Medical care has always been in high demand, whether times are good or poor. In the past, even due to the various epidemics healthcare industry has mostly remained unaffected by economic downturns. The COVID-19 virus has triggered a healthcare and economic catastrophe, and the COVID-19 recession is today’s reality. Not only it has indulged in mass unemployment but is also the result of depression and other healthcare massacres throughout the world.
While healthcare personnel are preoccupied with COVID-19 patients, other patients continue to deteriorate in healthcare offices. Some primary care practices have reported 70% decreases in the utilization of healthcare services. Clinical staff salaries are being cut or frozen, and some employees are being furloughed. There has also been an upsurge in unemployment insurance claims from healthcare companies.
The rankings from worldometers state 30,453,526 people affected from COVID-19 and 400,265 died till 1st July 2021. These are the reported cases.
The frequency of COVID 19 is escalating, despite the deployment of lockdown measures like travel bans in India and abroad. As lockdown measures are lifted in various capacities throughout countries, the number continues to increase.
COVID-19 Pandemic Affecting Healthcare Industry
In spite of the present healthcare crisis, COVID-19 continues to have a detrimental effect on the private medical care sector in the country. During this lockout, both inpatient and outpatient patients were significantly lowered in private hospital chains, whether it a single speciality, multi-speciality institutions or even diagnostic clinics.
Healthcare Supply Chain Delays
Coronaviruses have already wreaked havoc in world markets, as there is a scarcity of hand sanitisers, fake face masks and many other disruptions in supply chain channels. Health supply chain disruptions have substantially influenced the purchase and management of stocks of medical equipment.
Fall of Healthcare System
A report from Hindustan Times states, over 270 doctors have died during the second wave of COIVD-19. COVID-19 affected mostly medical professionals, the frontline workers of the health sector. The COVID-19 was impacted by 20-30% of medical practitioners. The region was previously prepared for the COVID-19, but the healthcare system of the country has now been pushed to the verge of disintegration.
Impact of COVID-19 in Pharmaceutical Industry
- Unexpected interruptions towards the supply chain
- Critical medical goods shortage
- Delays in APIs & inactive ingredients manufacturing and import
- Medical institutions with a shortage of staff
- Delays in the possible use of drugs
- Limited marketing of products
- Difficulty in finding hospital beds
- Shortage of vaccination
- The declining health of frontline workers
The Covid-19 pandemic has greatly affected the health industry, including pharmaceuticals and medical devices. Through the biotechnology and pharma industry are doing their best in manufacturing the essentials for social distancing. But the unexpected changing norms and the approaching third-wave makes it difficult to keep up the pace. In the first quarter of 2020 itself, the sector had a decline in its growth rate. For the next two to three years it will require again to become normal, with fully functioning methods to alleviate the burden. Up to then, there is projected to be stagnated growth for the health industry.
Author Bio: Jennifer is an editor and author at citric labs. He loves to write and educate people about health, skincare and many more.