Release date: 30-09-2020SKU: MSG-GL-COVID19-005
MSG explores the top risks and opportunities impacting the healthcare & pharmaceutical sector, owing to the prevalence of COVID-19.
Amid the global health crisis, MSG has tapped our worldwide consultant and research team's expertise to understand how healthcare systems manage COVID-19. Comparable statistics are used to gauge each country's readiness for the current pandemic. Additionally, MSG covers recent government efforts to the crisis in healthcare support programs and economic incentives. Comparable demographic drifts are also used to add further context to the potential COVID-19 impact on any nation's healthcare system. Overall, healthcare systems are witnessing, unpredictable levels of strain amid growing contamination rates. However, government responses have been vigorous and are expected to strengthen their respective healthcare systems in the coming months in response to the breakdown from the virus's impact.
Insinuations of COVID-19 in the healthcare industry-
• Short-term Insinuations
MSG predicted that the upcoming few months are quite extremely vital for the pandemic's effective management across different nations. The pressure on hospital infrastructure is enormous, despite the fourth month since the virus made its first presence.
Non-urgent surgeries will be declined, and the demand for connected treatment and apparatus will be dropped. Healthcare businesses can expect payment interruptions due to the lack of liquidity and inconsistencies in the supply-demand ratio.
• Medium-term Insinuations
Growth in investments across primary care and intensive care is perhaps the leading influencer in the current pandemic scenario. For healthcare providers and public payers, the financing pressure is the utmost priority more than ever before. Private payers in specific sites might be aiming at solvency problems and related problems.
However, it is estimated that the healthcare industry would revive in the next six to twelve months by returning on-ground sales representatives and teams to hospitals.
• Long-term Insinuations
Governments and organizations are essential to reprioritize long-term healthcare action plans at a macro level to meet and rectify the issues originated through the deadly virus outburst. The post-COVID-19 period will see healthcare adopt relatively new technological concepts such as telehealth, remote care, and other digital healthcare solutions.
Considering the MSG analysis, it will likely see a seismic wave of groundbreaking digital solutions for enhanced patient care without the impact of external factors. The focus for healthcare businesses, a year after COVID-19, will also need to be on reconsidering pricing models and looking for substitute options (value-based pricing, for instance).
To read more about how we believe the healthcare & pharmaceutical sector can manage the current pandemic scenarios, inqure about our report.
Key Issues Addressed
Considering the COVID-19 impact on the healthcare & pharmaceutical industry is carried out through various lenses, and many critical issues identified in the COVID-19 impact strategic insight report include:
• Specific key trends have begun to accelerate due to the crisis, reshaping both demand and supply across industries
• Other trends that probably decelerate or halt due to the COVID crisis
• Trends that are essential before the pandemic and post-pandemic directions to shape the industry
• Key uncertainties and challenges that should be considered in strategy and business planning
• Detailed consideration of scenarios that compare the reach of the pandemic versus the industry impact arising from changes in end-consumer behavior
• A set of both recovery and thrive oriented actions for market participants and players
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