a new one Report The Boston Consulting Group (BCG) has identified five key challenges facing healthcare companies in the near future that state companies will need to adapt to an increasingly digital and changing environment if they are to survive.
As Covid-19 irreversibly changes the way companies conduct business, many companies face obstacles moving forward. As the report so aptly states, “Covid-19 has brought decades of change in a year and a half.” Furthermore, the report advises against companies trying to restore “business as usual” in the pre-pandemic sense. . Instead, the report encourages companies to take dynamic, digital and decisive steps towards the new normal.
1. Digital engagement is essential, not optional
The report found that telehealth engagement is 11 times higher than it was before the pandemic, although the number is down slightly from its 2020 peak. Notably, more than 60% of primary care will be delivered through telemedicine. Additionally, the report states that providers who do not offer virtual options will lose patients. To adapt, providers will need to consider a range of issues: flexible scheduling, new work models, improving patient access and maintaining the quality of outcomes, among other shifts. [Click image to enlarge.]
2. Home and community care is better than hospital care
The report found that the majority (60%) of patients indicated a preference for care at home or in the community, away from hospital or hospital-related settings. Additionally, the increase in remote patient monitoring and the rise in virtual care have made this transition possible. The growth of telehealth has also contributed to household preference.
However, this change comes with challenges. Specifically, biotech and pharmaceutical companies need to consider the changing application environment for their devices, therapies, and drugs when designing their future distribution and production. The report notes that legal, regulatory and reimbursement frameworks also need to adapt to the shift towards home and community care.
3. Technology Acceleration
With the efficacy of mRNA vaccines against Covid-19, the field is likely to see a surge in such therapies and innovations, the report said. In particular, they anticipate future mRNA vaccines for other viruses, as well as mRNA for oncology and chronic and acute diseases. Venture capital in the space is also fueling growth.
4. Recruit and retain talent
Even before Covid-19 hit, hospitals and healthcare faced staffing problems. These problems are now affecting hospitals even more, the report said. In practice, these shortages translate into a decline in the quality of care. In particular, the report noted that hospital-associated infections have increased for the first time in several years.
In addition, companies are challenged to provide technology that reduces the burden as much as possible, such as automating data entry. [Click image to enlarge.]
Prioritize health equity
Finally, the report emphasizes that companies need to make a concerted effort to prioritize health equity. For example, the report says black Americans are twice as likely to die from Covid-19 as whites. Notably, the report attributes the difference to lack of access to testing and greater exposure. They point out that this points to a larger problem of underserved communities not having access to new treatments.
Looking ahead, companies face the challenge of reaching vulnerable populations, the report noted. Likewise, healthcare companies need to consider how various populations will utilize their products and ensure that their products serve all affected populations.
Ultimately, healthcare companies need to respond to these shifts and adapt, especially when it comes to digitalization, or risk profitability. As such, the report recommends that companies proactively address these challenges and implement changes from operations to supply chain to customer engagement. Not changing will cost them and their patients.
Photo: wenmei Zhou, Getty Images
