How the Coronavirus Will Transform Healthcare in China
In response to the burdens COVID-19 has placed on the healthcare system, the Chinese government will likely accelerate reforms, mirroring the reaction to SARS in 2003.
To avoid contamination and crowds at hospitals, more consumers are embracing innovative and digital B2C healthcare delivery models—and we expect these behavior changes to stick.
Faced with major shifts in China’s healthcare system, companies can take six steps to navigate the disruption.
Reforming healthcare after the coronavirus
Access to quality care
Cost management
Product innovation
Digitalization
A digital, patient-first future
Online medical services
Retail pharmacies
Commercial health insurance
Next steps for healthcare companies
Immediate actions
Assess the impact of the epidemic. Adjust annual business targets and budgets according to market conditions and future implications. Be sure to protect key competitive capabilities.
Join the fight against the epidemic and collaborate with government stakeholders. Offer support to relevant government bodies, medical associations and the greater community through funds, products and research to prevent and control epidemics. Lay the foundation for partnerships to help improve the healthcare system in the long term.
Future actions (one to two years)
Manage costs for today and tomorrow. Avoid aggressive cost-cutting in response to short-term effects of the epidemic. Instead, cautiously consider the best cost strategies for your business—those that will improve internal efficiency and benefit stakeholders. Invest savings to go deeper and wider in market coverage, developing a model can serve customers across a more robust tiered healthcare system.
Focus on product, service and business model innovation. Sustain a competitive advantage, make the most of regulatory tailwinds, and navigate economic headwinds through several approaches to innovation, such as organic R&D and product launches, corporate venture capital arms or innovation incubators integration of enhanced digital services to existing products.
Accelerate digital initiatives. Continuously develop digital capabilities through self-building, partnership or M&A. Use these capabilities to revamp patient and medical personnel experiences, while improving organizational transparency and efficiency. Finally, harness digital records and coordinate with other players to streamline processes across the healthcare system.
Kevin Chang
Head of Bain's Greater China Healthcare practice
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