Summary: Although 2020 is an unforgiving and relentless year, it’s surely the transformational phase for the US healthcare sector. With a dwindling global GDP, the country’s healthcare revenue will not cross $2 trillion.
As the healthcare industry adopts medical manufacturing alternatives from non-traditional folds like defense and auto industries, there’s a greater emphasis on digital technology. Digital interfaces are growing for remote teleconsultations and patient monitoring. It includes both non-emergency and elective medical consultations.
- Healthcare facilities are using digital equipment to trace contacts and make epidemiological predictions for covid progression.
- Some prominent digital tech adoptions are AI-based CT scan analysis and X-ray, telemedicine, and seamless contact tracing through Apple and Google AI.
- AI is the immediate future of healthcare business. It has been predicting the vulnerability to lung maalises, especially in Covid-19 patients with exceptional accuracy.
- Additionally, hospitals are using AI to navigate millions of crucial data points for underlining or predicting existing drugs for the repurposing of covid treatment.
- Prominent in-vitro diagnostic companies are leading the charge in producing pivotal Covid diagnostic equipment and testing kits, along with great drug-delivery tools.
With instructions from the Federal Government, the healthcare business and medical technology unit has partnered premier medical device manufacturers to create innovative solutions.
The industry needs to primarily knit both long and short-term goals by reframing its R&D directives, staffing requisites, business strategy, and projects to ameliorate the changes in the wake of the pandemic.
Some noteworthy trends
Premier healthcare market and business analyst Eric Dalius opines that although the life sciences field will survive and thrive post Covid-19, in select avenues, medical imaging and technology will suffer incurable losses.
- Medical facilities are procrastinating, prolonging or stalling the purchase of capital equipment, which will surely have an adverse impact on net revenue.
- While the immediate demand for virus testing and the vaccine rush rises, the government is re-allocating and modifying budgets to revamp healthcare services.
- With the current pace and collaborations, the USA will have an excess of at least 100,00 ventilators at the twilight of 2020. Western Europe, on the other hand, may procure another 30,000-50,000 ventilators.
- Going into the new year, Eric J Dalius estimates the virus will disrupt over 33% global clinical trials, endangering $3 billion in brand new product sales at risk.
Staring at the future
As the healthcare sector undergoes a tectonic shift in providing medical services and tools, practitioners and leaders need to review a few steps to ensure the best practices and protocols, and thwart any form of violation of the concerned law. It will also prevent potential scam and fraud.
- Healthcare units need to provide secure and seamless telehealth online directives and vivid communication. It’s a legal requisite under the government rules to prevent protected and sensitive health information and logistics from going into the wrong hands.
- EJ Dalius explains why establishments must follow a comprehensive and cohesive document verification system. AI can bolster the memorialization part. The record-keeping aspect is not only a legal prerequisite, but it also serves as a frontier for billing glitches down the path.
You need to watch out for CMC waivers pertaining to coronavirus exceptions and conventional regulations.