How 2020 proved to be a shot in the arm for the healthcare industry?

In 2020, the globe witnessed one of the most challenging health emergencies in the form of the ongoing COVID-19 pandemic. The coronavirus outbreak made 2020 one of the busiest years for the healthcare sector.

While the pandemic exposed the healthcare system’s loopholes, it also led to accelerated digitisation in the industry. The outbreak has forced everyone to switch to online mode rapidly.

The virus-hit, game-changing year for the healthcare sector gave rise to the evolution of digitalisation and accelerated growth. Within the digital healthcare system, telehealth and mobile health application turned into the dominating trends.

The year pushed the limits for improvements in the healthcare industry and gave birth to several innovations. With social distancing and lockdowns measures, most of the people switched to video and audio consultations. Moreover, people also started using fitness and wellness applications for tracking their health and pre-monitoring themselves in case of any indications.

With this backdrop, let us discuss how the healthcare industry has evolved during 2020:

Key Catalysts in Transforming Healthcare Sector

The key factors playing a significant role in transforming the healthcare sector include digitisation and structural advancement, courtesy the COVID-19 pandemic.

Evolution of telemedicine

Telemedicine is speedily evolving amid the pandemic to offer enhanced access to superior-quality healthcare services that are efficient and cost-effective.

The pandemic has kicked the healthcare industry into overdrive to keep up with supply and demands as well as manage overloaded facilities. It has also put an emphasis on advancing and streamlining capabilities of telehealth. The new certainties and realities have established a need to accelerate advances in the field of telemedicine.

©Kalkine Group 2020

ALSO READ: Telemedicine: A Game-Changer to Combat COVID-19

Deep tech and Smart Devices

COVID-19 has forced many companies to look for innovative ways to generate value. Deep tech companies are well-placed to support communities during the pandemic.

These companies have helped produce and distribute personal protection equipment using 3D printing, increased availability of testing options, and created new disinfecting solutions. The research and engineering evolutions amid COVID-19 has led to improved multidisciplinary collaborations, which can serve as a strong foundation for several deep tech commercial innovations across different sectors in the upcoming year.

Deep tech is witnessing increased adoption in several industries, including healthcare, automotive, and industrial sectors.

Lessons from 2020

The most important thing the world understood during the pandemic is the value of collaboration and partnerships. One of the critical aspects of the world’s response to the pandemic has been identifying the requirements for cooperation to meet the demand for more tests, higher distribution of tests and PPE (personal protective equipment).

Image Source: MegapixlTM

Interestingly, it has been heartening to observe how the pandemic has brought together the governments, industries, scientists, and healthcare specialists worldwide to tackle the challenge at hand.

The best example of working together to fight against the COVID-19 pandemic is COVAX facility. The governments of several countries swung into action to provide support to fight against the pandemic. The US government initiated Operation Warp Speed (OWS), a public-private partnership to fast-track the manufacturing and distribution of COVID-19 vaccines, treatments, and diagnostics.

Additionally, the governments of other countries are also securing COVID-19 vaccines for their citizens by signing deals with vaccine developers.

What is COVAX facility?

Gavi is co-leading COVAX, ACT Accelerator’s vaccines pillar. The COVAX Facility is a worldwide risk-sharing system for the combined procurement and equitable access to COVID-19 vaccines.

COVAX has now signed agreements to secure almost two billion doses of several promising COVID-19 vaccine candidates. Moreover, it has laid the groundwork for additional doses of vaccines to be obtained through contributions from donors.

DO READ: How are developing world economies preparing for COVID-19 vaccine deployment and testing?

Outlook for Healthcare Industry

The COVID-19 pandemic has given a substantial lift to the digital healthcare businesses. The experts believe that the digitalisation in this sector will continue in the upcoming year as well.

The diagnostic sector is likely to witness strategic consolidation. The global diagnostic players are well-placed for sustainable development over the long-term due to increasing awareness, preventive assessments, and higher prevalence of infections.

New technological innovations to emerge

The technological innovation will continue to dramatically and rapidly change how healthcare services are provided, resulting in more personalised care, better clinical outcomes, patient experience, and overall quality of life.

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