Healthcare professionals are working tirelessly to develop and implement effective strategies for patient teatment, organisational management and public health measure
A lot of responsibilities suddenly came into the shoulders of healthcare professionals ever since the coronavirus
pandemic engulfed the world. Within no time, they become real heroes who have been saving millions of lives
without thinking about their own. They are the ones leading the battle of this unprecedented crisis from the forefront. If we could draw one positive from the calamitous tragedy, it would be we breaking the myth that healthcare was a profit-making entity and rather, getting the much-needed respect from the various section of the society.
It has also made governments realise the need for overhauling the current health policies and investing liberally
in healthcare, thereby establishing robust healthcare systems. The public and private sector have joined hands
and are working in a close partnership today to defeat their common foe, coronavirus. But at the same time
healthcare providers are undergoing financial stress. Therefore, we need policies that will help us overcome the
shock. The challenge right now is to plan in a manner that economic stability can be restored.
Financial crisis:The biggest impact
IMF has predicted that the impact of the coronavirus will leave India with a mere 1.9 per cent GDP growth in
FY21. Then a report by FICCI and EY estimated for the healthcare sector an operating loss to the tune of Rs 14,000 to 24,000 crores for the first quarter. It also estimated that the revenue for the sector in FY21 would be lower by 20-35 per cent compared to FY20 resulting in early single-digit or negative earnings for the year. This is a Capex intensive industry where 1.5-2 per cent of annual revenues goes back to the refurbishment of technology and infrastructure and new Capex costs more than Rs 1 crore/bed. Coming at a time when the sector was already reeling under an economic slowdown, the COVID crisis has been devastating financially.
Researches and non-covid hospitals come to a halt
Since the treatment of COVID-19 becamesuch a priority in hospitals and medical colleges, all the important research priorities and other essential ongoing research were stalled. The subsequent lockdown and strict curfews to control the spread of the virus have affected the services of non-COVID hospitals and halted some projects that are due to start. Unfortunately, COVID-19 PCR tests are cumbersome and required advanced laboratory facilities that are only available in few centres. The need of the hour is to have rapid antibody or antigen tests, which are currently unavailable or less reliable. In addition, recruitment into trials is more difficult because of reduced mobility due to lockdown and other interventions, and the general fear of contracting COVID-19.
What do we need to do?
Planning is key in any national crisis and especially in a pandemic that affects every element in society; effective coordination is therefore essential. First, if the government gives full support through policy, tax reduction and other financial benefits to the healthcare industry at this juncture, we can get back on track. The government must immediately waive off customs duty and GST on essential medical inputs such as ventilators, medicines and other equipment needed for COVID-19 treatment.
At the same time, giving long-term tax concessions to the healthcare sector such as exemptions on the purchase
of diagnostic equipment, medical devices and other essential hospital infrastructure will help medical entities
recover from this slump. There should be the availability of kits, ventilators, oxygen concentrators, and essential drugs to treat COVID patients and non-COVID patients both as with this pandemic the demand for beds, medicines, ICU, Oxygen, all medical devices have increased. There should be proper training of our doctors/practitioners as well as nurses, attendants and other healthcare staff in these technologies and their usage.
