Reset: The future of the hospital market after COVID-19

Mr. Ashish Mahajan describes the COVID-19 pandemic as a reset, as well as an opportunity for the hospital sector in adopting technologies and forging partnerships.

Speaker: Mr. Ashish Mahajan

Partner, Lifesciences & Healthcare Sector, Deloitte

Summary

The COVID-19 pandemic represents a reset for the healthcare sector. The rate of development of digital technologies in past year was rapid – it is estimated that about 5 years’ worth of development was accelerated into 1 year.

Pre-COVID, hospitals in the Asia-Pacific sector were looking at a CAGR of 3.4%, and there was a focus on non-communicable diseases and chronic disease management.  The pandemic saw a sharp decrease in elective or semi-elective procedures, dealing a big financial blow to hospitals.

On the other hand, it has led to a rise of integrated digital healthcare delivery models, such as virtual command centres that help support clinician-patient relationships, as well as telehealth platforms. A percentage of patients may no longer return to physical clinics in the future, even after the pandemic ends.

Collaborations between medical partners (or with non-medical partners) to deliver innovative digital clinical products could help to deliver innovation and economic value. Examples include a partnership between Biofourmis, a provider of homebased cardiac care, and Novartis, a drugmaker in providing a full suite of care and medication to its customers.

Key takeaways:

  1. Hospitals are being financially impacted by COVID-19, and this pressure on revenue is set to continue in 2021.
  2. COVID-19 has triggered a shift to digital care delivery models. Hospitals should begin, if they have not already, to invest into digital health initiatives, as compared to physical infrastructure.
  3. The emergence of new partnerships and ideas in this time of change could accelerate innovation and break down existing barriers in the sector.

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