Impact of COVID19 on Healthcare: Leadership Report

We at Vipany Global have done an overall analysis on the basis of secondary data gathered from various sources across the web on ‘Healthcare Technology Leaders’ and compiled the information in this blog. Here’s how it goes:

The Coronavirus crisis has hit the world hard in every possible way. And it’s not only the people’s health that is getting affected but there are many other facets that come under the loophole. We can take examples of financial instability, mental health, and of course, work pressure here. But right now the focus is how to curb the situation caused by the deadly pandemic.

We will be analyzing the GDP growth rates here both at the national as well as the international level. Talking about the World GDP, it has witnessed a compression and has dropped by -6.5%, a rate that was calculated at the time when safety measures were yet to be implemented. We have also conducted a research on India’s GDP growth 2020 which is currently -2.7% as compared to 2008 and 2009. Well, that’s a reasonably good rate as compared to the global recession period which happened almost a decade earlier. This also means that there will be a steady and smooth after mid-May if there is any moderate relaxation. Given that, the GDP growth will witness a compression in between -8% to -9%. This recovery has been estimated by the end of Q2.

Next, we have analyzed the potential impacts of the unprecedented situation on the key sectors of the economy. Given below is a detailed tabulation of the entire analysis.

As can be seen clearly from the above table, market capitalization has declined across multiple sectors with significant variation so much so that it has reached the extent of deadline too in some cases. Among those majorly affected are financial services, metals, and mining, automobile sector, etc. which have shown a significant decline in growth. On the other hand, few other sectors like pharmaceuticals, telecom, consumer & retails are showing steady and upward growth.

Needless to say, the Coronavirus crisis and the indefinite lockdown have had some implications on the healthcare system too.  COVID-19 has left a deep impact on the stakeholders across the healthcare ecosystem in India including HCPs, pharmacies, pharma companies, and patients. The utilization process of major hospitals has dropped by 25%. Moreover, the cash flow has witnessed negative trends. There has been a delay in the recovery of patients. Moreover, the hospitals specifically meant for the treatment of COVID-19 have caused a fall in revenue. Apart from that, there is a shortage of PPE (Personal Protective Equipment) which has led to ow morale towards HCPs like ward boys, nurses including doctors as well.

Now we have also analyzed the post-lockdown scenario which will witness some major changes on the obvious front.

A) So here are the implications that will happen on the part of HCPs:

• OPD will witness a 55-60% dip as visiting doctors in person will show a negative trend in case the disease can be cured by being under home quarantine or through the consumption of certain medicines.
• Social distancing will be playing a significant role in everyone’s lives in the coming days. Individuals will take social gatherings seriously and they might also think of avoiding crowded places.
• There will be a tremendous effect of KOLs and demand for OPDs among the patient pool.

B) A totally new way of the online consultation will be underway as a result of the above implications. We can name it ‘Online Consultation 2021.’

• Secondary Consultation will be a kind of new trend. That means a follow-up consultation will be promoted more through the medium of online processes.
• There are chances that the digital consultation might have options for auto diagnosis. Moreover, an online consultation will be adopted to avoid the KOL and OPD demand distribution among the patient pool.
• This will also lead to the availability of tailored-made prescriptions post the self-diagnosis process.

C) The Pharma sector will be taking more advantage of the entire situation once there is the availability of online consultation. It will be more like ‘New is Normal.’ The main challenges that will erupt here are personal visits and details of physicians. However, patients will have access to multiple digital options for reaching their respective physicians.

D) Needless to say, there will be a disruption in the supply chain in terms of the following factors:

• Operational factors
• Market prioritization
• Humanitarian crisis

E) COVID-19 has accelerated the digital transformation of pharma companies. This will be the key factor in developing differentiated Omni channel Partners. Moreover, considering the current situation e-pharmacies are the best options to avoid SCM disruption.

F) The crowd of doctors will move towards websites like Practo, Just Dial, Lybrate, etc. for any kind of online consultation.

G) Ayushman Bharat Yojna or Procurement Policy and other state health policies will have a major impact on the healthcare system.

H) There will be a growth in insurance companies or TPA. This will include packages suitable for a pandemic situation. The reason behind the same is that in current times the insurers have not been providing this facility which is under review by the Ministry of Health Affairs.

Let us know your thoughts on the same in the comments and contact the best staffing company in Hyderabad for Healthcare and Technological requirements.