What does Healthcare Industry constitute?
Covid19 has brought a sharp focus on the healthcare industry and highlighted the major gaps in accessibility and affordability. This realized the role of technology in healthcare.
Companies in this industry provide services such as treatment for illness and disease treatment, nursing, drug manufacturing, and medical services such as health insurance.
Technological advancements have transformed the healthcare industry. At the time of COVID19, AI, mobile applications, health track records were all utilized to assist doctors in diagnosing patients. Healthcare technology has improved the patient-centered approach.
Healthcare Industry segments
Hospitals– Government and private hospitals such as district hospitals, general hospitals, nursing homes, are included.
Pharmaceutical- Manufacturing, extraction, processing, purification, and packaging of chemical compounds for the use of medicines for humans or animals are all part of it.
Diagnostics– It refers to the companies and laboratories that provide diagnostic services.
Medical Equipment and supplies-It includes businesses mainly specialized in the production of medical equipment and supplies, such as surgical, dental, and laboratory tools.
Medical Insurance-It includes health insurance and medical reimbursement facility, covering an individual’s hospital expense occurred due to sickness
Telemedicine– Telemedicine has huge potential in addressing the issues of healthcare delivery to rural and remote areas
Impact of Covid
COVID19 pandemic cannot be understated and both industry and government immediately move on to digital platforms such as the Arogya Setu app, online consultation platforms, and online clinical platforms.
The Government of India has launched the National Digital Health Mission to digitalize health records across the country and has given permission to telemedicine and e-pharmacy platforms to offer consultations to avoid crowding at hospitals.
Technologies used in Healthcare Industry
Mobile applications– A variety of applications connect patients with medical services. These applications cover everything from finding doctors to purchasing medications.
Artificial Intelligence (AI) During the major covid19 outbreak, AI was used as a contact-facing tool that assisted patients with easy diagnoses.
IoT – IoT technology is being used in healthcare to collect patient data.
Digital Therapeutics– The use of digital devices such as insulin pumps and blood glucose meters, transmit data to a centralized system. Their primary focus is on diseases such as diabetes and obesity.
The rise of online care
Consumers, doctors, and insurers are benefitted from online care.
Benefits to consumers– It is cost-effective and convenient as patients are not required to wait in waiting rooms. Patients can also be referred to an expert and can connect with them immediately.
Benefits to doctors– It allows doctors to work on a more flexible schedule. Providing doctors with a different way to practice might boost retention rates. It eliminates the need for costly infrastructure.
Benefits to insurers– It enables insurers to benefit from their network with doctors. So it would result in significant cost reductions. This can even draw consumers away from their competitors.
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