The Pandemic Pushes Healthcare Industry to Innovate and Embrace Digital Health Products

The pandemic in 2020 brought about significant changes in the healthcare industry, as providers and payers alike began to innovate and offer new digital health products. These products include virtual health, remote patient monitoring, mental-health services, and virtual clinical trials, all of which are available through apps as part of existing services or new subscription services.

One of the main drivers behind these tech-based products is the desire to provide patients and members with new sources of revenue and differentiators within existing revenue streams. As barriers were broken down, companies in the healthcare sector began to target revenue growth in emerging areas, much like trends in other industries.

For example, financial services retail banks began to move more services online and expanded their scope to become financial advisors, aiding clients with financial wellness. In communications and media, the convergence of tech companies becoming creators, media companies selling their own TV sets, and mobile phone providers sharing network space and capital costs has led to rapid changes and advancements.

Overall, the pandemic has forced the healthcare industry to adapt quickly to new technologies and business models in order to remain competitive. And while there may be challenges ahead, it is clear that this innovation will continue to drive growth and change in the years to come.