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Contemporary Healthcare needs an Open Free Market Access

This article was originally published by Data Driven Investor


Photo by Birmingham Museums Trust on Unsplash

A marketplace, also called a market, is a business setting where the public gathers together to carry out the trade of provisions and goods. The history of the market is a centuries-old concept. It has been referred to under a subset of cultures, such as Bazaar, souk, or simply Market.

A marketplace adopts flexibility and conforms to everyday society’s needs depending on its population, culture, ambient, and geographic conditions. The term market covers many types of trading. Due to this, marketplaces can be positioned outdoors, indoors, and virtually online. About 60% of recent sales happen through marketplaces, and some of the most successful companies worldwide operate under such a prototype.

Virtual marketplace provides outstanding alternatives for trading. We cannot ignore the growth which the industry has witnessed in the last few years. The marketplace model is being adopted by many countries at present. Its primary functions are that it caters to all the users’ requirements and will enhance the target audience’s range.

The marketplace offers many benefits. Among those include the Inclusive nature, as it enables multiple traders to easily enroll in their store. The marketplace provides Feedback and review. It also provides an Easy Search feature and convenient Price Management.

Advantages of an Open Marketplace Model

In a free market system, the prices of goods and services are self-regulated by the open market and consumers. The rules of supply and demand in the free market are unrestricted from any interposition by governments, other authorities, and all forms of economic privilege, monopolies, and artificial scarcities. Establishing such an environment necessitates, as well, appropriate logistics.

In the objective realm, whether one called the marketplace a Bazaar, shopping mall, or simply mall, it merely references its geographic presence. However, in the modern sense, there is more to the marketplace than its physical layout. That goes mainly to the virtual marketplace.

Shopping in bazaar Save in labor costs due to the self-service scheme. Supermarkets have a significant turnover. They are Reasonable or low prices of goods and cost less to operate. The marketplace offers Freedom of selection and more options with convenience and luxury. Due to adequate parking space, shopping becomes comfortable.

A marketplace provides a High degree of efficiency, the margin of profit to the organizer, and offers large-scale operations. Applying it to the virtual world, virtual Marketplaces are front-runners by possessing the capacity to snowball.

In contrast to online trademarks that sell only their commodities to customers, the marketplace’s users include both sellers and buyers, satisfying both parties’ needs, which is an actual act not very different from balancing on a knife-edge.

The marketplace’s essence is tying sellers with buyers; the dirty job of making the seller-buyer transaction happen is eliminated. Like traditional model businesses, virtual marketplace clients do not struggle to offer their top-tier talents and high-quality goods and conduct a successful purchase transaction. The open virtual marketplace offers a broad choice of products or services that underpins higher demand for them. Monetization options are vast amid an open marketplace enhanced by cyber technology, including but not limited to the commission, listing few, and freemium.

Hurdles of a Marketplace

Supermarket, a centralized form of the marketplace, is what our globalized economy structure has been dispersing for the past couple of decades. By nature, it requires substantial financial resources.

It is generally situated at a long distance from the residential localities. There is a lack of personal notoriety. Traditional Supermarket typically does not provide various services such as free home delivery, personal guidance, credit capacity, and after-sale assistance.

It faces the problem of synchronizing actions of various sectors of the market. A unified supermarket requires large and extensive premises. More so, the things that need explanation by salesmen cannot be sold in such markets. These hurdles, post “Software as a service” (SAAS), became less problematic; however, the centralized formation of supermarkets is in contrast to the decentralized Bazaar model where every stakeholder offers their services and products independently.

Maintaining decentralized free markets in the contemporary constitution also requires trade facilitation

Logistics is a crucial component of any market, more so for a diverse trade ecosystem. The old market places such as Bazaar offered the kind of environment where trades happened with direct communication between the primary parties. However, with the advent of the supermarket and shopping mall system, such an ecosystem fell into middlemen and adversaries’ hands. That is precisely why decentralized multimodal logistics marketplaces are emerging today from the dust bowl of industry disruptors.

The emergence of Blockchains, Data Analytics, Artificial Intelligence, and newer technologies has created an enormous vacancy for disruptive multimodal logistics virtual marketplaces that can optimize functional efficiencies through enhanced data awareness curtailed operating expenses, a broader customer base, and operations.

A decentralized marketplace enables effective communication between entities through a direct channel against a network of intermediaries. That is the fundamental essence of a free market economy. A free-market system demands the existence of factors that play a dominant role in the allocation of capital and the elements of production, I.e., Open supply and demand.

Hidden agendas possess almost every business endeavor, which is also particularly true for the contemporary marketplace. You’ve been presented with its overwhelming advantages; however, you are also aware of the possible downsides. If one can overcome the downside, well, then they have done justice to humankind. The virtual marketplace is the best opportunity to do that service. Because, if implemented correctly, it will create a competitive yet fair environment.

In a free market, prices for healthcare goods and services are set freely by promise between patients and healthcare professionals, where the laws and forces of supply and demand are free from any intervention by an administration, price-setting corner, or other authority. A free market differs from a controlled market in that within the latter government intervenes in product supply and demand through non-market methods such as laws creating barriers to market entry or directly setting prices.

Free Market and Marketplace in Healthcare

It has been frequently thought that; the three tenets of the free market, counting consumerism, competition, and less government regulation, hardly apply to healthcare, as it does to online other industrial markets. Because the proponents of the control market structure for the healthcare system trust that average individuals cannot make conversant decisions that in other markets can lead to an augmented race for consumers’ spending.

The assumption that the mainstream is not fit enough to make an informed medical decision is nothing short of absurdity. Like every other service, health and wellbeing entail an informed decision; an informed decision is always required for education. But education comes in various shapes. There is no need for a complex academic curriculum for patients to decide about their own health and wellbeing. In fact, I personally see every individual as the most credible decisionmaker of their own medical care if they are offered an option by a transparent system, educated by a competent physician or healthcare professional.

The marketplace that upholds a free-market economy works. For instance, over the past decade, the Lasik surgery cost fell 25%, given a massive increase in the numeral of procedures and all manner of technological alteration. The kind of changes we are often led to believe that paradoxically increases costs everywhere else in medicine. The latter can also be told about cosmetic procedures and weight management specialties. Since the set mentioned above of medical scenarios are typically cash basis, so subject to the competition, and because they are “relatively” more transparent in their market structure, it is also fair to assume there is less monopoly and control in them than the insurance industry involved system.

Not every marketplace offers a transparent and fair environment to more options that would lead to intelligent decisions.

Interoperability in the Traditional and Modern sense: It is all about the Collaborative Domain

Interoperability is about enabling various systems, be it information, devices, or applications, to entree, exchange, integrate, and collaboratively use data in a coordinated manner across different spheres. Thus, an interoperable, collaborative environment along organizational, regional, and national boundaries provides timely and seamless portability of information and optimizes individuals' and populations’ health globally.

The traditional open market was collaborative. Typically, by functioning as a “sharing economy,” even the ancient bazaars provided a socio-economic system built around sharing resources. It includes the joint creation, production, distribution, trade, and consumption of goods and services by different people and organizations. In the modern healthcare system, there is a need for Health data exchange architectures, application interfaces, and standards to enable data to be accessed and shared appropriately and securely across the complete spectrum of care, within all applicable settings, and relevant stakeholders, including the individual. The sharing economy, thus, demands transparency or will face the paradox of monopoly. In other words, interoperability is about establishing transparency. That is why the notch of openness parallels the level of interoperability.

Digital data has by now prodigiously renovated modern medicine. However, most of today’s medical data dearth interoperability. It means that medical information is hidden in isolated databases, incompatible systems, and proprietary software as a service (SAAS) platforms. The non-interoperable data are problematic to exchange, evaluate, and infer. This slows down medical advancement, as technologies that rely on artificial intelligence, big data, or mobile applications cannot be used to their full potential.

Free marketplace business interoperability is the virtue, utilizes technological interdependence to enhance team-based collaboration in Healthcare conveyance. The genuine free marketplace must feature-rich spaces, whether physical or virtual, by enabling collaborative working. These services and areas will integrate into audio-visual devices, 3rd party collaboration networks, and other digital contexts to allow the collaboration to be incorporated into workflows and processes.

A free market must meet the needs of individual members. It must offer an environment where patrons can collaborate from anywhere and any device, virtually meet, Group chats with document collaboration, record, and analyze data for compliance and transcribing.

The interoperable free system must be scalable as a service delivered through user-based subscriptions. Unceasing software development must be ensured with automated upgrading for features and security. Service adoption and experience reporting analytics through interactive visualizations are designed to seamlessly connect with other applications and workflows. It must also engage Stakeholders to co-create service and provide return-on-investment support.

Benefits of business interoperability are vast, including Enable Remote and team Working, Enabling HD video and content sharing for clinical application, travel and time costs reduction, Secure communication and confidentiality, Automation of meeting tasks, and Reduction in IT operational effort.

The quality of the free medical healthcare marketplace does not exclusively drive by its competitive nature. Indeed, it is the derivative of the interoperable and collaborative environment it offers without bias. Hence, it creates a personalized healthcare environment customized to patients’ needs at a fair and affordable price.

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