging has a huge potential to improve patient care.
They suggest that digital marketers could target specific segments of patients based on their medical conditions and demographics, and provide information on what products are currently available in each category.
In a statement, Health and Health Services Secretary Price praised the new study and noted that digital content marketing has helped drive digital health innovation for over two decades.
“I’m glad to see this report reflects the many innovations and investments that have gone into digital health, and that we’re building on to deliver on our promise of delivering affordable, quality care to all Americans,” Price said.
The Health Department has been working to develop a national strategy for health-media-related advertising, the authors say, and this research provides the framework to determine the best way to leverage digital health marketing and digital technology in this effort