Published: Oct 21, 2018 9:08 a.m. ET
Ample opportunity to “do good and do
well”
By KATYFIKE
This article is
reprinted by permission from NextAvenue.org. It is from the Milken
Institute Center for the Future of Aging series, The Business of Aging.
Global aging and
technology innovation are each occurring at an unprecedented rate. The
intersection of these two global macro trends creates significant need and
opportunity for new products and services to transform and tech-enable the
aging experience.
Earlier this year,
Aging 2.0 introduced the Grand Challenges, a global initiative to drive
collaboration around the biggest challenges and opportunities in aging.
Identifying these challenges required five years of bottom-up and top-down
dialogue with stakeholders from across an interdisciplinary, intergenerational,
international community of older adults, senior care providers, thought
leaders, and entrepreneurs.
The 8 challenges of
aging
Each area reflects a
significant need and market opportunity, or an area where there is ample
opportunity to “do good and do well.” Namely:
1. Engagement and Purpose: Ageism and outdated social norms have
resulted in isolated and marginalized older adults in both rural and urban
communities. Helping older adults get and stay meaningfully engaged is critical
for their health and the health of our communities.
New and creative ways
are needed to not only tap into their wisdom but also to provide opportunities
for lifelong learning and meaningful engagement across the lifespan.
2. Financial Wellness: People are living longer and traditional
models of work and retirement have not kept pace. Financing longevity will
require new models, new tools and new norms. New opportunities for later life
employment, new models for planning and financing care and better ways to
prevent scams and fraud are needed.
3. Mobility and Movement: Everyday objects, homes and communities
not originally designed with longevity in mind often become obstacles to
movement, safety, independence and socializing. Remaining safe and mobile are
top priorities for older adults.
There is a need for
products, programs, and services that enable people to maximize their safety,
strength, balance, fitness, independence and mobility as they age.
4. Daily Living and Lifestyle: The majority of older adults state a
preference to “age in place,” yet one third of people over 65 need assistance
with at least one activity of daily living (e.g. eating, bathing, dressing).
Products and services
are needed to help support not only older adults’ basic daily activities but
also to foster and support their ability to thrive, pursue their passions and
engage with their chosen lifestyles.
5. Caregiving: Care for older adults is provided by
informal (unpaid) and formal (paid) caregivers. Both groups are increasingly
caring for people with higher levels of acuity and complex conditions.
Family caregivers —
who are often juggling other family and work responsibilities and living remote
from the care recipient — need better support, training, resources and tools to
help them take care of their loved ones and themselves.
On the professional
side, staff shortages and quality concerns loom large, so new solutions are
needed to help attract, train, develop and leverage scarce human capital.
6. Care Coordination: The health care journey can be
particularly complex and fragmented for older adults, two-thirds of whom have
at least two chronic conditions.
With the overwhelming
majority of health care dollars spent managing chronic conditions, families and
health insurance providers are aligned in their desire to care for people in
the least restrictive, most cost effective setting.
Families and providers
need new tools and care models to support care transitions, clinical
collaboration, medication management, population health management and remote
care delivery.
7. Brain Health: Alzheimer’s disease is the sixth leading
cause of death in the U.S. and is projected to cost $1.1 trillion by 2050.
Incidence of Alzheimer’s disease is 33% among people over 85 years old, the
fastest-growing segment of the population.
While there remains no
cure for Alzheimer’s disease, better tools and services are needed to increase
awareness, develop tools for early prediction and diagnosis, optimize cognitive
fitness, slow cognitive decline and support caregivers.
8. End of Life: Death is inevitable, but that doesn’t
seem to make it any easier to talk about or prepare for. As a result, 25% of
the Medicare budget is spent on the last year of life and many people still do
not die where or how they want.
Families and providers
need help navigating end of life options, having the difficult conversations
and ensuring that end of life wishes are met.
We believe these are
the challenges of our age and for the ages. We invite everyone to join our
global movement at aging2.com.
Katy Fike is a partner at Generator Ventures
and co-founder of Aging 2.0.
This article is
reprinted by permission from NextAvenue.org, © 2018 Twin Cities Public Television, Inc.
All rights reserved.
https://www.marketwatch.com/story/8-significant-challenges-of-an-aging-population-2018-05-23
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