A16Z co-founder Marc Andreessen and A16Z Bio General Partner Vijay Pande discuss why healthcare has been resistant to technology induced productivity gains, asking how is it that flat screen TVs get cheaper every year, but healthcare keeps getting more expensive?
Our key takeaways:
Sectors like consumer technology are experiencing high rates of productivity growth – an explosion in wages and jobs while prices reduce.
Healthcare and education are industries with low productivity growth, but to compete in the market for professionals they have to match wages with faster-growing industries.
This creates an explosion in price, with products and services becoming more expensive while not necessarily improving – known as Baumol’s Cost Disease.
AI is becoming one way of combating the explosions in pricing that these industries are seeing.
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