Digitizing MSMEs’ business activities is a significant step toward boosting their sustainability in healthcare.
As India moves closer to the digital edge, Industry 4.0 has gained traction across industries, accelerating the digitalization process by at least a decade. The exceptional supply chain disruptions caused by the pandemic were particularly detrimental to the Micro, Small, and Medium Enterprises (MSME) sector. The rise of the internet economy and several innovative companies have convinced the MSME sector, which makes up around 29 percent of the country’s GDP and is known as the growth accelerator of the country, to embrace digital transformation. Numerous tech-driven companies and accounting organizations have also been drawn to the trend of offering creative solutions to MSMEs.
The government made an effort to highlight the relevance of technology and the Digital India goal in all of the budget’s major areas, including infrastructure and skills. Given the increasing attention paid to expanding the industry in recent years, the MSME eco-system is anticipated to get a welcome boost. By extending ECLGS until March 2023, it will be possible to close the critical credit gap and provide MSMEs with the time and resources they need to carry out their duties effectively. Additionally, the redesigned CTGMSE program will benefit small firms who previously were unable to apply for ECLGS because they lacked the necessary credit history, which was a key condition.
With the adoption of digitization, MSMEs will be able to develop more quickly thanks to digital payments, which will in turn ease the burden of loans. One of the few positive stages in the process of digitizing the value chain is the digital acceptance of invoices. With the use of these digital technologies, MSMEs can now easily access Financial Accounting, Inventory Management, and Management Information systems.
In 2022, MSMEs will offer maternity and IVF treatment-focused programs for the working women’s population, after their transition from offering home-based healthcare treatment in 2021, yearly health checks for their employees, and 2021-style home-based healthcare. In India, there is a market for corporate health and wellness that is worth 55,000 crores. According to Redseer’s estimations, employee health check-ups and telemedicine consultation products have gained popularity in the employee wellness category and now account for 61% of India’s 23,000 billion corporate wellness industry.
The necessity to offer complete health care to employees is growing as Micro, Small, and Medium-Sized Enterprises (MSMEs) are becoming more prevalent in India. MSMEs employ over 11 crore people, with 75% men and 25% women, and they account for close to 40% of all exports in India, contributing roughly 30% to the country’s GDP. MSMEs are certain to play a significant role in helping India realize its goal of becoming a $5 trillion economy. And realize this vision, the industry would require not just competent personnel but also health workers.
The pandemic effect
When Covid-19 struck in 2020, the demand for healthcare assistance and insurance increased. Through technology, healthcare was made available to everyone this year, overcoming geographic and financial barriers. MSMEs also felt the need to provide for their employees, but because of their small size, they were forced to rely on outside suppliers to assist them with things like insurance. In the MSME sector, 2021 witnessed several less than ideal but essential health trends, including:
Telemedicine and virtual consultations with medical experts
Numerous clinics, nursing homes, and hospitals offered patients phone and video advice. In addition to providing quicker and more appropriate care, this virtual solution also allowed patients to avoid wasting time and effort traveling to see a physician. In fact, in the future, more hospitals will rely on online patient consultations for effective and prompt treatment while maintaining the security of both the healthcare professional and the patient.
Employees’ and their families’ mental health
Despite India’s relatively low ranking on the global mental health index, the pandemic increased the need for mental health specialists to serve the MSME sector’s workforce, which took the brunt of the disease’s economic effects.
The year 2021 also saw the debut of several health-tech businesses that catered to consumers and clinicians with their digital solutions and access to thorough patient histories through the Electronic Health Record (EHR). The MSME sector benefited from the country’s emerging, scalable telemedicine solutions because of its low cost, availability, and accessibility, ensuring the right treatment at the right time through the right channel. Examples include self-help apps, AI-enabled chatbots for diagnosis, and virtual 24×7 counseling.