The 2012 Super Bowl and a Market Story of Robots Invading Telemedicine…

This week there was a market story by Ken Congdon, editor in chief, Healthcare Technology Online and the 2012 Super Bowl game, brought it all home. Congdon’s story talked to the point about laws of supply and demand which are best evident in a competitive market. Competition causes businesses to try new ways to attract customers by lowering prices, improving quality and developing new products and services. It’s driven the success of our economy.

The Super Bowl is part of the great American story. Teams in the league play hard and have to be more creative of the teams to play in the Super Bowl, to win the cheers of the those faithful fans.  In the business world, competition encourages the same change and thereby helps to keep business exciting too. Because the market is constantly changing (just like the game), entrepreneurs are constantly taking risks (like the players and coaches). Then just like the referee who used his whistle to enforce rules and regulations, the federal government has its own regulatory agencies to keep business practices in check, thank goodness.

However if entrepreneurs, working within the rules and boundaries of those regulations, are prevented from being in the market by others who take advantage of the system it makes for less competition, it inevitably leads to higher prices, poorer quality, and fewer new products and services.

The New York Giants snuck into this 2012 Super Bowl and the came in as the under dogs, unlikely to win. It all came down to the last minute of the game when the favorite Patriots quarter back Tom Brady threw a Hail Mary pass to try to win the game. Alas, it was the underdogs that won the game!