Your SlideShare is downloading. ×
0
Parks Associates Research - Keynote Speaker Harry Wang
Parks Associates Research - Keynote Speaker Harry Wang
Parks Associates Research - Keynote Speaker Harry Wang
Parks Associates Research - Keynote Speaker Harry Wang
Parks Associates Research - Keynote Speaker Harry Wang
Parks Associates Research - Keynote Speaker Harry Wang
Parks Associates Research - Keynote Speaker Harry Wang
Parks Associates Research - Keynote Speaker Harry Wang
Parks Associates Research - Keynote Speaker Harry Wang
Parks Associates Research - Keynote Speaker Harry Wang
Parks Associates Research - Keynote Speaker Harry Wang
Parks Associates Research - Keynote Speaker Harry Wang
Parks Associates Research - Keynote Speaker Harry Wang
Parks Associates Research - Keynote Speaker Harry Wang
Parks Associates Research - Keynote Speaker Harry Wang
Parks Associates Research - Keynote Speaker Harry Wang
Parks Associates Research - Keynote Speaker Harry Wang
Parks Associates Research - Keynote Speaker Harry Wang
Parks Associates Research - Keynote Speaker Harry Wang
Parks Associates Research - Keynote Speaker Harry Wang
Parks Associates Research - Keynote Speaker Harry Wang
Parks Associates Research - Keynote Speaker Harry Wang
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Parks Associates Research - Keynote Speaker Harry Wang

673

Published on

Parks Associates Research - Keynote Speaker Harry Wang

Parks Associates Research - Keynote Speaker Harry Wang

Published in: Health & Medicine
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
673
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
22
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. Happily Aging: International Opportunities in Independent/Assistive Living<br />Harry Wang,Director of Mobile and Health<br />
  • 2. Graying is a Global Phenomenon & Challenge <br />Is the World Readily Prepared?<br />Alarming Numbers<br /><ul><li>U.S.: Shortage of care workers and high cost of institutional care put its long-term care system in crisis
  • 3. Europe: Government is under the gun to improve long-term care coverage, increase staff, and make the service affordable
  • 4. Japan: Severe shortage of skilled care workers and threat of pension cut
  • 5. China: Insufficient long-term care infrastructure and rapid rising expenditure on senior care services threaten quality and affordability of senior care
  • 6. U.S.: 65 years and older will double to more than 70 million by 2030
  • 7. Europe: Senior population will increase 77% and 80+ subgroup will rise 174% by 2050
  • 8. Japan: 65 years and older will rise to 32% in 2030 and 41% in 2055, up from 20% in 2000
  • 9. China: 60 years and older will rise from 10% in 2000 to 16.6% in 2020 and 28.8% in 2050 and 100 million will be 85 years and older by 2050</li></ul>Slide 2<br />
  • 10. Retirement is a Financial Choice<br /><ul><li>In the U.S., the average cost of an assisted living home is about $3,000 per month while the average amount of social security check is around $1,200 per month.
  • 11. The continuing-care retirement community (CCRC) in the U.S. usually asks for an entry fee averaging $250,000, plus a monthly expense of $2,500 to $5,400
  • 12. In Japan, a one-month stay in a municipally operated nursing home costs close to 366,000 yen (3,000 dollars); a private nursing home room cost a move-in fee of $3,500, plus $1,200 to $1,650 per month to cover rent, utilities, and food </li></ul>Slide 3<br />
  • 13. Institutional Long-Term Care is Supplementary in Nature<br /><ul><li>U.S., institutional long-term care facilities accommodate about 2.5 million seniors or 8-9% of the total senior population
  • 14. Canada: about 200,000 live in government provided or private long-term care facilities, and shortage of nursing home beds leads to long waiting time for prospective residents
  • 15. China: less than one million seniors are living in a long-term care facility—the majority are living in with their grown-up children
  • 16. Europe: although there has been quick expansion of private and public funded nursing homes across Europe, total number of residents remain small. </li></ul>Slide 4<br />
  • 17. A Home/Community-based Care Model for Seniors<br />Slide 5<br />
  • 18. Consumers are Searching for Options <br />Slide 6<br />
  • 19. Living in the Home: Needs and Wants<br />Health<br /><ul><li>Control symptoms
  • 20. Prevent hospitalization
  • 21. Manage medication
  • 22. Comfort diagnosis</li></ul>Connection<br /><ul><li> Family members
  • 23. Circle of friends
  • 24. Community access
  • 25. Fun in life</li></ul>Emotional Wants<br />Basic Needs<br />Safety<br /><ul><li>Fall detection & prevention
  • 26. Safe environment
  • 27. Emergency response</li></ul>Contribution<br /><ul><li>Sense of fulfillment
  • 28. Legacy left behind
  • 29. Satisfaction of life</li></ul>Slide 7<br />
  • 30. Miscues by Tech Vendors Selling to the Eldercare Market<br /><ul><li>“Build it first” mantra: Great engineering does not translate into market success
  • 31. Underestimate the intricacies of the healthcare marketplace: Even in the direct-to-consumer market, rules of engagement are different from the traditional tech market
  • 32. “It helps manage your health condition (save your life)!”: Nothing wrong in the message itself, but completely wrong for marketing’s sake
  • 33. Dedicated home gateway: Another box in the home?</li></ul>Slide 8<br />
  • 34. Challenges<br />Recommended Steps<br />Opportunities<br />Success Factors for Home-based Eldercare Models<br /><ul><li>Technology complexity puts off seniors
  • 35. Seniors live with limited financial resources
  • 36. Compliance rate goes down over time
  • 37. Low awareness and trust about solution
  • 38. Bring learning fun into user’s experience and add killer apps like connecting to family
  • 39. Lower prices to mass market levels
  • 40. Auto-configurable, highly interactive, low maintenance, and constant feedback with rewards
  • 41. Leverage partners’ influence to gain market advantages
  • 42. Make it less about technology specs, but fun and immersive
  • 43. Make it affordable or secure private or public reimbursement
  • 44. Make it less intrusive or reward continuous use with incentives
  • 45. Work with partners and care givers to nurture market</li></ul>Slide 9<br />
  • 46. Success Factor: Affordability<br />Slide 10<br />
  • 47. Success Factor: Revolutionary Designs <br />Intel Health Guide<br /><ul><li>10.4-inch screen and $500 and up
  • 48. Features personalized care management, patient reminders, surveys, multimedia educational content, and communications tools
  • 49. It is medical grade, but who cares in the consumer market?</li></ul>Apple iPad<br /><ul><li>9.7-inch screen and between $499 to $749
  • 50. Numerous apps will surface to support self-care needs of all kind of people, including seniors
  • 51. It is not a medical device, but who cares in the consumer market if it offers easy and immersive experience</li></ul>Slide 11<br />
  • 52. Success Factor: Partners <br />A Good Partner Must:<br /><ul><li>Have a long-term vested interest in the eldercare market instead of short-term financial gains
  • 53. Have resources to reach out to potential users or payers of eldercare
  • 54. Have expertise or a platform to drive down total solution costs
  • 55. Have channels to support feasible business models
  • 56. Have expertise to guide through regulatory and policy landmines</li></ul>Types of Partners Include:<br /><ul><li>Health plans or employers
  • 57. Healthcare provider groups or retail operators
  • 58. Existing popular device/service platforms
  • 59. Have channels to support feasible business models
  • 60. ACOs, retirement communities, medical home centers
  • 61. Industry associations and consortia</li></ul>Slide 12<br />
  • 62. Example 1: Grandcare Systems<br />Slide 13<br />
  • 63. Example 2: Halo Monitoring<br />Slide 14<br />
  • 64. Example 3: American Medical Alert Corp.<br /><ul><li>Basic/Mobile PERS: Emergency response made more convenient with built-in mobility
  • 65. MedSmart: Medication reminder and dispensing system
  • 66. Health monitoring: Daily health symptom monitoring adds additional value </li></ul>Slide 15<br />
  • 67. Market Opportunity: United States<br />Near-Term:<br /><ul><li>PERS Upgrade: slower industry growth encourage PERS providers to diversify revenues
  • 68. Telecom and broadband service providers: eager to launch value added services to mitigate revenue loss on fixed line or voice services
  • 69. Residential and retirement home builders: independent living is a strong selling point of new breed of retirement homes/communities
  • 70. Post-discharge at-home rehabilitation: reduce re-admission by keeping patients in the home</li></ul>Longer-Term<br /><ul><li>Obama health reform provisions reward care coordination through payment model innovations
  • 71. Cash benefits for long-term care beneficiaries may spur higher usage of in-home safety and health monitoring for independent living
  • 72. Self-insured employers begin to understand caregiving’s impact on employee productivity, thus willing to subsidize independent living solutions
  • 73. Expansion of Medicare/Medicaid long-term care benefits to cover independent living solutions</li></ul>Slide 16<br />
  • 74. Market Opportunity: Canada<br />Near-Term:<br /><ul><li>PERS Upgrade: slower industry growth encourage PERS providers to diversify revenues
  • 75. Telecom and broadband service providers: eager to launch value added services to mitigate revenue loss on fixed line or voice services
  • 76. Provincial government ‘s interest in pilot programs that solicit private and public sectors’ collaboration to address seniors’ independent needs</li></ul>Longer-Term<br /><ul><li>Plan to offer integrated care services will increase senior’s appetite for aging-in-place technologies
  • 77. Expansion of the Veteran Independence Program (VIP) to seniors
  • 78. Expansion of the compassionate care benefit will provide better incentive to caregivers for adopting independent living solutions
  • 79. Government’s inability to meet fast growing demand for independent living housing could lead to a private boom of senior retirement housing market</li></ul>Slide 17<br />
  • 80. Market Opportunity: Japan, South Korea, China<br />Near-Term:<br /><ul><li>Fast growing of private nursing homes for home-alone seniors (Japan)
  • 81. Employer market as employment benefits for expatriates who are concerned about elderly parents (Japan & South Korea)
  • 82. Telecom and broadband service providers: eager to launch value added services leveraging their existing infrastructure and client devices as part of their smart home initiative (Japan & South Korea)</li></ul>Longer-Term<br /><ul><li>Expansion of coverage of house call program as part of long-term insurance scheme (Japan)
  • 83. Reorganization of informal care as reimbursable within the long-term insurance scheme (Japan & Korea)
  • 84. Urban housing project and retirement home for seniors (China)</li></ul>Slide 18<br />
  • 85. Market Opportunity: Europe<br />Near-Term:<br /><ul><li>EU-sponsored independent living pilots and research programs
  • 86. Government sponsored senior housing programs and/or grant programs (e.g. U.K.’s Preventive Technology Grant)
  • 87. Private nursing home builders and operators and home care agencies in Europe
  • 88. Telecom and broadband service providers: eager to launch value added services leveraging their existing infrastructure and client devices as part of their smart home initiative</li></ul>Longer-Term<br /><ul><li> Consumer allocation of “personal budget” to independent living technology acquisition
  • 89. Adoption of technology by government-owned or subsidized long-term care facilities
  • 90. Expansion of the informal care benefit will provide better incentive to caregivers for adopting independent living solutions</li></ul>Slide 19<br />
  • 91. Concluding Thoughts<br /><ul><li>From Passive Aging to Active Aging: New wave of retirees are much more well-versed with technology and have a different perspective on aging than the previous generation
  • 92. From Episodic Solutions to Continuum Solutions: from early aging to late aging, consumer needs shift
  • 93. Business Models, Business Models: what’s the right price point for whom? What partners matter most to you?
  • 94. Interest Alignment: Who gets the benefits and who gets paid? Will we cross the chasm between private pay and insurer reimbursement?</li></ul>Slide 20<br />
  • 95. Thank You<br />Harry Wang<br />Director, Health & Mobile<br />Parks Associates<br />5310 Harvest Hill Road, Suite 235<br />Dallas, Texas 75230<br />Direct: 972-996-0227<br />Harry@parksassociates.com<br />Slide 21<br />
  • 96. About Parks Associates<br />Parks Associates’ expertise is derived from a combination of primary research and industry analysis. Each year, Parks conducts a number of primary research surveys to understand the connected home and consumer digital lifestyles.<br />Coverage<br />TVs / Video<br />Audio / Music<br />Internet / Broadband<br />Gaming<br />Mobile / Smartphones<br />Mobile services<br />Mobile / Portable devices<br />Consumer electronics<br />Home automation / controls<br />Set-top Boxes<br />Digital cameras / imaging<br />Peripherals<br />Digital Health<br />GPS<br />Home networking<br />Residential Gateways<br />Home security<br />Digital media / rights<br />Advertising<br />Energy management<br />Support / installation<br />Scope of Research<br />Global markets<br />Features & differentiation<br />Innovative / disruptive technologies<br />Market participants / profiles<br />SWOT analysis<br />Customer preferences / intent<br />Consumer behavior / habits<br />Adoption / pricing<br />Segmentation<br />Optimal bundles / features<br />Channel dynamics<br />Market trends / dynamics<br />Market sizing & forecasts<br />Value chain analysis<br />Branding<br />Consumer decisions & purchasing<br />www.parksassociates.com<br />22<br />

×