Senate Republicans unveiled their draft bill to repeal and replace ObamaCare on Thursday, just one month after the House passed its health care measure – the American Health Care Act. Lawmakers are scrambling to cut costs while still maintaining coverage for millions of Americans.
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John Sculley, the former CEO of Apple (NASDAQ:AAPL) and current CMO of RXAdvance, a cloud-based health-tech company, says politicians are going about reform all wrong.
“The state of health care in its current form is unsustainable. For 95% of the people it is cost effective, it is the 5% of the population who are chronically ill that cost the health care system $1.5 trillion a year,” Sculley tells FOX Business. “[If you] significantly lower the cost of health care to these chronically ill people, we’ll solve health care. The politicians just don’t know that it’s possible.”
It’s estimated that the U.S. health system wastes about $765 billion per year, according to the Institute of Medicine. This includes over prescription, and unnecessary and inefficiently delivered services.
Sculley says a solution is to bring the industry up to technological speed. “The health care industry is kind of insular. And it is still using technology that is 25 years old,” says Sculley, adding: “there is a big role for true transformation of technology particularly with cloud mobility with big data analytics.”
RXAdvance utilizes the cloud to bring doctors, pharmacists and patients together to better keep track of, manage and deliver care. By embracing technology, Sculley says the financial benefits could reform the industry. “The market RXAdvance is addressing is potentially over $400 billion in avoidable drug impact costs,” adds Sculley.
Be sure to watch Sculley’s full interview above.
This is part of FOXBusiness.com’s Industry Forecast series that deep dives into cloud innovations across global businesses.