TECHNOLOGICAL INNOVATIONS AND TRANSACTION COSTS: AND ECONOMIC ANALYSIS FOR HEALTHCARE SECTOR IN NIGERIA
Abstract
This study examines the impact of technological innovation on transaction costs in Nigeria's healthcare sector. Using a mixed-methods approach, combining econometric analysis and case studies, we investigate how technological innovations (e.g., telemedicine, electronic health records, mobile health applications) affect transaction costs (e.g., search costs, bargaining costs, monitoring costs) in healthcare delivery. Our findings indicate that technological innovations significantly reduce transaction costs, improving healthcare access and quality. Specifically, telemedicine reduces search costs by 30%, while electronic health records decrease monitoring costs by 25%. However, technological adoption is hindered by infrastructure constraints, regulatory challenges, and human capital limitations. This study contributes to the literature by providing empirical evidence on the transaction cost-reducing effects of technological innovation in Nigeria's healthcare sector. Policy implications include investing in digital infrastructure, developing regulatory frameworks, and enhancing healthcare workforce capacity to leverage technological innovations.
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