Impact of Health Technology Industry in MN
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Minnesota's health technology industry has grown significantly in recent years. Between 2013 and 2014, exports of optics and medical products from Minnesota increased by $317 million to $3.7 billion, surpassing the previous peak in 2005. The life sciences community in Minnesota employs over 41,000 people at 891 establishments, with average wages of $88,538. Within this community, the medical device industry employs over 35,000 people at 683 establishments with average wages of $103,480. Investment in Minnesota's life sciences sector hit a new high of $430 million in 2014, driven by increasing investment in medical devices, health IT, and pharmaceuticals/biotech.
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19The Complexity and Evolving Technolog.docx
1
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The Complexity and Evolving Technologies of the Healthcare Industry
Good Student
University of Maryland Global Campus
Course
Instructor
Date
The Complexity and Evolving Technologies of the Healthcare Industry
The healthcare industry as we know it is constantly evolving and growing exponentially every year for many reasons, such as regulation changes from federal and state agencies, changes to coverage from health insurance companies, illness trends, developments in medicine, and demographics of medical staff. Two of the most important reasons are due to the evolving medical needs of patients and the advancements in technology that provide viable options to these patients in need. These technology advancements in the healthcare arena has generated interest from cybercriminals. Cybercriminals have no preference in whom they target if they can gain profit or cause a negative impact to the end user(s). When these vulnerabilities are discovered and attacks occur in the healthcare industry, it could literally mean the difference between life and death for patients. This critical outcome has created a high demand for cybersecurity and technical personnel in this industry to implement them. Three of the top trends in the healthcare industry as it relates to cybersecurity are the increased dangers of 3D printing in medicine, revolution of big data and advanced analytics in the healthcare system, and Internet of Things (IoT) and cloud computing as a security threat to healthcare. This paper will focus on the complexity of the healthcare industry and how transitioning to the Internet of Things and cloud computing has created a large security threat to all medical practices around the world.
Top Trends of the Healthcare Industry
Technologists and companies around the world have embraced the importance and endless possibilities of 3D printing (NAICS 323111). 3D printing is a manufacturing process that creates a three dimensional object by incrementally adding material until the object is complete (this contrasts with subtractive manufacturing techniques such as carving or milling, in which an object is created by selectively removing parts from a piece of raw material) (Lacoma, 2018). Many manufacturing companies first began using 3D printing to resolve some of their most difficult problems and improve the efficiency of their processes. The healthcare industry began to take notice and medical experts began developing ideas on how this technology could be implemented in their medical practices. 3D printing in healthcare makes it possible for medical professionals to provide patients with a new form of treatment in several ways. 3D printing is used for the development of new surgical cutting and drill guides, prosthetics as well as the creation of patient-specific replicas of bones, organs, and blood vessels (Izukor, 2019).
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The health care industry in India is large and growing rapidly, expected to reach $158 billion by 2017. It makes up over 10% of GDP in developed countries. The industry is divided into hospitals, medicines/pharmacy, and medical supplies. Private sector participation has increased and now accounts for 66-81% of health care delivery. The government is also taking initiatives to invest in facilities and increase awareness through programs and public service announcements. Growing incomes, better access to facilities, and health awareness are driving growth of the large and evolving health care industry in India.
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financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
Independent Study - College of Wooster Research (2023-2024)
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
What's a worker’s market? Job quality and labour market tightness
What's a worker’s market? Job quality and labour market tightnessLabour Market Information Council | Conseil de l’information sur le marché du travail
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.2. Elemental Economics - Mineral demand.pdf
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
Tax System, Behaviour, Justice, and Voluntary Compliance Culture in Nigeria -...
Tax System, Behaviour, Justice, and Voluntary Compliance Culture in Nigeria -...Godwin Emmanuel Oyedokun MBA MSc PhD FCA FCTI FCNA CFE FFAR
Lecture slide titled Tax System, Behaviour, Justice, and Voluntary Compliance Culture in Nigeria - Prof Oyedokun.pptxThe Rise of Generative AI in Finance: Reshaping the Industry with Synthetic Data
In this presentation, we will explore the rise of generative AI in finance and its potential to reshape the industry. We will discuss how generative AI can be used to develop new products, combat fraud, and revolutionize risk management. Finally, we will address some of the ethical considerations and challenges associated with this powerful technology.
OAT_RI_Ep20 WeighingTheRisks_May24_Trade Wars.pptx
How will new technology fields affect economic trade?
Eco-Innovations and Firm Heterogeneity. Evidence from Italian Family and Nonf...
Eco-Innovations and Firm Heterogeneity. Evidence from Italian Family and Nonf...University of Calabria
The study analyzes differences and primary drivers of green performance between family firms and non-family firms
Role of Information Technology in Revenue - Prof Oyedokun.pptx
Role of Information Technology in Revenue - Prof Oyedokun.pptxGodwin Emmanuel Oyedokun MBA MSc PhD FCA FCTI FCNA CFE FFAR
Lecture slide on the Role of Information Technology in Revenue Generation and Collection
Sources of Revenue for State Government - Prof Oyedokun.pptx
Sources of Revenue for State Government - Prof Oyedokun.pptxGodwin Emmanuel Oyedokun MBA MSc PhD FCA FCTI FCNA CFE FFAR
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How Non-Banking Financial Companies Empower Startups With Venture Debt Financing
How Non-Banking Financial Companies Empower Startups With Venture Debt Financing
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...
G20 summit held in India. Proper presentation for G20 summit
G20 summit held in India. Proper presentation for G20 summit
1. Elemental Economics - Introduction to mining.pdf
1. Elemental Economics - Introduction to mining.pdf
Applying the Global Internal Audit Standards_AIS.pdf
Applying the Global Internal Audit Standards_AIS.pdf
Independent Study - College of Wooster Research (2023-2024)
Independent Study - College of Wooster Research (2023-2024)
What's a worker’s market? Job quality and labour market tightness
What's a worker’s market? Job quality and labour market tightness
Tax System, Behaviour, Justice, and Voluntary Compliance Culture in Nigeria -...
Tax System, Behaviour, Justice, and Voluntary Compliance Culture in Nigeria -...
The Rise of Generative AI in Finance: Reshaping the Industry with Synthetic Data
The Rise of Generative AI in Finance: Reshaping the Industry with Synthetic Data
OAT_RI_Ep20 WeighingTheRisks_May24_Trade Wars.pptx
OAT_RI_Ep20 WeighingTheRisks_May24_Trade Wars.pptx
Eco-Innovations and Firm Heterogeneity. Evidence from Italian Family and Nonf...
Eco-Innovations and Firm Heterogeneity. Evidence from Italian Family and Nonf...
Role of Information Technology in Revenue - Prof Oyedokun.pptx
Role of Information Technology in Revenue - Prof Oyedokun.pptx
Sources of Revenue for State Government - Prof Oyedokun.pptx
Sources of Revenue for State Government - Prof Oyedokun.pptx
Impact of Health Technology Industry in MN
- 1. ® Impact of the Health Technology Industry in Minnesota According to Minnesota DEED’s Annual Data on Minnesota Exports for 2014 report published in February: • Between 2013 and 2014 optics/medical product exports were up $317 million • Optics/medical products exports grew 9 percent to $3.7 billion, surpassing the previous peak of $3.5 billion in 2005. Medical/surgical instruments, the largest sub-product, grew 12 percent to $1.3 billion Source: http://mn.gov/deed/images/Annual%20Export%20Report%202014.pdf Export: 2013-2014 Life Science Community (medical device, pharmaceutical/biotech, R&D organizations) • Employment: 41,951 (up 3% since 2007) • Establishments: 891 (up 13.1% since 2007) • Average Wage: $88,538 (up 34% since 2007) Medical Device • Employment: 35,440 (up 1.2% since 2007) • Establishments: 683 (up 4.1% since 2007) • Average Wage: $103,480 (up 33% since 2007) • 80% of Medical Device companies employ 50 or fewer people Pharmaceutical/Biotech • Employment: 6,511 (up 14% since 2007) • Establishments: 208 (up 58% since 2007) • Average Wage: $73,597 (up 36% since 2007) Industry: 2014 Key findings from the Minnesota Life Science Investment Activity: 2014 Annual Report: • 2014 Minnesota life science investment surpasses previous high reaching $430.4M • Minnesota life science investment continues to rise • 2013: $348.7M - up $96.8M from 2012 • 2014: $430.4M - up $81.8M from 2013 • Medical Devices at a 6 year high for investment ($322M) • Health IT continues trend of increasing companies and dollars going into sector • Pharmaceuticals/Biotech see a spike in investment dollars and number of companies securing funds in 2014 Investment: 2014