Medibank Private chief executive Craig Drummond is urging the Victorian government to create a "robust plan" to live with COVID-19 rather than aggressively suppress it, saying he is worried about the mental health of Victorians amid the ongoing lockdowns.

"As every week goes by, we have about 3000 [employees] here in Victoria and I’m genuinely getting concerned not only about their ability to work, but more particularly their state of health," Mr Drummond told an online audience as part of The Australian Financial Review's Reshaping Australia Dialogues series on Thursday.