But Parker said the main concern for people — especially investors — should be the health sector.
“In the U.S., we pay 18 percent of GDP (gross domestic product) every year on health care. Now, we’re bearing a lot of the burden developing drugs for the rest of the world, and we have a really messed up quasi-private public health-care system. But that’s $3.5 trillion dollars a year, that’s a crazy amount of money.”
The tech entrepreneur was likely referring to U.S. health spending in 2017, which rose 3.9 percent from the previous year. The country spends significantly more on public health than other high-income economies.
Parker is also chairman of The Parker Foundation, an organization he set up with his wife, Alexandra, to fund and promote research into life sciences, public health and civic engagement.
He said although he sees “big problems” in the health industry, such problems in turn present “huge opportunities.”
“By 2080, if you can believe it, projections show the U.S. spending 50 percent of all GDP on health care, medication, taking care of the population,” Parker said.
He added: “If we’re going to be spending 50 percent of GDP (on health care) … I want to be the person selling as an investor, I want to be the person that’s benefiting from that spending.”