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
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.
- Hospitals are being financially impacted by COVID-19, and this pressure on revenue is set to continue in 2021.
- 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.
- 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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