We’ve discussed the purple economy before and that it means care in all its forms, earning the title the “Care Economy”. Purple here stems from its connotation of providing empathy, and the traditional association with femininity, gentleness, and compassion–that these virtues should be recognized.
Not surprisingly, the care economy leaves cold economies behind to include the social dimensions and all matters surrounding human interaction, emotional labor, and caregiving services. The latter is an umbrella term encompassing a wide range of sectors spanning from healthcare to social work.
Following the Coronavirus pandemic, the International Labor Organisation Care work report states that the global workforce for the care economy represents over 11 percent of total employment. And if investment increases in line with the UN’s Sustainable Development Goals, the care economy will include 475 million jobs by 2030.
Let’s now dive a bit deeper into the current leaders of the purple economy, and what they’re doing to drive humanity forward. Unlike our other articles, we’ll also include two star individuals:
Dr. Paul Farmer, along with Ophelia Dahl, Thomas J. White, Todd McCormack, and Jim Yong Kim, co-founded Partners In Health in 1987. PIH is a nonprofit organization that provides healthcare services to impoverished communities in Haiti, Rwanda, Peru, Mexico, Sierra Leone, Malawi, and other countries. Its mission is to provide care to those who need it most, regardless of their ability to pay.
A Pioneering Legacy in Haiti: Dr. Farmer’s work in Haiti was groundbreaking for the purple economy, where he focused on treating patients with tuberculosis and HIV/AIDS. He established clinics and hospitals in rural areas, provided free or low-cost medications, and implemented community-based treatment programs. His efforts significantly improved healthcare outcomes and reduced the spread of infectious diseases in Haiti.
Advocating for Health Equity: He was a vocal advocate for health equity and social justice. He argued that healthcare is a fundamental human right, not just part of a ‘care’ economy, and criticized systemic inequalities that prevent marginalized communities from accessing essential medical care. His advocacy efforts helped raise awareness about global health disparities and influenced policymakers and healthcare organizations to prioritize health equity.
Dr. Gawande is a prolific author and journalist whose writing has appeared in publications such as The New Yorker, The New York Times, and The Lancet. He has written several bestselling books on medicine, including: Complications: A Surgeon’s Notes on an Imperfect Science and Being Mortal: Medicine and What Matters in the End. He is widely regarded, leaving a mark of impressively diving into the complexities of the profession.
An Innovator and Researcher: As a practicing surgeon and researcher, Dr. Gawande has made significant contributions to the purple economy, improving surgical outcomes and patient safety. He has conducted research on topics such as surgical checklists, healthcare quality improvement, and end-of-life care. His work on the World Health Organization’s Surgical Safety Checklist helped reduce surgical complications and mortality rates worldwide.
The Founder of Ariadne Labs: He co-founded Ariadne Labs, a joint center for health systems innovation at Brigham and Women’s Hospital and the Harvard T.H. Chan School of Public Health. Ariadne Labs focuses on developing and implementing scalable solutions to improve healthcare delivery and outcomes, with projects addressing childbirth safety and surgical care, among others.
P&G is a multinational consumer goods corporation known for its diverse portfolio of household, personal care, and hygiene products. As a world leader earning over 80 billion USD annually, it has three notable achievements.
Innovation and Product Development: A leader for the purple economy, it has a long history of innovation, with a focus on developing products that meet the needs of consumers around the world. Some of its most iconic brands include Tide laundry detergent, Pampers diapers, Gillette razors, and Crest toothpaste. These are household names, demonstrating the pervasiveness of the global care economy.
A Champion for Sustainability: P&G has made significant strides in sustainability and environmental stewardship, blending green economy concerns with the purple. The company has set ambitious goals to reduce its environmental footprint, including commitments to achieve carbon neutrality, zero manufacturing waste to landfill, and 100% renewable electricity for its operations. It further invests in sustainable sourcing practices and eco-friendly product innovations.
Economies of Scale, Mastered: The company is one of the largest consumer goods companies in the world, with operations in over 180 countries and a vast distribution network. The company’s strong brands have helped it maintain market leadership positions in several product categories at lower prices, including fabric care, baby care, grooming, and oral care.
Kindred Healthcare is a world-leading provider of post-acute care services, including rehabilitation, long-term acute care, home health, hospice, and palliative care. Here are three notable achievements and contributions:
The Comprehensive Care Continuum: Kindred Healthcare offers a comprehensive continuum of care services, unique in the purple economy, designed to meet the diverse needs of patients transitioning from acute care hospitals to other healthcare settings or home. The company provides rehabilitation therapy, skilled nursing, wound care, respiratory therapy, and other specialized services to help patients recover from illness, injury, or surgery and regain independence.
Patient-Centered Approach: The company is committed to delivering high-quality, award-winning, patient-centered care. The company focuses on personalized treatment plans tailored to each patient’s unique needs, preferences, and goals. Kindred’s interdisciplinary care teams collaborate closely with patients, families, and referring healthcare providers to ensure its number one goal: continuous care.
Innovative Care Models: Kindred Healthcare embraces innovative care models and technologies to enhance patient care and improve clinical outcomes. The company invests in advanced rehabilitation equipment, telehealth solutions, electronic health records, and data analytics to support evidence-based practice, monitor patient progress, and optimize care delivery.
Bright Horizons Family Solutions is a leading provider of employer-sponsored childcare, early education, and work/life solutions. Here are some notable achievements and contributions:
Innovative Early Education and Care: Bright Horizons is committed to providing high-quality early education and care for children from infancy through school age. The company’s curriculum focuses on supporting children’s cognitive, social-emotional, and physical development through play-based learning, hands-on activities, and age-appropriate experiences. It is first and foremost an innovative leader within the purple economy.
Employer-Sponsored Childcare Programs: Bright Horizons partners with employers to offer on-site childcare centers, back-up care solutions, and other work/life services to support employees’ childcare needs. The company’s employer-sponsored childcare programs help organizations attract and retain talent, increase employee productivity and engagement, and promote work/life balance. Bright Horizons works closely with employers to customize childcare solutions that align with their business objectives and employee demographics.
Commitment to Diversity, Equity, and Inclusion: The company is dedicated to fostering diversity, equity, and inclusion within its organization and the communities it serves. The company values diversity in its workforce, leadership team, and curriculum, recognizing the importance of representing diverse perspectives and adding to the excellent cadre of its teaching personnel.
The purple economy is global, pervasive, and only bound to grow. Individual powerhouses like Dr. Paul Farmer and innovative companies like Bright Horizons continuously stand at the edge of innovation. They see the gaps within the growing purple economy, and fill them immediately.
This ultimately leads to an effective market system promoting inclusive and sustainable services and products that provide better care for less. Further, sensitive topics such as equality within healthcare come to the fore, especially for women, minorities, and those in emerging nations.
The human body and the human minds alike are inventions that are still not yet fully understood. Often, we think of innovation being somewhere out there, but it is too true that it is found within as well. Is there no end to how we can innovate?
Next in this series of modern economy leaders, we’ll cover the top five private companies trailblazing the way for the yellow, attention economy.
The author of this text, Jean Chalopin, is a global business leader with a background encompassing banking, biotech, and entertainment. Mr. Chalopin is Chairman of Deltec International Group, www.deltec.io.
The co-author of this text, Conor Scott, CFA, has been active in the wealth management industry since 2011. Mr. Scott is a Writer for Deltec International Group, www.deltec.io.
The views, thoughts, and opinions expressed in this text are solely the views of the authors, and do not necessarily reflect those of Deltec International Group, its subsidiaries, and/or its employees. This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service, or offering. It is not a recommendation to trade.
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