Gartner Research

Healthcare and Life Science CIOs’ COVID-19 Cost Optimization Action Plan

COVID-19 is putting healthcare providers, healthcare payers and life science manufacturers under significant financial stress.

Expert: Bryan Cole

The financial ramifications of the COVID-19 pandemic are myriad and fast-moving, causing significant uncertainty about the future business environment globally. Healthcare and life science firms are facing unique and dramatic financial stresses including:

  • Lost revenue from postponed elective procedures, delayed primary care and value-based rewards, large employer layoffs and small business closures, unfilled prescriptions and the suspension of in-office detailing 

  • Increased costs of COVID-19 treatment and testing, staff time and supplies, chronic condition care costs, interrupted clinical trials and idled research staff 

CIOs must respond to CFOs and CEOs increasing demands of IT spending cuts with digital transformation and cost optimization strategies.

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