In
a recent webinar organized by insurance company Allianz PNB Life,
Reach52 founder and Chief Executive Officer Edward Booty revealed
that demand for digital and telehealth services are expected to
increase as the world continues to fight the COVID-19 pandemic.
During
this period of community quarantine, the global insurer has been
sponsoring talks about the impact of COVID-19 on life and business in
a bid to help Filipinos become more informed in adjusting to the new
normal. Booty, who has worked for the UK National Health Service
(NHS) and one of the world’s largest consulting organizations prior
to launching his award-winning social enterprise in 2016, was the
guest speaker on the webinar, “Insights and Learnings: COVID-19
Impact on Healthcare System.”
During
his talk, Booty emphasized the importance of digital systems and
telehealth services in addressing the non-COVID health problems that
would arise from the pandemic.
“Global
demand for telehealth is expected to increase due to COVID-19,” he
said.
In
the US, the telehealth market is projected to grow by 80 percent. In
the Philippines, the Department of Health (DOH) has already started
boosting telehealth services in the National Capital Region (NCR) and
is expected to expand this to other regions soon.
Even
before the pandemic, Allianz has been offering 24/7 telehealth
consultation as part of its Allianz Well! insurance product. With an
annual plan limit of up to PhP100 million, it gives plan holders
access to an accredited healthcare network.
“The
market is slow now, but inevitably a number of core trends and needs
will come out of this global crisis,” Booty added.
Trends
and Opportunities
These
trends include “digital health and remote care, with forced
innovation adoption, and community-owned solutions.”
Data
analytics and preparedness, which includes improving outcomes and
patient-centric care, and focusing on prevention, is likewise
expected.
Booty
expounded that the demand in healthcare services is “patchy, and
for many other diseases the use of health services actually
decreases.”
He
said that there are already 13.5 million people in the world who have
missed their vaccines, with 21 countries experiencing vaccine
shortage. For every death caused by COVID-19, he added, there will be
180 deaths from other diseases if vaccines are restricted.
In
the UK, he cited, about 200,000 weekly screenings and test referral
for cancer have been put on hold.
On
the other hand, the number of visits to ambulatory care practices has
declined by 60 percent, with surgical and procedural specialties and
pediatrics experiencing the most significant decline. Patient volume
has likewise decreased.
Global
health, universal health coverage, increased equity, system
strengthening, and continued low health worker numbers, as well as
the need for sales, revenue generation, frugal solutions, and
business model innovation are likewise expected.
Booty,
however, pointed out that there is still a lack of solutions focusing
on a comprehensive digital way. Time is also running out for the need
for scale and accelerated progress towards universal healthcare.
On
the one hand, demand for personal protective equipment is also
projected to increase. For 2020 alone, 2.2 billion surgical masks,
1.1 billion gloves, 13 million goggles, and 8.8 million face shields
are needed worldwide.
The
global ventilators market is likewise projected to grow to $12.1
billion in 2020.
Impacts
on income are just as worrying, especially in poor countries, as the
International Monetary Fund (IMF) pulled $83 billion from emerging
markets, with the World Bank (WB) also projecting that there would be
20% less remittances this year.
Looking
forward, Booty said that it is important to “pivot now.”
“Plan
for the longer term, and take sensible precautions, but also
appreciate that the economy has to function,” he concluded.
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