10x ROI Potential in Global South with Healthcare Workforce Investments
TL/DR –
Over 4.5 billion people lack essential health services, leading to a loss of 60 million lives and 15% of global GDP due to healthcare system failures. A new report from the International Council of Nurses (ICN) suggests increased investments in nurses, who deliver upwards of 80% of hands-on care, could prevent these losses. The report states that investment in the health workforce, particularly in low and middle-income countries (LMICs), would yield a ten-fold return, and calls for an additional 30.6 million nurses to be educated and employed globally to reach Universal Health Coverage benchmarks by 2030.
Investing in Nurses: An Economic Boon and Health Savior
Over 4.5 billion people globally lack basic health services, resulting in 60 million deaths annually due to health system failure, and a 15% loss in worldwide GDP. According to a new report by the International Council of Nurses (ICN), strategic investments in nurses, who deliver over 80% of hands-on care, could prevent health and economic woes.
The report emphasizes that investing in the health labor force, especially nurses, in low and middle-income countries (LMICs) can yield a 10:1 return on investment. It stresses that the economic burden of poor health systems is preventable and highlights the importance of strategic investments in nursing to tackle increasing healthcare demands and burnout. The report coincided with the International Nurses Day, celebrated annually on May 12th.
ICN president Pamela Cirpriano noted that investing in healthcare will save money and could potentially boost global GDP by $12 trillion or 8%. The ICN report recommends that countries should aim for a ratio of 70 nurses for every 10,000 people to achieve Universal Health Coverage (UHC) benchmarks by 2030. This would require an additional 30.6 million nurses to be educated and employed globally.
However, despite nurses accounting for half of the healthcare workforce, there has been a decline in national investments in nurses’ education, salaries, and working conditions in the post-Covid era. ICN CEO Howard Catton warns that short-sighted, cost-cutting policies such as international recruitment, creating non-registered nurse roles, and reducing nurse education length, could deter people from joining the profession and lead to experienced nurses leaving prematurely.
Greater ROI from Nursing Investments
According to the report, each dollar invested in health systems typically yields a $2-$4 return. However, the economic return on investment in LMICs’ health workforce, particularly nurses, could be as high as 10:1. Furthermore, investing in nursing can lead to improved healthcare delivery, economic growth, and social well-being.
Nursing: A Pathway to Increased Gender Equality
The report also highlights that investing in nursing and the broader care economy is vital for closing gender gaps. Improving pay, working conditions, and career advancement opportunities in nursing can empower women and stimulate the economy, particularly as 90% of nurses worldwide are women. It also underscores the need for more economic focus and renumeration for roles currently characterized as unpaid care work. Investing in the nursing workforce can alleviate poverty, especially for women and girls, and contribute to closing gender gaps in labor markets.
Moreover, the report emphasizes the connections between nursing and peace, noting that nurses address the root causes of ill health and risk factors that lead to conflict. By improving the living conditions and fostering community cohesion, nurses can play a significant role in promoting peace.
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