Industry innovation: How has COVID-19 changed global healthcare?
Healthcare leaders can learn from the rapid response to the COVID-19 crisis when inventing in future.
The industry demonstrated its flexibility and ability to bring new products to market quickly.
Cost pressures on healthcare systems will likely upsurge in the coming years due to growing health demands and macroeconomic trials.
This will require considerate prioritization and balancing of initiatives across the short and longer term.
Medicine is anactive science that prides itself on constant discovery. In recent years, healthcare innovators have brought us artificial-intelligence algorithms that debatably read chest X-rays as well as or better than radiologists, economical genomic sequencing that can guide modified cancer treatments, and massivedevelopments in population health administration through big data and analytics, to name just a few examples.
While the COVID-19 pandemic has placed unmatched demands on modern healthcare systems, the industry’s response has vividly demonstrated its pliability and ability to bring innovations to market quickly. But the crisis is likely far from over and the sector’s innovation abilities must continue to rise to the challenges offered both by COVID-19 and the economic fallout from its spread. While many industries are facing exceptional disruption, medicine and healthcare are exclusively affected given the nature of this crisis. For instance, therapeutic companies competing to develop vaccines must also manage intricate supply chains, new models for engagement with healthcare professionals, a largely remote workforce, and interruption to many clinical trials. Likewise, hospitals are caring for COVID-19 patients with growing protocols while maintaining continuity of care for others, often against the backdrop of vulnerable staff, supply and equipment shortages, and, for some, hurrying financial headwinds.While the COVID-19 pandemic has placed high demands on modern healthcare systems, the industry’s response has vividly demonstrated its flexibility and ability to bring inventions to market quickly.