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How Millennial Doctors Are Transforming Medicine

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Navigating Transformative Forces in HealthcareHow Big Data Will Unlock the Potential of HealthcareHow Tech is Changing How Healthcare Must Communicate With PatientsThe Amazonification of HealthcareHow Artificial Intelligence is Transforming Clinical Trial RecruitmentPH6 - NotActivePH7 Active

Millennial Doctors

How Millennial Doctors Are Transforming Medicine

Changing healthcare models, groundbreaking advancements in the health technology sector, and shifting standards of patient care—they’re all contributing to a new era of medicine. But arguably one of the biggest changes will be the faces that greet us at a clinic or hospital.

Today’s infographic from Publicis Health illustrates the emerging generation of millennial doctors, and why they’re on the cusp of transforming the healthcare industry.

The Changing Face of Medicine

The doctor is in, but it’s probably not who you’re thinking of. Most people expect to see an older white male as their healthcare provider, yet today’s physicians are straying from this stereotype:

  • Increasingly diverse
    44% of U.S. medical school graduates in 2018 were of a racial minority background.
  • Millennial women
    61% of physicians under the age of 35 are females.
  • Digital-focused
    They’re adept at practicing medicine with digital tools, like electronic health records and telemedicine.

These younger doctors face intense financial pressure from student loans as they enter the workforce—an average of $190,000 to be precise—and it’s part of the reason that they’re more likely than their Gen X and Boomer counterparts to take jobs in hospital networks.

Shifting practices are also altering interactions between these new doctors and their patients. As patients increasingly behave like consumers, they have to keep pace with their demands for shared decision-making and higher personalization.

  • Millennial doctors spend over 8 hours a day on screens: 5 hours using
    electronic health records, and 3 hours more consulting external search websites.
  • 37% of them also rely on social networks and message boards for work, compared to 25% of their peers aged 55 and above.

The silver lining? These new doctors are digital natives first, which means they’re comfortable using tools to help them practice medicine more efficiently than their predecessors.

Bridging the Gap for Millennial Doctors

The new profile of healthcare providers are seeing the lines between their work settings and everyday lives being increasingly blurred. When they don their “white coat” persona, millennial doctors are aware that they’re always under the microscope.

  • 77% of patients rely on online reviews before choosing a physician
  • 80% of consumers trust online reviews alongside personal recommendations
  • 60% of consumers read four or more reviews before deciding on a doctor

As consumers themselves, millennial physicians are also constantly bombarded with content. They’re active on social media during their “blue jeans” moments, allowing them to engage with patients even in their downtime. This entirely new environment propels their healthcare decision-making in radical ways.

Credible channels, actionable data dashboards, personalized communication, and patient-centric tools all contribute towards the industry’s attempts to bridge this gap for millennial doctors and their patients—to reach them at the right place, at the right time.

Navigating Transformative Forces in HealthcareHow Big Data Will Unlock the Potential of HealthcareHow Tech is Changing How Healthcare Must Communicate With PatientsThe Amazonification of HealthcareHow Artificial Intelligence is Transforming Clinical Trial RecruitmentPH6 - NotActivePH7 Active

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Healthcare

Infographic: Which Rare Diseases Are The Most Common?

Rare diseases affect upwards of 350 million people worldwide. This infographic breaks down their types and prevalence, and estimated related drug sales.

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Infographic: Which Rare Diseases Are The Most Common?

Pharmaceuticals have come a long way since the apothecary days of prescribing cocaine drops for toothaches, or dispensing tapeworm diet pills.

Today, medical breakthroughs like antibiotics and vaccines save millions of lives, and contribute to the industry’s mammoth size. Yet even with rapid advancements, a select group of rare diseases still fly under the radar — and together, they affect over 350 million people worldwide.

What Are Rare Diseases?

Today’s infographic from Raconteur breaks down occurrence rates of notable rare diseases, and their collective impact on pharmaceutical drug sales. But first, let’s look at how they’re defined.

Diseases are considered rare, or “orphan” if they affect only a small proportion of the population. In general, it’s estimated that 1 in 17 people will be afflicted by a rare disease in their lifetime. At the same time, as many as 7,000 rare diseases exist, with more discovered every year.

A report by the global investment bank Torreya looks at the most common types of rare diseases that are a focus for therapeutic companies around the world:

  • Multiple sclerosis emerges above all others, at 90 patients per 100,000 people.
  • Narcolepsy—intermittent, uncontrollable episodes of sleepiness—affects 50 patients per 100,000.
  • Primary biliary cholangitis, the damage of bile ducts in the liver, affects 40 people in 100,000.
  • Rounding out the top five orphan diseases are Fabry disease (30 patients per 100,000), and cystic fibrosis (25 patients per 100,000).

One catch behind these stats? There’s actually no universal definition of what constitutes a rare disease. This means prevalence data like the above is often inconsistent, making it difficult to record the precise rate of natural occurrence.

The Cost of Rare Diseases

This gap in knowledge comes at a price—many rare diseases have constrained options for treatment. Orphan drugs are often commercially underdeveloped, as their limited end-market usage means they aren’t usually profitable enough for traditional research.

In the United States, government-backed incentives such as tax credits for R&D costs and clinical trials are speeding up the pathways from drug to market. Other places like the EU, Japan, and Australia are also following suit.

In total, it’s estimated that pharma companies focused on rare diseases are worth about half a trillion in enterprise value, roughly equal to 17.5% of the value of Big Pharma:

  • Non-oncology value: $315.7B
  • Oncology value: $193.1B
  • Total enterprise value: $508.8B

Source: Torreya Report. Market values are for the top 31 pure play rare disease therapeutic companies.

The average cost of an orphan drug per U.S. patient annually can climb to near $151,000 (a whopping 4.5 times that of a non-orphan drug, at $34,000). That’s why the pharma industry is urgently advancing rare disease therapeutics across different categories.

Dominant Orphan Drug Sales

According to other estimates, orphan drugs are set to capture over one-fifth of global prescription sales by 2024. Blood, central nervous system, and respiratory-related drugs are currently the top therapeutic categories and are expected to keep this status into the future.

The figures below break down global orphan drug sales by therapy category, and their present and estimated future market share. Note that oncology-related orphan drug sales are excluded from this table.

Therapy Category2018 SalesMarket Share2024E SalesMarket ShareChange in Market Share
Total Sales$67.9B$118.5B
Blood$21.3B31.4%$33.1B27.9%-3.4%
Central nervous system (CNS)$11.1B16.3%$20.3B17.1%0.8%
Respiratory$7.8B11.5%$13.6B11.5%0%
Immunomodulators$7B10.3%$12.5B10.5%0.2%
Cardiovascular$6.7B9.9%$8.5B7.2%-2.7%
Endocrine$3.8B5.6%$5.6B4.7%-0.9%
Musculoskeletal$3.5B5.2%$11B9.3%4.1%
Systemic anti-infectives$3.1B4.6%$4.2B3.5%-1%
Gastro-intestinal$2.9B4.3%$6B5.1%0.8%
Genito-urinary$0.6B0.9%$1.5B1.3%0.4%
Sensory organs$0.1B0.1%$1.5B1.3%1.1%
Dermatology$0B0%$0.7B0.6%0.6%

Source: EvaluatePharma. Industry sales are based on the top 500 pharma and biotech companies.

Much is still unknown about rare diseases in the health community. Frequent misdiagnosis, and up to an average of 8 years for an accurate diagnosis, continue to be a problem for patients.

There are two sides to the situation. On one, tech giants like Microsoft are providing digital health solutions to speed up diagnosis, through machine learning and blockchain-based patient registry.

On the other, many skeptics question whether the industry is interested in finding cures for rare diseases at all, especially when they account for a significant portion of industry revenues.

Is curing patients a sustainable business model?

Goldman Sachs

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Demographics

Visualizing Over A Century of Global Fertility

Global fertility has almost halved in the past century. Which countries are most resilient, and which have experienced the most dramatic changes over time?

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Visualizing Over A Century of World Fertility

In just 50 years, world fertility rates have been cut in half.

This sea change can be attributed to multiple factors, ranging from medical advances to greater gender equity. But generally speaking, as more women gain an education and enter the workforce, they’re delaying motherhood and often having fewer children in the process.

Today’s interactive data visualization was put together by Bo McCready, the Director of Analytics at KIPP Texas. Using numbers from Our World in Data, it depicts the changes in the world’s fertility rate—the average number of children per woman—spanning from the beginning of the 20th century to present day.

A Demographic Decline

The global fertility rate fell from 5.25 children per woman in 1900, to 2.44 children per woman in 2018. The steepest drop in this shift happened in a single decade, from 1970 to 1980.

In the interactive graphic, you’ll see graphs for 200 different countries and political entities showing their total fertility rate (FTR) over time. Here’s a quick summary of the countries with the highest and lowest FTRs, as of 2017:

Top 10 CountriesFertility rateBottom 10 CountriesFertility Rate
🇳🇪 Niger7.13🇹🇼 Taiwan1.22
🇸🇴 Somalia6.08🇲🇩 Moldova1.23
🇨🇩 Democratic Republic of Congo5.92🇵🇹 Portugal1.24
🇲🇱 Mali5.88🇸🇬 Singapore1.26
🇹🇩 Chad5.75🇵🇱 Poland1.29
🇦🇴 Angola5.55🇬🇷 Greece1.3
🇧🇮 Burundi5.53🇰🇷 South Korea1.33
🇺🇬 Uganda5.41🇭🇰 Hong Kong1.34
🇳🇬 Nigeria5.39🇨🇾 Cyprus1.34
🇬🇲 Gambia5.29🇲🇴 Macao1.36

At a glance, the countries with the highest fertility are all located in Africa, while several Asian countries end up in the lowest fertility list.

The notable decade of decline in average global fertility can be partially traced back to the actions of the demographic giants China and India. In the 1970s, China’s controversial “one child only” policy and India’s state-led sterilization campaigns caused sharp declines in births for both countries. Though they hold over a quarter of the world’s population today, the effects of these government decisions are still being felt.

Population Plateau, or Cliff?

The overall decline in fertility rates isn’t expected to end anytime soon, and it’s even expected to fall past 2.1 children per woman, which is known as the “replacement rate”. Any fertility below this rate signals fewer new babies than parents, leading to an eventual population decline.

Experts predict that world fertility will further drop from 2.5 to 1.9 children per woman by 2100. This means that global population growth will slow down or possibly even go negative.

Africa will continue to be the only region with significant growth—consistent with the generous fertility rates of Nigeria, the DRC, and Angola. In fact, the continent is expected to house 13 of the world’s largest megacities, as its population expands from 1.3 billion to 4.3 billion by 2100.

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