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Alternative Healthcare's Top 5 Trends Will Drive New Business Models

Apr 9, 2008
Which of these 5 key trends in the alternative healthcare industry can either be a boon or a bust to your business model? This article raises some important questions you should ask when you are thinking of growing your company.

1. Are you prepared for the new sin tax that will penalize bad health habits? Personal accountability will have an impact on rising healthcare costs as more healthcare providers support the notion that people with unhealthy habits should bear responsibility for their actions. Non-smokers who exercise make the point about why they should not get better rates or discounts over people who smoke and do not exercise.

2. How rapidly will preventative medicine accelerate? The public's attitude toward their health and well-being is changing from being reactive to proactive. Think about how much time you spend with your physician treating a symptom versus what it means to adopt a more holistic, proactive approach to prevent your pain or illness from occurring in the first place. What related product opportunities await your business that will leverage this growing trend?

3. What is driving the interest in early cancer detection? In response to people's desire to take control of their health outlook, cancer technological advances are making it possible to detect and identify people who are at risk for some form of cancer.

4. Why is self-healing growing in popularity? The movie The Secret (http://www.thesecret.tv/ focused a spotlight on the self-help field, which many insiders already knew has been growing at a phenomenal rate. Rather than being a fad, this self-help attitude continues to be fuel this growing industry.

5. Why are people suggesting that cosmetics should undergo scrutiny similar to drugs? As more people become more concerned about the ingredients they apply to their bodies, a new gold standard is being applied for testing cosmetics that is similar to testing the effects of drugs. Although this in not widely discussed yet, it may be a sleeper issue that could grow dramatically.

For those who now see the usefulness of periodically using a blue sky attitude toward trends that can either help or hurt your business, you are now ready to consider some of the areas briefly outlined above. For those who still are not convinced of the need for periodic contemplation or strategic planning, may I remind you that when things change dramatically, top management typically is the last salaried personnel to be paid, or bears a significant portion of loss in corporate equity/ valuation. Is this how you want to run your company? I think not.

copyright Gary W Patterson 2008
About the Author
Gary W. Patterson, FiscalDoctor, has advised over 200 companies across traditional and emerging industries to help improve profitability, reengineer business models, and strengthen or gain competitive advantage in the marketplace. http://www.FiscalDoctor.com or blog, http://www.FiscalClinic.com
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