Coronavirus Crisis - Impact Of COVID-19 On Healthcare Industry
Posted by StraitsResearch on November 11th, 2020
The novel coronavirus has infected over 472,529 people, claiming 21,305 lives (as of March 26, 2020) in a mere span of months. Economies and healthcare systems are under immense pressure to bring the situation under control. COVID-19 originated in Wuhan, China, in December 2019 and has spread to nearly 160 countries in less than three months. On March 11, 2020, the WHO declared COVID-19 a pandemic.
Disruptions in the Healthcare Supply Chain:
With a shortage of hand sanitizers, counterfeiting of face masks, and many other disruptions in supply chain channels, coronavirus has already created havoc in global markets. Disruptions in the healthcare supply chain have significantly impacted the sourcing, procurement, and management of necessary medical equipment inventories. China is among the largest suppliers of a majority of healthcare commodities, namely pharmaceutical APIs and components of medical devices. But with China as the epicenter for the pandemic, the healthcare sector is exposed to the risk of COVID-19.
As a response to supply chain disruptions, healthcare facilities have started stockpiling available products. Such unrestricted purchasing is further imposing financial pressure on the healthcare sector, which is already suffering issues such as procurement inefficiencies and wasted spend. This has also led to the yield of compromised quality of care. Several instances of sanitizer and face masks counterfeiting have been noted in developing countries, which could negatively impact the healthcare sector as a whole.
As per Operation Pangea XIII, in which 90 countries' health regulatory authorities, customs, and police have been involved against the illicit online sales of medical products and medicines, 121 arrests were made globally with the seizure of potentially dangerous pharmaceutical products worth USD 14 million in this dire situation of COVID-19.
Could The U.S. Economy Withstand Coronavirus Crisis By Itself, Click Here To Get Insights
Fall of Healthcare Systems due to COVID-19?
The U.S. has the most developed healthcare systems globally. High healthcare costs and low medical capacity have made the country's healthcare system vulnerable to COVID-19, similar to all other economies. Unlike the U.S., other countries with universal healthcare are testing more people for COVID-19 and seem to be combating it in a better way.
Among developed countries, Northern Italy has one of the best public healthcare systems with well-trained medical professionals and doctors. Earlier, the region showed preparedness for COVID-19; however, in the present day scenario, the country's healthcare system has been pushed to the breaking point.
COVID-19 has affected frontline workers in the healthcare sector, which primarily includes medical professionals. 20–30% of healthcare professionals have been affected by COVID-19, and there have been 2,500 deaths from COVID-19 in Italy in the span of a month, with over 31,500 confirmed cases. As a measure to lower the healthcare system's burden, Prime Minister Giuseppe Conte issued a lockdown of Italy's Lombardy region on March 8, effectively quarantining over 16 million people in the north.
Governments are undertaking various initiatives to control the situation. For instance, as the number of confirmed cases in India is increasing, government officials have added 12,000 beds at central government facilities, including Indian Army and Central Armed Police Forces (CAPFs) facilities.
Measures Taken to Combat the Novel Coronavirus Pandemic:
Potential Impact of COVID-19 on Pharma & Biotech Industries:
The coronavirus pandemic has tremendously impacted the healthcare sector, including pharmaceutical and medical devices. The sector has experienced a declining growth rate in the first quarter of 2020. It will take the coming two to three years for it to return to normal, where the strategies for mitigating the impact will be fully functional. Till then, the healthcare sector is expected to grow at a stagnant rate.
About the AuthorStraitsResearch
Joined: November 11th, 2019
Articles Posted: 1
BitKong: Fairest and most thrilling Bitcoin casino on the market
Win serious funds fast when you stack the BitKong bonus combo, cash in on the referral program, or hit the massive jackpot then walk away with your life changed.
The World's Leading Crypto Asset Trading Platform
YoBit Crypto Exchange
Register Now and get 1700 Free Dollars! Buy and sell Ethereum (ETH) on YoBit Exchange!
CryptoBits.Directory - Your Gateway to Crypto!
Directory filled with some of the best crypto based websites and exchanges available! Signup and get a copy of your own free referral directory!
The ONLY Vital Credit Card
Earn 5% Cash Back on all of your purchases plus additional cashback for sharing the offer with your friends and family! This is the ONLY credit card you need! Competitive APR's, No annual fee, Elegant Metal Card Design!
CryptoKnight Capital - Earn Crypto on Auto-Pilot!
Start investing safely in crypto when you follow our automated cryptocurrency trading portfolios. Let us do the work and earn you money!