THE ECONOMY O MUTUALITY – PEOP PURPOSE IN HEALT
DIGITAL TRANSFORMATION
With digital transformation rife in healthcare , customers are examining the purpose of providers and demanding more control of their experience
WRITTEN BY : ALEX TUCK
According to the report Economics of Mutuality ( EoM ) Backgrounder Mars , Incorporated / Catalyst Mutuality in Business Briefing Number ( 2015 ), “ the October 2008 global economic meltdown generated intense discussion across the world about whether Milton Friedman ’ s ‘ Chicago School ’ model of financial capitalism - dominating business for the last 40 + years – whereby the sole social responsibility of business , to paraphrase Friedman , is to maximise profits for distribution to shareholders – has reached its natural end ”.
The joint report from Mars Catalyst and Saïd Business School , part of the University of Oxford , launched Catalyst ’ s nascent business model research programme – ‘ The Economics of Mutuality ’. This phenomenon has been seen across industries of late , and particularly within the digital transformation of healthcare .
Good examples of this in action are social enterprises that put the interests of people and the planet ahead of shareholder gain . These businesses are driven by a social and / or environmental mission and therefore reinvest profits into creating positive social change .
96 June 2022