The Indian healthcare sector could take a leaf out of the banking and financial intermediation sector for ideas to address the problem of information asymmetry between patients, healthcare providers and insurers, proposes the Economic Survey 2020-21. It suggests the use of data from the National Digital Health Mission (NDHM) be used to help healthcare providers and insurance providers get a better picture of the patients. It also calls for the use of artificial intelligence and machine learning algorithms to process this data. The Survey notes that due to the nature of the healthcare sector, patients don't often know what services they are availing. At the same time, patients themselves are known to indulge in behaviour that is dangerous to them, which increases the burden on the healthcare sector. Essentially, the Survey says that healthcare providers and insurers need to have a better picture of their patients. It also seems to argue that the government needs to play a key role in "shap[ing] the structure of the healthcare market" to address both information asymmetries. "Given the market failures stemming from significant asymmetric information, an unregulated private healthcare system is clearly sub-optimal compared to a system where policies mitigate the problem of asymmetric information. Parallels can be drawn from banking and financial intermediation – another industry that suffers from significant market failures due to asymmetric information – to design policies for mitigating these market failures." — Economic Survey 2020-21 (emphasis added) Problem: Patients 'indulge' in risky behaviour, healthcare providers don't know enough…
- China state-backed hacking groups reportedly targeted India and other countries; here’s what we don’t know February 23, 2024
- Microsoft Announces Automation of Risk Identification Process for Generative AI Systems February 23, 2024
- IRCTC announces tie-up with Swiggy for food delivery services February 23, 2024
- MoS IT Rajeev Chandrasekhar accuses Google’s chatbot Gemini of violating IT Rules February 23, 2024
- Google releases open-source AI model called Gemma February 23, 2024
The Minister's response came after an X user posted answers generated by Gemini regarding Prime Minister Narendra Modi.
Vaishnaw said that in the next five years, there will be significant disruptions in the way telecom technology operates.
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...
The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...
Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...
Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...
RBI Deputy Governor Rabi Shankar called for self-regulation in the fintech sector, but here's why we disagree with his stance.
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...