Asia is currently confronting a second wave of COVID-19 infections and a deepening global recession that will batter its populations and severely weaken public finances. Many executives across industries expect sales to start picking up in Q3, though executives are facing significant uncertainty around demand planning, engagement models, supply chains, and strategic planning, likely through the rest of 2020.
COVID-19 will have a particularly long-lasting impact on the healthcare agendas of governments across developed and emerging Asia in terms of market access and reimbursement, localization pressures, e-health implementation, and overarching healthcare reform. China’s government, for example, is shifting to pursue unified reimbursement policies, drive centralized procurement, push alternative hospital payment models, promote diversified funding for healthcare spending, and increase incentives for digital health adoption.
Long-term operations for Asia’s healthcare will prove challenging. We see three main drivers in healthcare across the region shaping the post-COVID-19 environment:
Asia’s healthcare companies should try to shape how the post-pandemic world will look to reduce uncertainty in the coming months; a holistic scenario planning approach, strong stakeholder management, and flawless communication will all be key. FrontierView’s Asia Pacific and Healthcare experts outlined five key actions for executives to consider when developing their COVID-19 recovery strategies.
- Explore public-private partnerships in light of the COVID-19 response
- Begin reassessment of market and customer segment prioritization
- Prioritize policy-shaping initiatives with regulators and other key stakeholders
- Evaluate the feasibility of shift from “only” digital marketing to digital solutions for strained providers and payers
- Reassess your product portfolio and market prioritization assumptions in long-term planning sessions
Our team of healthcare experts is closely monitoring COVID-19’s impact on the global economy and business environment. View our latest coverage on FrontierView’s COVID-19 Resource Hub and subscribe to The Lens, our weekly newsletter covering the latest global events impacting your business.