Page 34 - GHES-2-3

Global Health Economics and
Sustainability
Innovating sustainable specialized healthcare

Part of the return on investment of social in January 2017, reinforcing the profile of a sector with
entrepreneurialism is facilitating or using change to help enterprises as entrepreneurial as any on an international
people. It differs from CSR, which aims to improve the stock exchange. This initiative allows smaller or larger
social footprint of a corporation that exists for another investor to become involved in the process of social change
purpose. Indeed, CSR and social entrepreneurialism while also deriving a financial return on their capital
can both be effectively used in different settings. As an investment. When one invests in a social enterprise, one is
example of CSR, the author has aligned the interests of investing in a growth model that benefits both the financial
the previously mentioned major distribution company and the social economy. Growth is measured differently,
with those of the largest public hospital in Jamaica, not only in terms of financial return. Government policies
where long-term electroencephalography monitoring in can influence the viability and sustainability of not only
the intensive care unit (ICU) setting has recently been commercial but also social enterprises. Conceptually,
started (Parenthetically, this equipment was a donation a social enterprise is unique in generating shared
by US-based colleagues and the author). The ultimate value, whereby all stakeholders can benefit. Ultimately,
outcomes are improved ICU outcomes, reduced ICU stays, profitability determines sustainability. At present, there
and improved cost efficiency. The distribution company are approximately 10 million social enterprises worldwide,
will support the disposables used for this service in this accounting for 3% of all businesses globally, generating
public hospital while benefitting from the public relations US$2 trillion in annual turnover and creating 200 million
exposure and, of course, as a supplier of new brain-related jobs. (World Economic Forum, 2024).
medications, will also benefit financially. Although nothing Thus, in addition to philanthropy, the social enterprise
new in principle, this exemplifies the potential opportunity model, though not yet utilized locally in the context of
for the sustained involvement of corporations in supporting healthcare, could be another potential method of bringing
expensive specialized healthcare in the public sector in private capital into specialized healthcare in Jamaica.
countries such as Jamaica, where the traditions of charity However, despite the creation of appropriate frameworks,
are strong but those of philanthropy are not yet established. it has not as yet proved to be a very attractive model for

The earliest example of a social enterprise in Jamaica local investors.
was the formation of mutual building societies, established 3.4. A summary of different ways of “giving’’
in the late 19 century to provide homes to those in need
th
at a time when the four C’s – credit, collateral, capital, and Different ways of “giving” are summarized as follows:
color (skin color) – limited access to homeownership. The • Charity: Involves voluntary giving, typically for the
Social Enterprise Boost Initiative, launched in Jamaica in immediate relief of suffering through donations
2012, has helped fund successful social enterprises on the • Philanthropy: Strategic giving to address societal
island. Striking to the author is the complete absence of issues through sustained donations to identified
social enterprises in the health-care space. This may be causes
partly due to the widely held perception of the complexity • CSR: Refers to a company’s contribution to economic,
of health care and its often highly capital-intensive social, and environmental sustainability in ways that
requirements. As the primary purpose of social enterprises also benefit their primary business purpose (e.g., the
is to create social value, from a national perspective, hotel industry looking after the quality of beaches and
conventional GDP measures do not assess their overall coral reefs)
contribution. Alternative tools, such as the social return • Social entrepreneurialism: Uses business principles
on investment (Salverda, n.d), have been developed to and innovative thinking, usually associated with for-
provide a broader conceptualization of value, including profit entrepreneurship, to address socially important
social, economic, and environmental benefits. Tools such issues using sustainable business models
as these provide a better representation of the value created • Not-for-profit organizations: Focused on addressing
by social enterprises. societal needs without generating profit, typically
relying on donations or grants.
Charities can be transformed into sustainable social
enterprises without losing their effect; in fact, through 4. Barriers and challenges
growth, they can increase their impact on social conditions.
The Charities Act of Jamaica does not preclude making 4.1. Corruption
a profit if individuals do not personally benefit and the Philanthropy involves financial commitments that can be
organization invests in a public good. In furtherance of this easily misappropriated, which may explain why external
line of thought, the Jamaica Social Exchange was launched charitable aid during the COVID-19 pandemic often came

Volume 2 Issue 3 (2024) 6 https://doi.org/10.36922/ghes.2717