Candid CEO conversations at the South African Medical Technology Industry Association (SAMED) conference revealed that Transformation, BEE, NHI and the changing regulatory landscape in MedTech and healthcare as a whole, was keeping CEO’s up at night. Kealeboga Molefe, heading up the healthcare transformation division at Transcend was able to weigh in on a panel discussion on economic transformation.
There is mounting pressure for Healthcare companies to also ensure BEE compliance. SAHPRA (South African Healthcare Products Regulatory Authority) has released a BEE policy. Although not yet in effect, the policy demonstrates BEE possibly forming part of the healthcare regulatory framework. CEO’s noted the changing regulatory environment in South Africa with some measure of concern, commenting that some legislation did not show alignment between some government departments. NHI and uncertainty related to its implementation were matters of concern as it prevented executives from planning for the upcoming changes to the healthcare system.
ESG & Sustainability were topical at the conference. Climate change and technology disruption were predicted to bring about significant changes in the sector. Awareness of climate change, ensuring social change and healthcare awareness, and good governance came across as strong themes at the conference. A spotlight was also shed on reporting standards related to climate change and sustainability. An important call to action was to integrate sustainability into business strategy. ESG was aptly positioned as key to future- proofing any business and ensuring its longevity.
With many years operating in the sector, Transcend has successfully assisted clients to integrate BEE & social change, sustainability and diversity & inclusion targets into business strategy. This represents a clear advantage for healthcare companies looking to opitmise costs and efforts while ensuring a clear market advantage.
Further topics discussed were whistleblowing, cybersecurity, innovation and value-based healthcare. These topics reflected events in healthcare that deeply affected the sector: The murder of Babita Deokaran, a whistleblower working to combat corruption at Tembisa Hospital, revealed the need for more sophisticated infrastructure to protect whistleblowers. The NHLS (National Health Laboratory Service) had suffered a cyberattack and had to adapt and still ensure patients received results while its systems were compromised. Cybersecurity is all the more topical in healthcare as it has also determined that technological advances and disruptions could possibly make cyberattacks more prevalent in healthcare and other industries.
The key takeaways are that the Healthcare infrastructure and landscape is rapidly changing. It is important that organisations keep abreast with changes, but also all the while ensuring the sustainability of their organisations through aligning to ESG principles.
Transcend understands the changing landscape particularly in BEE, Diversity & inclusion, Transformation and sustainability and ESG. We empower our clients to navigate the changing Healthcare landscape with clarity and strategic thinking.
Transcend also is capacitated with a healthcare transformation team who understands the sector and understands the key drivers in the sector. Kealeboga Molefe heading up healthcare transformation has a wealth of experience on transformation in the sector and keeps abreast of changes in the factor, such as NHI.
If you are looking to navigate transformation, diversity & inclusion, with an eye of sustainability and ESG while ensuring your longevity in a changing environment, contact Transcend.