Monday, 27 May, 2024

Impact of COVID-19 on Global Healthcare Industry

A Corona disease has now been confirmed pandemic. Since last three months, whole world is fighting with this global crisis. Every area, sector, place is affected by this pandemic. Global healthcare industry is playing an important role during this pandemic, so let us discuss the impact of this pandemic on global healthcare industry.

Impact of this pandemic on healthcare industry has been classified in five ways:

  1. Impact on Pharmacy Supply Chain
  2. Clinical Trails Disruption
  3. Risk to Healthcare Acquisitions
  4. Impact on Insurance providers
  5. Impact on Health Technology Assessment

Impact on Pharmacy Supply Chain:

China is biggest supplier of API to India and rest of other country. Due to this pandemic, there are restrictions to supply medicine, API to other countries and this affect mainly global supply chain of pharma. According survey report, there are 22% experts told that, supply chain will not stopped and all medicine will supply, but 23% people still doubtful regarding supply chain. These results propose misunderstanding about the extent to which pharma companies are struggling to production and dispense medicines because of the pandemic at global scale.

Clinical Trails Disruption:

Disruption to supply chains leads to consequent drug lacks and it does disturb patients already prescribed and taking those drugs. It also distresses clinical research of trial drugs, which depend on similar manufacturing plants. Clinical trials have more been disrupted due to the social distancing, lockdown and quarantine events implemented across the world, which mean ongoing trials could put patients at substantial risk. Examples contain Lexicon’s withdrawing of two long-term studies of its type-2 diabetes drug Zynquista in patients with heart failure and chronic kidney disease.

Many clinical trials is currently suspended with other studies, only clinical trials of COVID-19 is running throughout the world in hope to development medicine for this pandemic.

Risk to Healthcare Acquisitions:

Due to this pandemic, regular healthcare system will go on digital platform. Tele health and remote monitoring is coming in picture. Innovations in the area of at-home diagnostic equipment will improve the capability of providers to do isolated virtual care. Digital health system will accelerate and improve living of people. Health systems that had previously financed in tele health substructure before COVID-19 will be in an improved place moving forward.

Impact on Insurance providers:

Pandemic disrupted global economy and affecting insurance industry. The emergency is hitting the insurance industry more collectively and quicker than earlier pandemics and economic shocks. There is increasing in operational costs due to crisis management, while premiums shrink in many lines of business. Investment returns also under crisis due to this pandemic. Insurers are permitting their administrations for remote work with digital technologies and a strategic communications plan to keep business continuity and protect the health of their employees and partners. Simply insurance provider is going digital to give services to society.

Impact on Health Technology Assessment:

Due to this pandemic health technology of global going through difficult time, all healthcare workers, hospitals are working and giving possible treatment to suffer patients. During first phase of crisis, there is shortage of ICU center, hospital beds, and number of ventilators. Worldwide healthcare systems have replied with an ‘all hands on deck’ approach. Clinicians, nurses, allied health and public health professionals, students, and retired staff are being reskilled and organized to join the frontline in the face of amplified patient numbers and absences among healthcare workers. Repetitive non-urgent surgery and outpatient appointments have been postponed or cancelled.

Many more clinical trials other than COVID-19 may postpone or cancelled. There is little registration into new studies, other than those straightly related to COVID-19 and follow-up of patients on existing trials will be shortened or changed. All existing as well as new clinical trials under lockdown during this pandemic

Name of Blogger: Meghraj Suryawanshi

ARPB Blogger ID: ARPBGZ255

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