The novel coronavirus has infected over 472,529 people,Coronavirus Crisis – Impact Of COVID-19 On Healthcare Industry Articles 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 Hospital Equipment 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.
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.