Written by Shahana Banerjee, Designed by Farhaanah Mohideen

Healthcare Innovation: Vain Attempt

or Vital Priority?

By Shahana Banerjee

Designed by Farhaanah Mohideen

It’s no secret how the pandemic has impacted the healthcare industry. There have been dramatic changes in many healthcare sectors, new business models, and unexpected collaborations. Overall health spending was disrupted, hospital spending fell while prices accelerated, nursing home healthcare was often substituted with home health care, and the loss of employment often led to loss of health insurance.1 However, will this massive shift still retain effects in a post-pandemic era?

Chances are, yes. According to a survey administered by McKinsey that was given to leaders in the healthcare industry, 90% agreed that the future of business models, products, services, and processes will be fundamentally changed.2 Now more than ever, the emphasis on healthcare organizations improving and extending their innovation efforts has been emphasized. While the pandemic had placed unexpected demands on the contemporary healthcare system, the industry’s response underlines its ability to quickly bring innovations to market along with its resilience. With the pandemic still partially in motion, and the rollout of new variants and vaccines, the movement of innovation is essential to continue with a successful response to COVID-19.

One of the most impactful changes that has been brought on by the pandemic lies in the digital sector. With people trapped in their homes with no way of communicating directly with their physicians, the healthcare system has seen a rise of telehealth and digital engagement with patients. Providers paved a way for patients to participate with these new tools and technologies, letting them be treated remotely while limiting the risks of COVID transmission. On the basis of remote care and virtual monitoring, new models have also been planned where employees have better flexibility and work conditions, along with accelerated collaborations between pharmaceutical/medtech companies and stakeholders.2 These shifts are not only enabling healthcare to transform its operations, but also change perspectives on how our system can be made more efficient and accessible.

Healthcare leaders have had to collaborate with their stakeholders and choose initiative priorities to allocate their resources to. This rise in transparency that we have seen with stakeholders and healthcare companies has been vital in not only battling the pandemic but in moving forward with innovative efforts. Even though we are freshly in a post-pandemic time, this relationship between stakeholders and innovation has ameliorated quality, accountability, safety, and informed decision-making, and the effects of these benefits are paving the way for the future of healthcare. In order to keep up with the healthcare industry’s ever changing nature, innovation has had to scale up to its necessary limits. Though it may seem bold, some healthcare players have cascaded their innovation goals to all relevant stakeholders, and this has been considered one of the most critical reasons for driving innovation both during and after the pandemic. One key action has been finding a vaccine quickly, by moving from gene sequence to clinical testing in 16 weeks, according to the CEO of the Coalition for Epidemic Preparedness Innovations (CEPI).3 Luckily enough, the public saw the first vaccine candidate enter a Phase I clinical trial within ten weeks of the genetic sequences being released. This pandemic was a testament to our healthcare system’s resilience, and in a post-COVID reality, healthcare leaders must assess which parts of their business models are durable and which are potentially points of weakness. The Centers for Medicare & Medicaid Services have granted 80 new telemedicine services, while similar reimbursement models have emerged in other countries.4 If such trends persist, this country’s healthcare could shift to digital pathways that would only

create more opportunities for evolved business models. This further emphasizes how partnerships and collaborations with stakeholders in the system need to be further supported.

The coronavirus outbreak unexpectedly destabilized health systems around the world. In order to prepare for future pandemics, coordination and transparency amongst healthcare companies and their stakeholders is essential, especially in terms of avoiding healthcare marketplace failures and promoting better outcomes and more trust. By expanding on existing knowledge on viruses and investing in innovative programs that stress prevention, the healthcare industry will effectively be able to work against future health crises, while also supporting well-funded initiatives and health efforts. The NIH had already implemented task forces and strategies that promote preventive medication services appropriate for patients, such as the U.S. Preventive Services Task Force.5 Similarly, further community-based prevention actions can be implemented which focus on population health and valuing outcomes based on features like environment, while assessing risk factors, health outcomes, and other wellness indicators. After the crisis that throttled the whole world, the implementation of open, interdisciplinary decision-making processes is not only necessary, but likely. The COVID-19 pandemic acts not only as a reminder, but also as an incentive of why cross-sectoral collaboration is imperative at all levels of society in order to build durability when dealing with the long-term effects of Covid.

The pandemic should be perceived as a way to bolster the current efforts that already exist to promote healthcare transparency. Furthermore, transparency amongst healthcare innovation can be used as a long-term strategy for promoting value and competition within the industry. Covid has highlighted how nontraditional collaborations and clarity between health industries, sectors and stakeholders are essential in finding effective decisions for urgent issues. We are currently facing a reality where companies, such as large healthcare providers, are adopting decision-making processes that include key stakeholders from across their systems, which allows rapid development of initiatives and deployment of innovations in a post pandemic world. Prioritizing innovation after such a crisis can be key to growth in recovery and now more than ever, the importance of coordination and openness is critical for future pandemic preparedness and achieving new bars of achievement.