The American healthcare industry is a profitable venture, with many experts predicting its continued rise over time. According to the US National Health Expenditure accounts in 2018, healthcare represented 17.7% of the country’s GDP. This proves that healthcare is vital to American society and a profitable form of investment. Here are four elements within healthcare that are worth investing in.
- Healthcare technology
The healthcare industry has not escaped technology’s far-reaching impact on every aspect of our lives. Many experts agree that Artificial Intelligence (AI), machine learning, and the Internet of Things (IoT) will play critical roles in the healthcare industry in the coming years. Technology looks increasingly promising as the answer to widespread demands people have of the healthcare system to provide cheaper, enhanced, and improved healthcare access. Therefore, medical entrepreneurs should consider investing in healthcare technology to reap substantial rewards and solve a crucial societal need.
- Medical supplies
A study in 2017 showed that medical supplies were an integral part of most hospitals’ budgets, accounting for an average of 15% of a hospital’s expenses. Medical professionals rely on medical supplies to do their jobs; however, the disposable nature of these supplies makes it frequently in demand. Experts recommend finding a target market for your supplies, sorting out all license issues- if any, obtaining the necessary permits to do retail, and getting a commercial warehouse to store your inventory. Transportation will be vital to your operation, so you should seek cost-effective options like Flex Fleet to ensure the smooth running of your business.
- Retail pharmacy
According to Pharma Approach, America contributes about 40.8% of the global pharmaceutical industry, making it one of the world’s largest pharmaceutical industries. The high cost of prescriptions in the country, coupled with the increased demand for medications due to the aging demographic’s steady rise, leads many experts to agree that retail drug profits will only increase in the future. Economists view healthcare consumption as non-cyclical – making it independent of the global economy’s ups and downs, meaning you are guaranteed stable returns on your investment, all other things being equal. It is advisable to take advantage of the e-commerce trend to reach more potential clientele by establishing a website and social media presence to market your drugs.
- Fitness industry
There are many opportunities for healthcare entrepreneurs in the US fitness industry, as studies reveal that Americans pay more attention to their fitness needs. You should find a niche within the industry to start making some money. Opening a gym is the most popular idea to cater to this need. You could invest in a well-equipped gym with specialized trainers to attract customers. Selling health products, opening workout classes like Yoga or Zumba, and selling fitness franchises are other ways to take advantage of this fitness trend. Social media is an excellent platform to market fitness businesses, so create a social media platform for your fitness company.