India’s healthcare sector, which is constantly enhancing and advancing, is a major source of employment and revenue. A CAGR of 16-17% is anticipated for the market until 2022, reaching $372 Billion.
The latest pandemic, COVID-19, has put global healthcare systems to the test, and this has naturally affected India’s medical system, as well. Overall, the government and private sectors supported each other in the fight against the pandemic.
A significant amount of investment was devoted to preparing private facilities for the COVID-19 pandemic, which included building the appropriate structures for quarantine and treatment as well as employing extra staff and purchasing medical supplies.
In collaboration with the federal and state governments, the healthcare industry launched an aggressive response plan to tackle the pandemic by establishing COVID-19-specific hospitals, isolation centers, and tech-enabled resource mapping.
But what does the future hold for the Healthcare sector in the post COVID era?
Health care is likely to undergo significant changes in the future due to consumer behaviour (beyond the pandemic). In order for the sector to reemerge, consumer behaviour will be key. During the recovery phase, consumers will likely behave very differently as a result of fear, grief, and uncertainty; it is critical to meet consumers where they are and provide post-pandemic care at their own pace.
Organizations are forced to address a wide range of new and unexpected health care challenges at the same time due to the unprecedented speed and scope of the COVID-19 pandemic. Whenever new challenges arise, executives and their teams must seek ways to solve them quickly – whether it is removing restrictions in the supply chain, implementing technology to better support patients and virtual workers, or complying with waiver and relief policies related to government mandates. Some of the actions organisations take at the moment may be effective as the crisis progresses, but many will need to be reevaluated, reworked, or abandoned entirely as the crisis evolves.
A proactive approach to preparing for healthcare emergencies as well as a stronger global commitment to public health remain crucial following the COVID-19 outbreak. Considering the government has intensified its efforts to support the health-tech ecosystem through increased budgetary outlays and National Digital Health Mission (NDHM), India is poised to become a global leader in the healthcare industry.