The COVID-19 pandemic has fundamentally changed the business landscape—and as we adjust to the new normal, the state of health-related businesses will never be the same. An article entitled ‘The Business of Medicine in the Era of COVID-19’ emphasized that the medical crisis challenged businesses to deliver fast and efficient healthcare, despite the social distancing protocols and economic constraints.
Due to the urgency of the crisis, health businesses were forced to create new strategies. The article on medicine businesses highlighted that the first issue that organizations had to address was the accessibility of healthcare services. Aside from improving the accessibility of medical offerings, businesses also had to figure out how patients can be effectively served in the middle of a crisis.
Though there were several constraints, health-related businesses had to adjust accordingly during the pandemic. To illustrate, here’s how health businesses have changed during the pandemic, and the changes that they’re making in the shift towards the new normal:
The State of Health Businesses in the Pandemic
Collaborations for public health
The pandemic is a public health crisis, which is why numerous public and private partnerships have been made to resolve immediate concerns. These collaborations allowed health businesses to quickly and effectively develop reliable solutions for the pandemic.
One major example of this is when American biotechnology company Pfizer teamed up with BioNTech to create a vaccine against the COVID-19 virus. Their collaboration agreement required the latter to provide numerous mRNA vaccine candidates. Meanwhile, the former used the vaccine candidates for research, manufacturing, and distribution. Through collaborations like these, numerous health businesses were able to quickly develop effective medical solutions during the pandemic.
The rise of innovation
One result stemming from collaborations in the health industry is innovation. Since the pandemic presented new challenges, health businesses have developed new solutions to address prominent problems.
Munich-based company Semic RF developed a quick and convenient solution to the long turnaround times of COVID tests. Semic RF CEO Wolfgang Gruber stated that their eye-scanning app can identify COVID-positive patients through a symptomatic inflammation called “pink eye”. Since the app can process a million scans in a second with an impressive efficiency rate of 95%, Gruber believes that it will be an important tool for individual use, as well as for the new normal of businesses and mass events.
Accessibility as a priority
Accessibility of reliable health information has been crucial during this pandemic, and we’re seeing the rise of several solutions. Since there’s an abundance of misinformation on the internet, more online platforms are making sure that their information is certified. The articles on SymptomFind are all medically reviewed by healthcare professionals. Their articles on health conditions, nutrition, and more, make it easier for individuals to achieve better health outcomes from their own homes. On top of that, patients who require immediate medical care are also able to consult with doctors through telehealth platforms. Through this digital solution, patients are able to get a diagnosis and receive treatments without leaving their homes.
Health insurance coverage expansion
Since medical services may not be affordable for everyone, health insurance businesses have expanded their coverage during the pandemic.
F. Randy Vogenberg, the principal of the Institute for Integrated Healthcare, points out that health insurance businesses are offering lower employer cost voluntary offerings for consumers who need cost-effective access to healthcare. The offerings may even include vision coverage, dental coverage, and even long-term care insurance, as chosen by the employees. Health insurance products have also expanded to include telehealth consultations and pharmaceutical purchases.
The New Normal for Health Businesses
Health businesses have undergone numerous changes during the pandemic, and organizations are already planning ahead for the post-COVID world.
Since telehealth experienced huge successes during the pandemic, several businesses are creating digital solutions to make healthcare services even more accessible. Technologies like artificial intelligence and chatbots are even leveraged to further enhance home healthcare services. These technologies ensure that healthcare businesses are able to reach more patients without compromising quality.
Health-related businesses are also prioritizing patients’ and customers’ needs in the new normal. Partners from McKinsey and Company pointed out that companies are carrying out surveys, interviews, and even virtual shadowing to understand the health, finances, and personal concerns of various demographics. Medical technology companies in China are even considering online-offline sales mechanisms for better customer engagement. By shifting the focus towards the consumers, businesses can establish models that are well-adapted to the present times and to their customers’ current needs.
The COVID-19 pandemic has tested the business models of numerous health organizations and pushed boundaries in the development of health solutions. As the world slowly adjusts to the new normal, it is crucial for health businesses to create consumer-centric solutions for a digitally connected world. For more news and information do visit us at Businessner.