Global healthcare is at a crossroads. We are seeing unprecedented technological advancements with AI-based drug discovery, personalised cancer vaccines and machine learning tools that will assist with diagnosis and treatment management.
With these and other advancements, human lifespans are increasing – we are living 20 years longer than we did a century ago. The current average life expectancy is 78 years in the UAE and the proportion of those aged 65 years or older is set to rise from 9 per cent in 2020 to 23 per cent by 2100.
Then comes the bad news. We are sicker than ever.
Chronic disease is at an all-time high, with shocking projections ahead of us. The World Health Organisation predicts that by 2050, chronic diseases will account for 86 per cent of the 90 million deaths each year. Forty-four per cent of older adults are taking at least five medications regularly.
With the highest diabetes rates in the world, the Mena region suffers greatly from a steady stream of heart disease, obesity and strokes. The likelihood of dying from these diseases is 7 per cent higher in this region, compared to some other high-income countries. Sadly, doctors have little choice but to focus on mopping up after such a deluge of ill-health. They do a fantastic job with more advanced and robotic mops but who is turning off the tap?
Preventive lifestyle medicine can change the game for current healthcare issues
Our current medical system is still stuck in the traditional fee-for-service reimbursement model in which hospitals and doctors get paid only when people are sick. This directs doctors in the region towards treating the consequences of these heavyweight diseases, instead of prioritising the promotion of healthy, illness-free years. Doctors are often frustrated at the feeling that this stream of illness keeps flowing faster and faster, but their tools only slow a patient’s decline.
Luckily, this arc can be redirected. Eighty per cent of premature heart attacks and strokes, and a whopping 90 per cent of diabetes cases can be prevented through lifestyle changes alone. In the Mena region, instead of the equivalent of the population of the entire UK – 67 million people – suffering from diabetes, we would have the equivalent of the population of Kyrgyzstan, that is 6.8 million. This can be achieved just by helping patients improve their diet, move more, quit smoking and sleep well.
The need of the hour is to bring technology and expertise in to better treat those affected. At the same time, we must identify high-risk patients and prevent them from getting sick in the first place.
So, what do doctors need? Better access to tools for personalised care, more emphasis on prevention, and encouraging the health system to incorporate the precision medicine technologies found in the private sector into traditional health care. Imagine if hospitals were paid to keep people healthy? What if they were able to incorporate technology to streamline care to get the right patient, the right treatment by the right doctor in an efficient way?
Advancements in precision medicine have changed the way we view the treatment of disease. Instead of a one-size-fits-all approach, precision medicine has made it possible to fine-tune treatments for highly individualised solutions. This brings a comprehensive and personal approach to health, taking into account environmental, socio-economic, psychological and biological determinants, and not merely the label of a specific disease.
With the progression of AI and machine learning, precision-medicine research can be fast-tracked for clinical applications. Machine learning algorithms can offer better diagnostic accuracy when compared to traditional methods. By identifying patients at higher risk, AI can help healthcare providers prioritise screening and prevention efforts. According to a 2020 report from McKinsey and Company consultants, the effective use of AI in healthcare could result in an annual savings of $300 billion in the US alone.
Preventive lifestyle medicine can change the game for current healthcare issues. Only a quarter of human longevity is attributed to one’s genetic makeup, with lifestyle and environmental factors being the big players that can transform one’s health status.
According to the WHO last year, a poor diet has been the leading driver of premature death and chronic disease globally. A wealth of evidence has demonstrated that a healthy, unprocessed diet consisting mostly of plants can provide numerous benefits such as a reduction in one’s risk for Type 2 diabetes, body mass index and waist circumference as well as improvement in one’s cardiometabolic profile such as blood cholesterol and blood sugar levels.
With advancements in precision nutrition, dietary recommendations can be further individualised to ensure that the foods one consumes are the best match for one’s taste buds, health and cultural preferences.
Other lifestyle interventions can also contribute to healthy longevity. Research has shown that exercise can positively target every hallmark of ageing. Regularly getting good-quality sleep has been associated with almost a 50 per cent lower risk of mortality.
Once the healthcare system encompasses lifestyle interventions on a prescription basis, chronic illnesses can be prevented, treated better and often reversed, which will reduce the global burden of disease and healthcare spending. For context, a 2020 study in the US found that lifestyle modifications to reduce haemoglobin A1c by 1 per cent can lead to a 13 per cent reduction in diabetes-related healthcare costs.
What excites me about the healthcare system now is the emphasis on full-spectrum care, from precision prevention to highly complex treatments, adopting a precision medicine approach that incorporates the newest technology and looks at simple solutions that empower people to take control of their own path toward healthy longevity.
Conferences such as the coming Department of Health sponsored Abu Dhabi Global Healthcare Week encourage knowledge sharing and facilitate open dialogue. The healthcare sector has a long way to go to reverse the damage and both build better mops and turn off the tap. Fortunately, with both the right leadership and resources we have all we need to achieve this.
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Have you been targeted?
Tuan Phan of SimplyFI.org lists five signs you have been mis-sold to:
1. Your pension fund has been placed inside an offshore insurance wrapper with a hefty upfront commission.
2. The money has been transferred into a structured note. These products have high upfront, recurring commission and should never be in a pension account.
3. You have also been sold investment funds with an upfront initial charge of around 5 per cent. ETFs, for example, have no upfront charges.
4. The adviser charges a 1 per cent charge for managing your assets. They are being paid for doing nothing. They have already claimed massive amounts in hidden upfront commission.
5. Total annual management cost for your pension account is 2 per cent or more, including platform, underlying fund and advice charges.
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”