Submit your papersSubmit Now
For Enquiries: [email protected]
IIARD LogoIIARD

Integrating Economics, Entrepreneurship, Accounting, and Health Technology: A Conceptual Framework for Sustainable Healthcare Innovation in Nigeria

Fayokemi Oluwabusayo Olomola, Babalola Olatunji Oladapo, Awe Dayo Amos

Abstract

Nigeria's health system remains acutely strained by persistent problems of underfinancing, wasteful utilization, and unequal access, even after decades of reform and investment. The rapid development in the field of health technology, entrepreneurship of enterprises, and rising demands for transparency and accountability in the expenditure of health money have mounted challenges as well as opportunities. This essay argues that productive innovation in Nigeria's health sector requires a multidisciplinary conceptual approach integrating economics, entrepreneurship, accounting, and health technology. Drawing from international and Nigerian literature, this essay explores intersections of the disciplines, highlighting the weakness of solo approaches and calling for multidisciplinary cooperation. The proposed model positions economics at the center of resource policy and planning, entrepreneurship as the innovation driver and scale, accounting as the guarantor of resilience and transparency, and health technology as the change driver. The paper provides strong opinions on integration needs, discredits opposing arguments on grounds of cost and complexity, and presents logical responses. Policy, practice, and education implications are identified, with recommendations for research, pilot testing, and training of staff. The paper concludes with the need for the dismantling of disciplinary silos and the adoption of a comprehensive approach towards the establishment of fair, effective, and sustainable healthcare innovation in Nigeria. This meeting of minds offers a framework for the stakeholders, policymakers, practitioners, educators, and entrepreneurs to collaborate in addressing Nigeria's health issues and tapping the maximum potential of innovation for the collective good.

Keywords

Sustainable healthcare innovationhealth technologyentrepreneurshipeconomics

References

Akhani, P., Deshpande, A., Agrawal, U. (2023). Conceptualizing innovations in the healthcare framework and its implications. In Contemporary Issues and Development in Health Research, 9(5), 56-71. https://doi.org/10.9734/bpi/cidhr/v9/6984b Alasiri, A. K., Aljohani, A. A. A., Alsuhaimi, A. M. (2024). Critical analysis of healthcare policies, technological integration, and economic sustainability. Journal of Ecohumanism, 3(8), 51- https://doi.org/10.62754/joe.v3i8.5185 Borsci, S., Buckle, P., Uchegbu, I. (2017). Integrating human factors and health economics to inform the design of medical devices: A conceptual framework. In Handbook of Human Factors and Ergonomics in Health Care and Patient Safety (2nd ed.). https://doi.org/10.1007/978-981-10-5122-7_13 Braunstein, D. (2022). Healthcare innovation & entrepreneurship, digital health entrepreneurship. In Digital Health Entrepreneurship, 6(3), 1–20. https://doi.org/10.1007/978-981-19-6696- 5_16 Chowdhury, J. (2012). Hacking health: Bottom-up innovation for healthcare. Technology Innovation Management Review, 2(7), 46–51. https://doi.org/10.22215/TIMREVIEW/579 Collazo Herrera, M., Cárdenas Rodríguez, J. M., González López, R. (2002). Health economics: Should it concern the health sector? Revista Panamericana de Salud Pública/Pan American Journal of Public Health, 12(5), 19–27. https://doi.org/10.1590/S1020- 49892002001100014 Flessa, S., & Huebner, C. (2021). Innovations in health care—A conceptual framework. International Journal of Environmental Research and Public Health, 18(19), 10-26. https://doi.org/10.3390/IJERPH181910026 Friebe, M. (2020). Healthcare in need of innovation: Exponential technology and biomedical entrepreneurship as solution providers (Keynote Paper). Proceedings of SPIE, https://doi.org/10.1117/12.2556776 Friebe, M., & Haider, S. (2024). Biomedical and health tech innovation: The dilemma between purpose, current stakeholder economics, and "patient" benefits/desires—What might the future of health look like? IEEE Engineering in Medicine and Biology Magazine, 22(2), 62– https://doi.org/10.32388/8d33m5 Gómez Cano, C. A., García Acevedo, Y., & Pérez Gamboa, A. J. (2022). Intersection between health and entrepreneurship in the context of sustainable development. HL, IEEE Engineering in Medicine and Biology Magazine, 22(2), 62– 75 https://doi.org/10.56294/hl202289 Gupta, P., Lakhera, G., Sharma, M. (2024). Health economics and sustainability in the era of digital transformation. In Advances in Human Services and Public Health (AHSPH) Book Series. https://doi.org/10.4018/979-8-3373-0240-9.ch011 Hussain, A., Umair, M., Khan, S. (2024). Exploring sustainable healthcare: Innovations in health economics, social policy, and management. Heliyon, 10(5), 33- https://doi.org/10.1016/j.heliyon.2024.e33186 Lu, C. L. (2022). Strategic perspective: Integration of innovation and entrepreneurship in healthcare. In Handbook of Research on Healthcare Administration and Management, 8(3), 200–215. https://doi.org/10.4337/9781839104282.00011 Moerenhout, T., Vandenhoudt, H., Daems, W. (2024). Eight caring technology principles: Development and implementation of a framework for responsible health technology innovation. Journal of Responsible Innovation, 4(7), 67- https://doi.org/10.1080/23299460.2024.2408815 Mukherjee, K. (2021). Assessing the value of healthcare innovations: A proposal for an integrated health technology assessment–responsible innovation in health approach in the “new normal”. International Journal of Technology Assessment in Health Care, 37(1), 20- 31. OECD. (2023). Collaborative mechanisms for sustainable health innovation. OECD Science, Technology and Industry Policy Papers. https://doi.org/10.1787/3e8d40dc-en Sahani, T. (2025). Charting new horizons: Innovation meets sustainability in business. Journal of New Generation Research, 1(2), 46-59. https://doi.org/10.70792/jngr5.0.v1i2.46 Shah, S. B. H. (2023). The intersection of technology and health economics: Innovations and challenges. Pakistan Journal of Public Health, 6(1), 101- https://doi.org/10.70389/pjph.100004 Stoycheva, S., Peijnenburg, W. J. G. M., Salieri, B. (2024). A conceptual framework for safe-and- sustainable-by-design to support sustainable business model innovation and new product development. Sustainability & Circularity Now, 6(5), 78-90. https://doi.org/10.1055/a- 2498-8902 Swami, S. (2024). Enhancing health technology assessment through behavioral economics: A strategic approach to sustainable healthcare innovation. International Journal of Technology Assessment in Health Care, 5(3), 56- https://doi.org/10.1017/s0266462324002137 Taneja, A., Goyal, V., & Malik, K. (2024). Conceptual framework of factors enhancing sustainability-oriented innovations. Abhigyan, 42(2), 19– https://doi.org/10.1177/09702385241257773 Zhang, J. (2022). Sustainability triangle framework for digital health systems: A conceptual model for sustainable health care. In Handbook of Research on Digital Health Systems, 4(5), 601– 620.

More Articles from WORLD JOURNAL OF ENTREPRENEURIAL DEVELOPMENT STUDIES