Investing in Innovation
By Michael Hodin
As we approach the two-year anniversary of the Covid-19 pandemic, and as the omicron wave recedes, it’s an ideal moment to consider how our societies, health systems, and economies can recover and thrive in the years ahead. How can we manage the ongoing threat of Covid-19, while turning attention and resources to many other pressing challenges? How can we support and replenish our depleted health systems? How can we address the labor shortages and skills gaps that now reach across sectors? Which models do we carry forward from the pandemic and which do we leave behind? How do we learn from countries like Japan who are today experiencing the challenges of population aging that will reach all of us over the next decade? In Japan, there are not only more older adults and the larger old-old set with chronic disease, vision deterioration and subject to fragility fractures, but more old than young at historic milestones never before experienced, anywhere, globally.
To find answers, we should consider a different force that has been reshaping our world for at least two decades before Covid-19: the global mega trend of aging. As the UN and WHO recognize with their Decade of Healthy Ageing, the unique dynamics of aging must be a global priority. And the right cross-sector solutions for aging will have cascading benefits that almost perfectly match the needs of Covid-19 recovery: greater health system efficiency, a stronger workforce, better support for caregivers, proactive vaccination campaigns, and accelerated innovation that fuels both health and wealth.
Thankfully, the past two years have also been a productive time for the leaders and experts working to develop exactly these kinds of solutions. As mentioned, the landmark Decade of Healthy Ageing has begun to combat pervasive ageism. We’ve seen the approval of the first disease-modifying Alzheimer’s treatment, as well as a full-on public health push for the vaccination of older adults. We elevate the challenges of osteoporosis and the consequent fragility fractures as we age even as we note the impact of vision deterioration on health and economic systems. And employers are rethinking their talent strategies — including the long-overlooked value of older workers, an oversight that has always been unfair, unwise, and unsustainable.
Our organization, the Global Coalition on Aging (GCOA), and our members aim to be at the forefront of those solutions. Just in the past few months, we have achieved important milestones and initiatives that we believe point a way forward. In countries worldwide, policymakers, private-sector leaders, communities, and other stakeholders can drive progress by focusing on several action areas:
· Approach innovations for healthy aging as investments, not least the “predict-and-prevent” model. As populations age, health systems and national budgets cannot afford an outdated healthcare model that centers on costly, recurring acute care. As discussed at “Investing in Health Innovation for OECD Ageing Societies: Models for Healthier, Active, and Fiscally Sustainable 21st-Century Ageing,” a virtual roundtable and report from GCOA as a member of the OECD Forum, countries must instead implement a “predict-and-prevent” model that recognizes healthy aging as an investment, rather than a cost. This approach will deliver benefits for older people’s health and quality of life, as well as mitigate long-term healthcare costs by reducing the need for acute care.
· Integrate digital health technologies into the new normal. The Covid-19 pandemic has shown the overwhelming demand for telehealth and other digital health tools. Letting coverage for these solutions expire would be a huge mistake. Instead, policymakers and health systems should double down: moving beyond just virtual doctor’s visits to truly 21st century solutions that harness robust data and AI for continuous monitoring, prediction, and prevention of health crises from osteoporosis and Alzheimer’s to CVD, oncology and vision loss in older adults.
· Prioritize employer and policy support for family caregivers. Those caring for older adults — the majority of whom are also employed — have been especially impacted by the pandemic. As discussed in GCOA’s report, Shining A Spotlight on Caregiving: Employer Practice Through a Policy Lens, governments and employers can take action to support these family caregivers: inclusive leave policies, flexible work options, support for home care, financial planning tools, and more. This will also help caregivers stay in the workforce — a critical source of talent in a tight labor market.
· Embrace the multi-generational workforce. Support for working caregivers is just one example of how organizations can tap the potential of the multi-generational workforce — estimated at a $2 trillion opportunity across the OECD. Employers can attract and empower older workers by ensuring age-neutral workplaces, an inclusive culture, lifelong learning, and other key pillars. Healthy aging also plays a role. For example, vision health: uncorrected presbyopia, alone, leads to global productivity losses of more than $25 billion each year. If we are to work differently and longer, surely we must retain health in areas from chronic disease to presbyopia vision deterioration.
· Accelerate innovation against urgent threats like Alzheimer’s and antimicrobial resistance (AMR). Both present daunting health and economic challenges. Dementia already affects 55 million people at a cost of $1.3 trillion, projected to grow to 78 million and $2.8 trillion by 2030. And if AMR remains overlooked, some project it could lead to as many as 10 million deaths each year by 2050. Clearly, action is needed on both fronts. To that end, the 2021 Alzheimer’s Innovation Readiness Index and the 2021 AMR Preparedness Index assess countries’ existing policies in these areas and lay out frameworks to accelerate progress.
Far from a drag on health systems and economies, an informed approach to aging can supercharge health innovation, inclusive growth, and workforce strength — at a time when countries badly need all three. GCOA is proud of our work to achieve these goals, and we look forward to continuing to collaborate with the leaders who are delivering solutions for our aging world.
