What-is-the-trend-of-globalization-What-are-different-modes-of-economy/,What is the trend of globalization?

What are different modes of economic interrelationships used today in health care? ( Use Resources)

Globalization is thus the process by which the world becomes one large village with economic, culture, and social integration. In the health sector, globalization has brought about the export and transfer of health information, ideas, technology, and services creating a globalised health supply. This trend is characterized by several key aspects:This trend is characterized by several key aspects:

 Medical Tourism: Cross-border migration for medical reasons has been realised whereby a patient will travel to another area in search of cheaper costs or better treatment plans or shorter waiting time.

 Cross-Border Collaboration: There is health care interprofessional cooperation on global level, providers seek to join, exchange knowledge, research, new findings in the field of medicine to enhance the quality of health care services.

 Telemedicine and Digital Health: Telemedicine is one area where technology has allowed healthcare providers to reach out and consult, diagnose and even treat patients from the comfort of their homes in the various parts of the world.

 Pharmaceutical and Medical Device Trade: Although the globalization of pharmaceuticals and medical devices helps get inventions to a wider publicly, it brings issues of quality and equity of access into perspective.

 Types of economic relations in health care

 Trade Agreements:

 Example: Trade in pharmaceuticals, medical devices, and health service involves some international agreements like WTO agreements. This encourages the availability of health-care products cross the globe hence supporting tariffs and barriers (CDC).

 Foreign Direct Investment (FDI):

 Example: Health care FDI is defined as the direct investment by international companies in health facilities such as hospitals, clinics and others in other foreign countries. to better facilities and availability of mechanism in medical science or superior health technologies​ (CDC).

 Health Insurance Models:

 Example: Some insurance models and frameworks existing in the some country are imported such as the managed care models in the U. S. These are then modified to suit the existing working conditions and hence affecting financing and delivery of healthcare across the world (Drugs. com).

 Global Health Initiatives:

 Example: Such entities may include the Global Fund, a partnership fund or other cooperative global funding initiatives such as Gavi, the vaccine alliance. Such actions help to fight such diseases as HIV/AIDS, malaria, or vaccine preventable diseases in the world over​ (Drugs. com).

 Outsourcing and Offshoring:

 Example: Certain services can be outsourced, for instance radiologic services, transcription services or even such surgical services can be sourced from nations that offer such services at lower costs. This makes a broad health care personnel to address various areas of the world​ (CDC).

 References:

 CDC and World Health Organization offer comprehensive guide as to global healthcare and economic connections.

 International trade in healthcare services and Foreign Direct Investments being published by the World Bank and the International Monetary Fund (IMF).