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Health Care Industry To Gain The Most From 5G

5G is the fifth-generation technology standard for broadband cellular networks, which cellular phone companies began deploying worldwide in 2019, and is the planned successor to the 4G networks which provide connectivity to most current mobile phones.

Productivity and efficiency gains enabled by 5G’s application will drive business, skills and service change worth US$1.3 trillion to global GDP by 2030.

In Powering Your Tomorrow, PricewaterhouseCoopers quantifies for the first time, the economic impact of new and existing uses of 5G in utilities, health and social care, consumer, media, and financial services across eight economies with advanced rollout: Australia, China, Germany, India, Japan, South Korea, USA and the UK.

More than a faster version of mobile connectivity on 4G, 5G’s speed, reliability, reduced energy usage and massive connectivity will be transformative for businesses and wider society, enabling ubiquitous access to super fast broadband.

Used in combination with investments in artificial intelligence and the internet of things, 5G can be used as a platform to enable business and society to realise the full benefits of emerging technology advances.

Economic gains are projected across all economies assessed in the study, as 5G offers the potential to rethink business models, skills, products and services, with the gains accelerating beginning in 2025 as 5G-enabled applications become more widespread

Based on the study, the USA, China and Japan will experience the largest uplift as a result of 5G technology applications, due to the size of their economies and strong modern industrial production sectors.

At a regional level, Europe, Middle East and Africa is expected to benefit the most from manufacturing applications of 5G, due to the size of the manufacturing sectors.

It demonstrates the potential for regional competitive advantage through approaches to the adoption and regulation of the technology.

Achieving Better and Faster Outcomes in Health Care

Over half the global economic impact will be driven by the transformation of health and social care experience for patients, providers and medical staff within the next ten years.

While the acceleration of telemedicine during the COVID-19 pandemic provided a glimpse of the future of healthcare, remote care is just one area in which 5G can enable both better health outcomes and cost savings.

5G’s applications include remote monitoring and consultations, real time in-hospital data sharing, improved doctor-patient communications and automation in hospitals to reduce health care costs.

Regional and Sector impacts

At a sector level, impacts vary for individual economies. The United States and Australia are projected to gain the most from financial services applications: India from smart utilities; China and Germany in manufacturing.

Other industries analysed in the study show the significant potential of new and existing applications over the next decade, driving changes in skills, jobs, consumer products and regulation.

Policy and Trust

The study highlights that the reach of 5G’s technology potential will require businesses and government to consider new approaches to regulatory and consumer engagement – focusing on how the technology is used.

Asset Management Industry to Grow by 5%

Asset management is a systematic approach to the governance and realisation of value from the things that a group or entity is responsible for, over their whole life cycles. It may apply both to tangible assets and to intangible assets.

Currently controlling more than US$110tn, the power the asset and wealth management industry has in shaping the future is unparalleled. With global assets under management projected to grow by up to 5.6% per annum to US$147.4 trillion by 2025, it can shape a future which is better for investors, shareholders, the economy and the wider society.

This is according to PwC’s new global report ‘Asset and Wealth Management Revolution: The Power to Shape the Future’ published today drawing on data, analysis and expert insights as well as the econometric modelling of PwC’s Asset and Wealth Management Research Centre.

The report focuses on a number of key findings and areas for the industry to address, which are pivotal to helping the global economy.

Asset and wealth management firms can:

  • Fund the future: There is a widening funding gap which will need to be filled to support recovering economies.
  • Provide for the future: With aging populations, widening pension gaps and challenging demographics, the AWM industry has a key role to play in supporting investors in meeting their savings’ goals.
  • Embrace ESG as the future: With US$110 trillion in assets under management, and growing, this industry has the power to literally change the world from an ESG perspective.

Repair, reconfigure and report are the key areas the industry needs to address as it rethinks its strategy to be fit for the future.

According to the report, the industry can be a powerful engine of recovery and a force for good in a world facing uncertainty and upheaval. Funding the future, providing for the future and embracing environmental, social and governance matters are pivotal to this.

Asset and wealth management firms can achieve superior fund returns as alternative providers of capital.

At US$41 trillion, non-bank lending now exceeds bank lending in advanced economies and continuing low interest rates, coupled with higher capital adequacy ratios, will increase pressure on banks and their ability to lend. This has created an opportunity for private market funds to help finance businesses with strong growth potential but limited access to mainstream funding.

The AWM industry can address one of the key goals of the EU’s Capital Markets Union Action plan and improve the private capital markets.

Providing for the future

Pension fund assets are expected to grow to almost US$65tn by 2025.

Within retirement saving, specifically, pension funds now manage more than $50tn in pension assets, and we forecast that this will grow to almost $65tn by 2025. Providing for the future is the other side of the coin to funding the future — the more wealth we can create as a society, the more we can save and the more that will be available to invest.

And as people live longer, the asset and wealth management industry can contribute to the resolution of escalating pension gaps and retirement poverty. Saving cash on deposit is no longer tenable in a world of ultra low interest rates and fixed income yields, forcing savers to look for higher yielding, attractive options.

Assets under management in infrastructure funds are expected to double by 2025.

Further opportunities for asset and wealth management firms to provide for the future include making up for the growing shortfall in available infrastructure investment, especially from governments. Within developed markets, there are considerable openings to refurbish roads, airports, hospitals and other such opportunities while accelerating developments in areas such as 5G and renewable energy. As a result, we expect assets under management in infrastructure funds to double by 2025.

ESG-aligned funds cumulatively have already outperformed their traditional counterparts.

Increasingly, investors are putting the environmental and social profile of AWM firms on a level playing field with financial return. A growing number of investors expect asset and wealth management firms to make environmental, social and governance issues integral to their investment strategies. This shift is already having a revolutionary impact on product design, fund allocation and performance objectives.

PwC’s analysis shows that ESG-aligned funds cumulatively outperformed their traditional counterparts by 9% from 2010 to 2019.

Research also shows that diverse companies, in which more than 30% of leaders are women, are, on average, 15% more profitable than those that aren’t diverse, and businesses that score highly on sustainability tend to outperform those that don’t.

Learning from The 2020 Pandemic Response

A pandemic is an epidemic of an infectious disease that has spread across a large region, for instance multiple continents or worldwide, affecting a substantial number of individuals. A widespread endemic disease with a stable number of infected individuals is not a pandemic.

The COVID-19 pandemic is testing the strengths and exposing the weaknesses of governments, defence, security forces and the private sector in their crisis preparedness and response. In order for future responses to be more robust and resilient, governments will need to understand how these actors collaborate and map leadership priorities.

It offers a structured approach to mapping these links between institutions to determine any weaknesses. Contributors to the report include Malcolm Brown, former Deputy Minister of Public Safety in Canada; Sir Craig Mackey, former Deputy Commission of the Metropolitan Police Service in London; and Peter Van Uhm, retired general and former Chief of Defence of the Netherlands.

Using PwC’s Security Ecosystem Assessment Map framework, developed by experts in the defence and security fields, leaders can examine the ways in which their organisations must adapt to changing situations and connect with other entities to improve future responses to crises.

George Alders, of PwC’s Global Government Security Sector, says: “The world of police work and the crimes they must tackle is changing and evolving as technology drives new types of crimes and societal behaviours. Amid this transformation, during the COVID-19 pandemic, police are being asked to do even more – enforcing social distancing, restrictions on movement between countries, even the wearing of face masks.”

Terry Weber, of PwC’s Global Government Defence Sector, says: “The response to the COVID-19 pandemic was uncharted territory in many respects and was the ultimate test of trusted institutions to be agile and flexible in the face of immense pressure.”

Malcolm Brown, Senior Strategic Advisor, PwC Canada, says: “This pandemic is far from over. Governments will be challenged to meet the needs of citizens as economies re-open, employees return to work, international travel resumes, and health and social care systems reassess their capacities in the face of fluctuating COVID-19 infection rates.”

PricewaterhouseCoopers is a multinational professional services network of firms, operating as partnerships under the PwC brand. PwC ranks as the second-largest professional services network in the world and is considered one of the Big Four accounting firms.

Global Accountancy Firm Names New Company Boss for Scotland

Covering the northern third of the island of Great Britain, mainland Scotland has a 96-mile border with England to the southeast and is otherwise surrounded by the Atlantic Ocean to the north and west, the North Sea to the northeast and the Irish Sea to the south.

PwC has unveiled a new boss for its operation in Scotland. The firm has unveiled Claire Reid as the successor to long-standing Scottish chairman Lindsay Gardiner, who has stepped down after seven years in the role.

PricewaterhouseCoopers is a multinational professional services network of firms, operating as partnerships under the PwC brand. PwC ranks as the second-largest professional services network in the world and is considered one of the Big Four accounting firms

Claire, until recently head of assurance for PwC in Scotland, becomes the first female to hold the post.

And she comes to the role with a strong background in technology. Claire joined PwC in 1998 and in the earlier part of her career with the firm was based in Silicon Valley, California, where she worked with a number of high-profile technology clients.

On returning to the United Kingdom she worked to establish and develop PwC’s relationship with Oracle, a cloud computing partner, going on to help build the firm’s cyber security operation, during a 10-year spell in London.

Claire, who has a degree in international business and modern languages from the University of Strathclyde, returned to her hometown of Glasgow in 2016 to become head of assurance and lead the firm’s technology risk practice across the United Kingdom.

Mr Gardiner meanwhile will continue to work within the firm’s audit business.

Olympic Committee Appoints PwC

PricewaterhouseCoopers is a multinational professional services network of firms, operating as partnerships under the PwC brand.

Speaking at the 134th session of the International Olympic Committee in Lausanne, chairman of the audit committee Baron Pierre-Olivier Beckers-Vieujant announced the committee’s recommendation to reappoint the Big Four firm.

The Olympic Committee is a non-governmental sports organisation based in Lausanne, Switzerland. It is constituted in the form of an association under the Swiss Civil Code.

The 134th session then approved the reappointment by show of hands.

In August 2018, the IOC invited Deloitte, EY, PwC and KPMG to submit their proposals in a closed tendering process, which were then assessed by a selection board.

Baron Beckers-Vieujant said the audit committee decided to only include the Big Four as it believed these firms were the only ones capable of delivering on expectations from a global point of view and in line with the IOC’s reputation.

He highlighted value for money and PwC’s commitment to reduce costs over the six-year term as key reasons supporting the choice – explaining that the Big Four firm had already offered to reduce costs in the first year from 402,000 Swiss francs to 391,000 Swiss francs.

PwC will serve a six-year term as the IOC audit committee wanted to align the appointment with the four-year Olympiad cycle.

He also noted that under Swiss law the firm has to be reappointed by vote on a yearly basis.

Last week, PwC was appointed auditor for pharmaceutical company Diurnal Group following a formal tender process and, pending shareholder confirmation the November AGM, will audit the company’s accounts for the year ended June 2020.