Every industry is facing pressure from the COVID-19 crisis, the healthcare industry is no different.
However, unlike many other industries, there is life after the COVID-19 crisis for this industry. The healthcare industry will see a 25-30 per cent rate of growth after the pandemic, predicted A Velumani, managing director and chairman of Thyrocare. He said this during a webinar organised by The Free Press Journal in association with IIM Indore. While Big FM was the radio partner for the event, Moneylife was the outreach partner.
During the webinar series titled 'India after COVID-19', he claimed, "Healthcare will be the fastest growing industries. It will grow at 25-30 per cent year-on-year for the next 10 years. There is a huge opportunity there." He stressed that the next segment to grow in the post-COVID-19 era will be wellness, fitness and nutrition segments. "Now people have understood the importance of nutrition. They are now aware that they cannot consume anything and everything. But follow a balanced diet." Velumani stated the next segment that will grow is personal hygiene. "People will be much more careful about what they use."
Digitalisation will be the way forward and no one can escape it, Velumani asserted. Like other sectors, healthcare will look at different ways to use digital to become more cost-effective.
He said COVID-19 has brought about a huge disruption, which will change the way industries operate. He believes that, in the long run, hotels will enter the healthcare space. "In the long run, hotels will become hospitals as the hospitality segment is facing a survival challenge. At present, some of the hotels have already turned into quarantine facilities." He claimed, "By December 2020, there will be 10 national-level hotel chains that will become national-level hospital chains."
He added life after COVID-19 will undergo major changes. "Things will not go back to normal. We have to adapt to the new normal. Do not expect things to come back to your level of comfort," he stated.