What lies ahead for Indian healthcare

The truth is that for the foreseeable future, business-asusual will just not be possible

- RAJAT GARG

COVID-19, the new coronavirus infection, has spread to 185 countries and regions of the world in 16 short weeks. Data from international financial institutions show that not only human health, the disease is also weakening the global economy. (Earlier this month, the International Monetary Fund said that the world economy could contract by as much as 3% in this financial year.) It is aafe to say that nothing will be the same when we reemerge from this global health crisis.

India won’t be spared an economic landslide because of COVID-19, either: the IMF expects growth to slow down to 1.9% here. This, unfortunately, maybe the best-case scenario and possible only if the COVID-19 pandemic runs its entire course within this year. The IMF expects heavier losses for the world economy if the new coronavirus infection returns year-after-year, like the seasonal flu.

Yet, while the COVID-19 pandemic--and how it pans out--may not be in our control entirely, our response to it can be. As businesses and stakeholders in the country’s economy, there are a few strategic steps that we in the healthcare space can take now to limit the damage and prepare for what India will need next. Here’s a quick look at what we can expect, and do, over the next several months:

Demand will remain suppressed

In India, businesses are already reporting lower demand, shrinking order books and drying up cash reserves.

A survey conducted by the Federation of Indian Chambers of Commerce & Industry (FICCI) in March 2020 with 317 companies showed that more than half (53%) the participants were already seeing losses in their respective businesses.