How physician entrepreneurs can win the 4th industrial revolution
The 4th Industrial Revolution is a mental model created by the leaders of the Joint Economic Forum and describes how physical, digital and biologic technologies have collided and the resulting challenges and opportunities that presents.
When the agrarian economy evolved into the industrial one, there were three phases that enabled humans to leverage their labor and productivity- those powered by water, electricity and computers/IT technologies. We are now living in the 4th revolution.
Physician entrepreneurs, along with everyone else in the world, will have to change how they adapt if they are to survive.
Klaus Schwab has defined four principles which should guide our policy and practice as we progress further into this revolution.
Firstly, we must focus on systems rather than technologies, because the important considerations will be the wide-reaching changes to business, society, and politics rather than technologies for their own sake.
Example: Sick care cannot be fixed from inside and will depend on the coherence of diverse ecosystems.
Secondly, we must empower our societies to master technologies and act to counter a fatalistic and deterministic view of progress. Otherwise, there is no room for optimism and positive transformation, and society’s agency is nullified.
Example: We must change how we educate and train the future workforce. In medicine, that will require a re-engineering of workflow, competencies, structure and processes of delivering care as we evolve from a sick care system to a health care system
Thirdly, we need to prioritize futures by design rather than default. Collaboration between all stakeholders must play a central role in how we integrate these transformative technologies. Otherwise, our future will be delivered by default.
And lastly, we must focus on key values as a feature of new technologies, rather than as a bug. Technologies used in a way that increases disparity, poverty, discrimination and environmental damage work against the future we seek. For the investment in these technologies to be justifiable, they must bring us a better world, not one of increased insecurity and dislocation.
Example: The 4th Industrial Revolution, like the 3 that preceded it, has already produced inequalities in value and wealth distribution that will exacerbate an already contentious global society.
Ultimately, winning the 4th sick care industrial revolution will mean 1) reengineering the processes of care, 2) delivering user defined value, and 3) doctors and patients saying “no” to unnecessary and wasteful spending as the price for access and quality. Here are some other tactics:
One key to winning the 4th industrial revolution is to speed the pace of digitization and robotics in sick care, not slow it, and do to sick care what it has done to financial services and retail.
Change is happening faster and it outpacing the ability of many to cope with it. Unless we take control and prepare people, including physician entrepreneurs and their patients for the future, the cracks in our society will widen.