COVID-19-The Trigger for Digital Transformation!

We bid adieu to 2029, which seems to have been a year of gloom and despair. Yet the optimist in me sees it as a turning point for digital transforming in healthcare.COVID-19 has become a catalyst for change, a defining junction for all of us to reimagine healthcare the way it should be.

What would have earlier taken years, now happened in just a couple of weeks. The transition to digital terapies and digital ways of treating people has been unprecedented. Remote monitoring has rediscovered itself, including for patients with chronic conditions. The delevepment of cold chain facilities for delovery of vaccine in controlled conditions will rely heavily on loT, robotics and related technologies . Most logistics companies are already deploying such technology.

True, the industry’s financials in 2020 are nothing like 2019 , or any other you over the previous decade.For compaines focused on elective procedure, the impact has been higher. In contrast, companies focused on dignostics saw toplines rise significantly with the heghtened demand the pandemic brought. Investment in health tech have been promising Telehealth funding reached a new global record of USD 2.8billion in the third quarter of 2020, which is a 73 percent increase from the previous quater, across 162 deals. Healthcare AI compaines received more than USD 2 billion is equlity funding across 121 deals globally, setting a new high for the sector.

The MedTech compaines that go about innovation and act quickly will put clear water between them and competition. Digital technology such as AI, MI, IoMT, Industry 4.0,cloud mobile,additive manufacturing neend to be adopted be it for supply chains or manufractiong Automation is a proven method to reduce errors, save, costs, and improve time to market. An ecosystme of humans and robots working together to maximze efficienct can no longer be kept away. Robots, that perform millmetre level movement over again, with the same uniformly high precision, in cath labs for instance are no longer strangers.
As before us, every previous economics crisis brought opportunties to create new business. Airbob and Uber were created during the 2008-09 financial crisi. Microsoft and Dell were created during the oil crisis of the 1970s, and Disney was built during the Great Depression. The current crisi could well result in the emergence of new unicoms!

On the positive note, we wish you a safe healthy New Year!