The Impact of COVID-19 on Public Health Will Create New Opportunities Well Beyond 2021
The impact of COVID-19 will be on all levels. Increasing pressure from patients will challenge healthcare providers (from primary through to tertiary) throughout 2021. There will be larger global impacts as well – average nourishment is likely to go down in most countries, and there will be lower average (seasonal) immune health in many countries.
This is not all doom and gloom – there will be new business opportunities. Enterprises and innovators will find opportunities in:
Supply Chain Arbitrage. Continued asymmetrical supply and demand will drive the movement of healthcare related goods and services across geographies.
Investment. Investments in pharma/ vaccine/ diagnostics manufacturing and distribution will be driven more by short-term horizons, defensive capacity building, and supply security concerns. Technology and IP acquisition by pharma and medtech leaders will also accelerate.
Innovation. COVID-linked gaps in health, immunity, nourishment, and lifestyles will lead to new products within foods, supplements, medications, and pharmaceuticals; and in tech-enabled personal devices and health monitoring apps or systems.
New Businesses. We will see an upsurge in demand and supply of alternative medicines and devices as well, although these may still not be accepted in conventional medicine.
Healthcare Policies Will Focus on Product & Manufacturing Security and Supply Chain Control
The COVID-19 crisis has exposed the need for better collaboration and visibility of external resources to handle unprecedented scenarios. Governments in countries that have done well to manage the crisis took the vital step of encouraging and being the hub for cross-agency collaboration. Having a siloed view of resources and the supply chain is not sufficient in combating larger challenges. Healthcare policy makers will work towards a more collaborative, AI-driven, supply chain.
Some of the world’s largest economies have already begun to take steps to reduce manufacturing and supply chain dependencies in pharma, vaccines, diagnostics and medical devices. What has shown up as opportunistic stockpiling or supply chain arbitrage will become more entrenched. Various governments will either incentivise or centralise the establishment of manufacturing and long-term supply contracts for their countries.
2021 Will be a Breakout Year for Community Health
COVID-19 has significantly disrupted current standards of care for chronic diseases world-wide. Frequency and necessity of patient visits to hospitals and clinics for routine checkups and minor interventions are being evaluated by healthcare planners and providers. There are concerns about the increasing cost of providing basic services, allocation of healthcare capacity to higher priority needs, and the need to reduce risk of exposure to the vulnerable population.
Telehealth and Digital Health technologies have seen a marked increase in adoption during the pandemic, but the real effectiveness of these solutions to solve a healthcare delivery problem is still emerging. We predict 2021 will be a breakout year for Community Health, powered by these two technologies. There will be an increased focus on building resilient communities and early warning systems. Number of visits to hospitals and clinics for routine observations will drop by 15-20% or even more. Privacy and Data security concerns will increase, and this will also lead to better policy and practices to address these concerns. 2021 promises to be a better year for coordinated community care.
Healthcare Providers Will be More Tech-Dependent Than Ever
In 2020, healthcare providers’ technology investments took off on unexpected trajectories and they have digressed from their technology and transformation roadmap. Many solutions would have gone through an initial ‘proof-of-concept’ without the formal rigours and protocols. Many of these will be adopted for longer term applications.
Healthcare organisations had to pivot their technology spending when COVID-19 hit. There were several changes that were required to be made, including implementing operational measures to ensure staff safety and cutting down on non-essential expenses. When it comes to digital initiatives, the key focus areas were evolving service delivery and empowering employees with the right technology for care delivery – often remote. What providers did not have the time or resources for was to digitalise processes and retain focus on their entire patient demography – and not just those impacted by COVID-19. In 2021, we see a clear indication that not only will their priorities be different, healthcare providers will ramp up their technology investments in all areas.
Medtech and Providers Will Find New Synergies
Medical devices which generate clinical data and/or are driven by clinical data will attract greater investment and higher R&D expenditure; and will either dominate or begin to set the direction for future consumer devices in the Healthcare space.
The popularity of telehealth and digital health will put pressure on healthcare providers to further draw data-driven insights from personal devices. They are likely to mandate the devices that they would be willing to use the data from They will have greater power to demand Interoperability and operating system convergences in the next few years from device developers and manufacturers.
2021 will see an increased use of devices such phones, bracelets and even anklets to track the spread of COVID-19. It will also see the transition of the smartphone to a medical device. The collection, sharing of data, running AI/machine learning will make our smartphones an integral part of remote patient management.
Ecosystm Predicts: The Top 5 Healthcare Trends for 2021
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