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The Economic Challenges Created By Covid-19

  • 22 days ago | Chemical and Materials

    INTRODUCTIONMetal and mining industry is one of those industries that have been severely impacted due to the outbreak of coronavirus globally. The prices of steel and other metals have shown different behavior due to demand and supply scenario change. In response to the spread of the virus, some governments have seized the borders and have imposed large scales quarantines and social distancing measures to minimize the spread of the virus any further. The safety and well-being of workers were rightly the top priority of any country, but now companies must consider the economic effects of the pandemic, which are now apparent.To keep the well-being of employees in concern, companies have taken drastic measures such as asking non-operational staff to work from home to scaling back production; even many of the companies have reduced their operations and manufacturing capacities to get less impacted with the global pandemic. Such steps have resulted in reduced productivity and profits of many industries, including metals and mining precipitously. To come back on track, the companies need to make strategic choices for building their cost resilience to prepare themselves for the recovery, as well as even rethink on their new operating modelsSome of the views presented by associations and company professionals are:“Companies are facing restrictions in logistics and transport, trades have been muted, prices of raw materials and steel have slid, which is causing the market’s value to decline”, by China Iron & Steel Association“ We believe the effect of the coronavirus will likely have a short-term negative demand impact in China and to a lesser degree elsewhere,” by ArcelorMittal“We reviewed the situation arising in China due to the virus outbreak in the initial weeks. While we do not depend on China as a market for steel, we do source some of our consumable items from it. We are thus trying alternative supply sources in countries like Turkey and Brazil,” by TV Narendran, chief executive, Tata Steel.IMPACT OF METAL AND MINING INDUSTRYThe outbreak of coronavirus started showing its impact mainly from March of 2020. The average share pricing of metal and mining industry dropped by almost 10% and many standalone companies have lost around 40-50% of their market value. The effect of COVID-19 has changed from moderate in March 2020 to high in April 2020 and is still aggressively increasing. Some of the major players in the mining market such as BHP Billiton, Rio Tinto, and Anglo American have so far reported partial shutdowns and due to this, the industry has almost reported a production loss of more than 30% till now.It has been observed that the price of various commodities such as iron ore, copper, coal and zinc, fell by >5% due to lower-near term demand. The only exception to this trend is gold. The prices of gold have registered an increase in price of around 8% since the beginning of this year.CHANGE IN PRICES OF COMMODITIES FROM 2019 TO 2020COMMODITY NAME% CHANGE IN PRICINGCopper2.67%Lithium44.81%Bitumen27.26%Steel0.67%Coal26.97%Cobalt7.14%Lead9.00%Nickel11.73%Iron Ore0.50%Aluminum9.58%Tin13,38%Zinc17.53%Source: TRADING ECONOMICSThe above mentioned chart clearly states that as compared to last year (2019), the prices of almost all commodities have declined, except a few which have geared up recently.China accounts for more than 20% share in the global supply chain of intermediate products which includes metal and metal products. Thus, the disruption which has been caused due to COVID-19 in China only is expected to repeat on the economy in various countries worldwide. It is expected that the metal industry of European Union will lose over USD 1 thousand million if China exports reduced by even 2%. The steel manufacturer in Europe are cutting production and idling factory lines in which the workers are not working as because of declining orders, a lack of available staff or as a safety precaution against coronavirus. As per the commodity consultant, James Campbell at CRU, “This is going to be a loss making year for the European steel industry.”Due to the downfall in the metal and mineral industry, the other industries that are dependent on supply of ferroalloys and steel, such as automobiles, foundries, have been shutting down across global. As per some of the experts, it is not because of coronavirus spread that metal industry is facing dip in the demand; rather it is the quarantine or the shutdown that is eroding the demand. Ideally there are two aspects of looking into the problem of demand:The quarantineEconomic crash on a medium-term horizonAlong with this, various countries are keeping track of Chinese activities that they did to bring back the industry on track. The Chinese steel consumption from January 2020 to February 2020 increased by almost 5.5%. The production in China grew by 3.1% in March and April. Also, the investment in the fixed assets has increased by 24.5% and the investment in the infrastructure has increased by 30.3%, which is even higher than the decline during the crises of 2008-2009.IMPACT ON IRON OREThe spread of coronavirus has impacted iron ore production and its pricing too. Though compared to 2019, there has been an increase of 0.5% in the pricing but it has faced a dip that no one has expected. The price in 2019 was USD 90.4/tons, and till March in 2020, it averages $83.5/tons. In terms of production, it is expected that iron ore may show a growth of 0.8% in 2020, as compared to 4.7% growth in 2019. The slow growth is due to government lockdowns around the global disruption in operations. The supply chain has also disrupted as many mines are forced to shut their operation in Canada, South Africa, Peru, and India. Till March 2020, the steel production in China is averaged 3.6% as compared to 7.7% in 2019. As China is also facing the logistic issue, which temporarily has increased China’s demand for seaborne iron ore post-April 2020.IMPACT ON COALCoal is another commodity or metal that has faced the impact of COVID-19 harshly. The demand for coal is facing slowdown from past one decade due to competition from cheap natural gas and other expanded renewable energy sources. As the world is moving away from fossil fuels, the coal industry is in desperate need to revive. Along with this, the pandemic has added a big reason to its downfall and has made the situation worse. Most of the companies in Pennsylvania, Illinois and Virginia have temporarily suspended their operations to control the spread of virus.By January, before the pandemic out broke in the U.S., the drop in coal production was forecasted to 14% in 2020. But as the coronavirus speeded in the country and the mild winter which requires less electricity at heat homes, the downfall is now expected to be more than 25% by the end of this year.In April 2020, the coal exports from Indonesia hit lowest level since June 2009 due to the spread of coronavirus crises. Exports from Indonesia averaged around 32 MT during April 2015-2019 which dropped to almost 18 MT in April 2020. On the other end, import of coal has also suffered in many countries.For instance,India’s coal import in March 2020 was at 15.74 million tons which were low by 27.5% as compared to import in March 2019. Though from April 2019 to March 2020, the total coal and coke imports stood at 242.97 MT (provisional), which is 3.24% higher than from April 2018 to March 2019, the major low will be reflected in the statistics of 2020 fiscal year. As per Vinaya Varma, managing director and chief executive of mjunction services, “The lockdown imposed across the countries due to novel coronavirus pandemic has had a cascading effect on this sector. There was a significant drop in India’s coal import volumes due to both demand and supply-side factors, i.e. offtake, consumption, logistics, and dispatches.” Moreover, as per the statement by Coal Minister Pralhad Joshi, to stop the substitutable import of coal in the next three to four years may further present a dip in the coal industry.IMPACT ON STEELThe steel industry has faced multiple hits this year due to reduced demand from its major consumers, automotive and construction, and infrastructure. Automotive accounts for around 15-20%. In the year 2020, steel production has declined gradually due to the outbreak of coronavirus. Steel industries in countries like India depend on China for various consumables include manganese, refractory products, and compounds, electrodes, and rolls for steel mills. Thus, any impact on the Chinese industry will have direct implications on all the countries that are dependent on China. Due to overdependence on imports, the price of raw materials shoots up by multiple folds and thus making the end product costlier. One of the biggest steelmaking companies, Tata Steel, has recently decided to reduce its dependence on China for the supply of steel making inputs. Along with Tata Steel, many other companies are trying to shift their supplies from China to other countries like Turkey and Brazil. This is one of the steps suggested by the government in discussion with the steel manufacturing companies to de-risk the supply chain.As the demand for steel has gone down tremendously, government of various countries has forced the manufacturers to cut the production to almost 50% of the capacity. Along with this, the lockdown and movement restrictions have also impacted the timely delivery and dispatches of the finished goods. In countries like India, where almost 80-85% of trucks are not moving worsens the situation. Thus, officials are requesting government to allow movement of trucks for the industry as they are the major part of any industry.As per the stats provided by Indian Steel Association (ISA), steel demand in India will face a contraction of 7.7% in 2020. ISA has estimated that in February 2020, the steel demand would grow by 5.1% and will reach 106.7 million tons. But after analyzing the impact and situation that is created due to COVID-19, the estimation has been revised to 93.7 million tons. The lockdown will impact the steel demand by nearly 13 million tons, as per Arnab Kumar Hazra, assistant secretary-general at the Indian Steel Association.IMPACT ON OTHER COMMODITIESCOPPER: Since the beginning of 2020, copper prices have dropped by almost 15% due to a downfall in demand from various end-use industries. However, with most manufacturers/smelters in china and as the country is slowly getting rid of the pandemic, copper demand and prices are expected to bounce back.ZINC: Through the prices zinc rose rapidly from 2015 to 2019 will almost an increase of 32%, now facing downfall of around 18% from 2019 to 2020.NICKEL: Despite of economic downturn, the performance of nickel was better than other commodities. The prices are also showing positive signs along with the supply. It is expected that by the end of 2020, there will be around 3% rise in the demand of nickel.POSSIBLE STEPS TO BRING METAL AND MINING INDUSTRY BACK ON TRACKTo manage this global crisis, mining and metal leaders are working mainly on three aspects: Respond, Recover and Thrive. Some of the important immediate steps that are advised to metal and mining leaders include:Maintain critical services by every possible way while keeping the safety of employees as the top most priority.Focus should be more on understanding the financial situation and accordingly release the cash maintain financial viability even through uncertainty.Rethink on strategies of work done, and improve the ability to collaborate by using automation and digitization.Also to lift up the metal and mining industry, the role played by procurement leaders is also vital. There are responsible to mitigate supply-chain risks, covering and protecting cash with enhancement in the overall productivity by making strategic choices. The Chief Procurement Officers (CPOs) should work closely with the operational team and market players so that a strategic move can be taken towards the spending as in what can be stopped, which can be stalled, what can be shrunk and what must be sustained. A control-tower methodology has been suggested to monitor and challenge all of the company’s spending.One of the major challenges that have appeared in front of almost every industry is over dependency on one or two suppliers. This is of utmost importance that manufacturers should mitigate their risk and lower their losses by increasing number of raw material suppliers so in case pandemic or crises, the operations will not get hit to this extent and situation can be controlled before it gets worsen.CONCLUSIONThe spread of COVID-19 pandemic around the globe has an immediate impact on the global economy and almost on all the industries including metal and mining. In the crises, some of the new players might get more affected than others because of the initial challenges that a business faces and then the challenges brought in by the pandemic. But, for a positive aspect, due to this pandemic, a real sense of togetherness has emerged among the players of the industry to stop the spread of this virus.The spread of coronavirus has taught many of the players in the market how to better manage their business and always be ready for such situations too. In the mining industry, the impact has varied from commodity to commodity.For instance,Where gold is experiencing high price along with thermal coal and uranium, iron ore is feeling pressure to sustain as it is more dependent as consumer demand.So, the steps to bring back the economy should be based on commodity rather than entire industry. Also the slowdown has resulted in some new opportunities and has opened doors for new ways of doing business. Since, the metal and mining are working on the same old patterns without much exploring in the ways of doing business. Now, the manufacturers and suppliers are exploring other methods such as atominization, digitization and remote controlled operations. Not only the manufacturers, but also the consumers are welcoming the online delivery of their products and have resulted in reducing human efforts.Slowly and gradually things are coming back on track. But within few years, by the mutual efforts of the government and manufacturers, the impact can be controlled to an extent. The goal for the players remains same which is to deliver the maximum customer productivity with minimum downtime and maintenance. The impact cannot be eradicated quickly, but will prepare people to say with it with no much impact on their lives.Browse Related Report :Global Metal Foam Market is Expected to grow at 4.3% in the Forecast Period of 2020 to 2027Global Metal Finishing Chemicals Market Rising at CAGR of 4.9% due to Surging Automotive IndustryPrecious Metal Plating Chemicals Market is Growing Due to Increasing Demand from Aerospace Sector

  • 22 days ago | Food & Beverage

    The novel coronavirus/COVID-19 pandemic has significantly impacted the whole food and beverages industry among which bakery industry is one of them. This pandemic has resulted into mass production shutdowns and supply chain disruptions which has also affected the economy as well.Due to lockdown, during the start of 2020, sales of non-edible products such as disinfectants, toilet paper, paper goods, and hand sanitizer were high in demand and the sales of edible products such as bakery, meat products, and many others were up to the mark as the supply of bakery was insufficient as many of the bakers have shut operations due to shortage of labors. Along with this, disruption in logistics facilities due to the lockdown has created more issues in the market as consumers were not getting products as per their requirement which ultimately affected the market. Another factor that has created an impact on the market is the lack of raw material availability due to which production of products was not proper. Due to these issues, smaller bakers in the unorganized segment are the worst affected, as stated by Mago, who is also a president of the All India Bread Manufacturers Association.But as the time passed, government started allowing reopening of the shops, the demand for the bakery products took hike especially bread and others as these are the essential products which are used in daily diet, majorly as breakfast and evening snacks. Therefore, the demand from house hold sector for bakery products has increased on the other hand the food services sector has faced decline in the market for bakery products that were considered to be one of the demanding products in food service sector.This coronavirus pandemic has increased the demand for bakery products in household sector as it has brought inner bakers in people. Due to this, bread and cookies demand is increasing.For instance,Sales in the bakery aisle sector increased by 62.3% over the week ending March 15, 2020 and it has also been found an increase of approximately 44.3% for combined cookies and crackers in food sector.Fig. 1: Sales Growth of Baked GoodsSource: America Bakers AssociationAs the Schools and offices are closed due to COVID, significant jumps in sales in the bakery aisle have been calculated due to high consumption of these bakery products more at-home in breakfast, coffee break and other occasions.For instance,Below table represents bakery product demand scenario within the March month of 2020.Increase in the bakery sales demand during COVID-19 (in month March 2020)Sales increase for the week ending 3/1/2020Sales increase for the week ending 3/8/2020Sales increase for the week ending 3/15/2020Bakery aisle-1.3%+3.0%+44.3%Fresh bread and rolls-0.4%+4.9%+58.6%Pastries and doughnuts-0.8%+0.9%+29.1%Bakery snacks-2.8%+2.2%+23.1%Pies and cakes-6.5%-5.1%+2.4%Source: America Bakers Association, Total US, MULO, week ending 3/15/2020, represents all UPC itemsIn bakery industry, where one sector i.e. food service is plummeting due to lockdown, another sector i.e. household sector is making an increase in sales of bakery products. The increase in the sales is possible due to the incredible efforts of the entire bakery supply chain.At present time, it is difficult to estimate for the bakery products sales of food service sector, but once the situation of COVID is under control, it will also regain its position as it was in previous years and market value of bakery products will increase in future. BAKERY PRODUCTS MANUFACTURERS: PERSPECTIVE & INITIATIVESThe outbreak of COVID-19 has brought world to a halt where each and every industry has got an impact of it. This crisis has brought to an unexpected situation through which everyone is going on. With such unscrupulous situation, everyone is trying to get over of it. In all, one of the industries is cocoa related product industry which has fallen badly due to covid-19 in the beginning of 2020. But rising support from several companies as well as governments are helping the industry to rebuild the position again in the market.Due to the long time lockdown companies have taken initiatives to open a webshop for the micro bakers and service providers to connect directly through the customers. The pandemic have initially slows down the artisan bakers sector but due to the regularities and initiatives taken by the manufacturers for home delivery service, development of bakery products and systems will fast-track the bakery sector soon.For instance,In 2020, PURATOS leader bakery product manufacturers have developed an optimized in-store management store in which bakerOnline allows the local bakeries to create a personalized webshop where consumers can easily order and can receive the bakery products at home.“COVID-19 has impacted the company’s operations, distribution and internal policies in its business units around the world, including the hardest-hit regions such as China, Italy and others.”Jorge Zárate, global vice president of operations at Mexico City-based Grupo Bimbo stated:“With cafes, restaurants, school and college canteens, supermarket in-store bakeries and a vast number of other foodservice outlets being closed to help stop the spread of the Covid-19 virus, it is inevitable major suppliers to this channel will be facing extremely difficult circumstances and will have some big decisions to make about future strategy.Andy Coyne, deputy editor, ARYZTA stated:“It’s important to invest upfront in a strong supply chain plan so bakers can try to prevent disruptions caused by seasonality, changing consumer preferences and global crises like the novel coronavirus pandemic. Bakers should consider if they have enough equipment and personnel to manage increased production and if products have enough shelf life to sustain the timeframe of production.”Dawn Foods’ Supply Chain team stated:“If bakeries want to scale up their artisan bread production with consistently high quality, they need to have one thing: a perfect process organization,”Richard Breeswine, President & CEO of - Koenig Bakery Systems USASource: Company Websites, Magazines, Nutrition Journals, PortalsCONCLUSIONCovid-19 pandemic has taken a toll on the global population and economy. A collaborative effort on governments, public health departments, and hospital fraternity to fight the coronavirus has led to economic slowdowns, global lockdowns, and extreme public safety measures. The public health measures include creating awareness about home quarantine measuring, maintaining food and healthcare supply, especially to the poor are being strictly followed by governments across the world. During this pandemic situation, public awareness about maintaining high immunity levels has become a serious concern. However, as a staple food in the majority of the countries, bread and bread products have faced a lower impact as compared to other bakery products such as cakes, pastries, and croissants. Household consumption of bread has increased during the lockdown period reducing the consumption of bread products in the foodservice outlets. With foodservice representing approximately 70% of the sales of bakery products, the market for frozen bakery products players has hindered as food consumption has changed from restaurants to home kitchens. However, retail players are has shown considerable growth due to the fresh bread segment. With changing conditions, leverages in the regulations of lockdown and reducing the effect of COVID-19 in the future, the market is estimated to grow at a higher pace.Browse Related PostRising Demand of Bakery Products and Shifting Preference Towards Multi-Grain Breads are Expected to Drive the Global Bakery Processing Equipment Market in the forecast period of 2019 -2026 Global Nutritional Analysis for Bakery Products Market is Expected to reach a Market value of USD 6.2 billion by 2027

  • 22 days ago | Healthcare

    The coronavirus (COVID-19) pandemic is having a dramatic impact on the in-vitro diagnostics (IVD) including technologies such as PCR, NGS, ELISA, clinical chemistry, rapid-tests, hematology, hemostasis, urinalysis, microbiology testing, and others. Currently, in-vitro diagnostic is the only diagnosis used by the healthcare professionals in order to detect the spread of corona virus across the globe. The virus has spread across all regions ranging from North America, Europe, Asia-Pacific, Middle East and Africa up to South America. The COVID- 19 has been declared as a pandemic by WHO due to its increased spread across the globe. After the declaration of the pandemic, various countries announced the complete lockdown such as the U.S., Germany, India and China among more in order to decrease its spread. The lockdown of countries aids in surging of use of diagnostic kits in order to screen patients suffering from coronavirus. According to the situation, the report of 4th June 2020 by WHO stated 6,416,828 cases of corona has been reported globally and 382,867 patients are dead due to the coronavirus.IMPACT ON DEMANDExponential rise in cases of corona virus across the globe is increasing the demand of in-vitro diagnostic kits. The factors responsible for the rise in demand of IVD includes increased market demand for PCR, NGS, serology-based rapid-test products, a supportive regulatory environment for product development and marketing along with sharp increase in target patient population. Due to these factors, various market players have been prompted to improve and strengthen their current production and distribution capabilities and to focus on upgradation and marketing of their product.A RT-PCR based assay is the common method used to diagnose patients with COVID-19. The pandemic has led to significant rise in demands for reagents used in RT-PCR in the recent months, leading to shortages in reagents required to perform the key steps in the testing process such as RNA extraction kits.Manufacturers of in-vitro diagnosis (IVD) have taken huge initiatives to increase patient access to diagnostic testing for coronavirus in hospitals, laboratories, and other test sites across globe to guide patient care and protect public health.The companies listed below developed IVDs that gained Emergency Use Authorization from the U.S. FDA:Molecular Diagnostic Tests for Detection of COVID-19Abbott : Abbott RealTime Sars-CoV-2 assay; ID NOW COVID-19; Alinity m SARS-CoV-2 assayaltona Diagnostics GmbH : RealStar SARS-CoV02 RT-PCR Kits U.S.Rhenonix : Rheonix COVID-19 MDx AssayF. Hoffmann-La Roche Ltd : Cobas SARS-CoV-2Shengxiang Biotechnology Co., Ltd. : Novel Coronavirus (2019-nCoV) Nucleic Acid Diagnostic Kit (PCR-Fluorescence Probing)ScienCell Research Laboratories, Inc. : ScienCell SARS-CoV-2 Coronavirus Real-time RT-PCR (RT-qPCR) Detection KitSEASUNBIOMATERIALS : U-TOP COVID-19 Detection Kit; AQ-TOP COVID-19 Rapid Detection KitSeegene Inc. : Allplex 2019-nCoV AssayApplied DNA Sciences : Linea COVID-19 Assay KitAtilaBiosystems : iAMP COVID-19 Detection KitBD : BioGX SARS-CoV-2 Reagents for BD MAX System; BD SARS-CoV-2 Reagents for BD MAX SystemPrimerdesign Ltd : COVID-19 genesig Real-Time PCR assayQIAGEN : QIAstat-Dx Respiratory SARS-CoV-2 PanelQuidel : Lyra SARS-CoV-2 Assay; Lyra Direct SARS-CoV-2 AssaySD Biosensor, INC. : STANDARD M nCoV Real-Time Detection KitSherlock BioSciences : Sherlock CRISPR SARS-Cov-2 KitSolGent Co., Ltd.. : DiaPlexQ Novel Coronavirus (2019-nCoV) Detection KitThermo Fisher Scientific Inc. : TaqPath COVID-19 Combo KitTrax Management Services Inc. : PhoenixDx 2019-CoVZymo Research : Quick SARS-CoV-2rRT-PCR KitBGI : Real-Time Fluorescent RT-PCR Kit for Detecting SARS-2019-nCoVBiocore company : BioCore 2019-nCoV Real Time PCR KitBioFire Defense : Bio Fire COVID-19 TestBioFire Diagnostics : BioFire Respiratory Panel 2.1 (RP2.1)bioMérieux SA : SARS-COV-2 R-GENEBio-Rad Laboratories Inc. : Bio-Rad SARS-CoV-2 ddPCR TestCepheid : Xpert Xpress Sars-CoV-2Co-Diagnostics, Inc : Logix Smart Coronavirus Disease 2019 (COVID-19) KitDiaCarta : QuantiVirus SARS-CoV-2 Test KitDiaSorin Molecular LLC : SimplexaCOVID-19 Direct KitSpectronRx : Hymon SARS-CoV-2 Test KitFast Track Diagnostics Luxembourg S.à r.l. : FTD SARS-CoV-2Fosun Pharma USA : Fosun COVID-19 RT-PCR Detection KitGeneMatrix, LLC : NeoPlex COVID-19 Detection KitGenMark Diagnostics, Inc. : ePlex SARS-CoV-2 TestGenoSensor Corporation : GS COVID-19 RT-PCR KITGnomegen LLC : Gnomegen COVID-19 RT-Digital PCR Detection Kit; Gnomegen COVID-19-RT-qPCR Detection KitHologic Inc. : Panther Fusion SARS-CoV-2 Test; Aptima SARS-CoV-2 assayInBios International, Inc. USA : Smart Detect SARS-CoV-2 rRT-PCR KitLABGENOMICS. : LabGun COVID-19 RT-PCR KitLuminex Corporation : NxTAG CoV Extended Panel Assay; ARIES SARS-CoV-2 AssayMaccura Biotechnology Co. : SARS-Cov-2 Fluorescent PCR KitMesa Biotech : Accula SARS-Cov-2 TestNeuMoDx Molecular : NeuMoDx SARS-CoV-2 AssayIDEXX Laboratories, Inc. : OPTI SARS-CoV-2 RT PCR TestOSANG Healthcare : GeneFinder COVID-19 Plus RealAmp KitPerkinElmer Inc. : Coronavirus Nucleic Acid Detection KitSerology Tests or Blood Based Test for Detection of COVID-19Abbott : SARS-CoV-2 IgG assayAutobio Diagnostics Co. : Anti-SARS-CoV-2 Rapid TestBio-Rad Laboratories, Inc. : Platelia SARS-CoV-2 Total Ab AssayCellex : qSARS-CoV-2 IgG/IgM Rapid TestChembio Diagnostic Systems, Inc. : DPP COVID-19 IgM/IgG SystemDiaSorin : LIAISON SARS-CoV-2 S1/S2 IgGEUROIMMUN US, Inc. : Anti-SARS-CoV-2 ELISA (IgG)Healgen Scientific, LLC : COVID-19 IgG/IgM Rapid Test Cassette (Whole Blood/Serum/Plasma)Ortho Clinical Diagnostics : VITROS Immunodiagnostic Products Anti-SARS-CoV-2 Total Reagent Pack; VITROS Immunodiagnostic Products Anti-SARS-CoV-2 IgG Reagent PackF. Hoffmann-La Roche Ltd : Elecsys Anti-SARS-CoV-2Siemens : ADVIA Centaur SARS-CoV-2 Total (COV2T); Atellica IM SARS-CoV-2 Total (COV2T)The EUL procedure was developed to accelerate the availability of the required IVDs in emergency situations in public health. It was aimed to aid interested procurement agencies and member states in the appropriateness of using a specific IVD, based on a limited set of data available on quality, safety and performance.The IVDs eligible to be submitted for EUL includes -Assays for the detection of SARS-CoV-2 nucleic acidRapid diagnostic tests for the detection of IgM/IgG to SARS-CoV-2For instance,In May 2020, Thermo Fisher Scientific Inc.’s Applied Biosystems TaqPath COVID-19 Combo Kit was initially granted EUA on March 13th and subsequently expanded on April 20th, is designed to deliver results of the test within four hours of a sample collection and processed by a CLIA high-complexity laboratory.In the first half of 2020 (H1), the U.S. is anticipated to account for the largest share of in-vitro diagnostics industry followed by Europe. This owes primarily to the ongoing marketing of innovative diagnostic products associated with ongoing advances in the field of gene & immunoassay based products, the latest discovery of genetic biomarkers and their clinical significance in immunoassay testing, favorable government policies and their emphasis on the development of new products, and the significant expansion of target population.Key manufacturers of IVD kits in the U.S. include Abbott, Thermo Fisher Scientific Inc. and F. Hoffmann-La Roche Ltd among others.IMPACT ON SUPPLYDue to the rising demand for in-vitro diagnostic (IVD) kits, it has been observed that falsified medical products are flourishing in the market. These fake testing kits render the life of a patient at stake. WHO has received several reports concerning falsified in-vitro diagnostics (IVDs) and laboratory reagents for SARS-CoV-2 detection. Further, the misuse, stockpiling, and price gouging leads to severe supply chain disruptions. This has increased the risk for healthcare facilities with limited access to IVD kits during the care of COVID-19 patients. China being the epicenter of the pandemic became the key spot to disrupt the supply of goods.STRATEGIC DECISIONS BY MANUFACTURERSWith the declining trend and inefficient management of the supply chain, the government and manufacturers are taking initiatives to effectively manage the supply of in-vitro diagnostic kits and make appropriate use of those products in healthcare settings. The capacity to expand reagent and IVD kit production are limited, resulting in unmet needs.Collaboration, agreements, strategic initiatives by market players in IVD diagnostic markets such as Abbott, Bio-Rad Laboratories, Inc., DiaCarta, QIAGEN among more will help them expand their product portfolio thereby leading to market expansion. This, in turn, will help increase demand for its product in the market thus increasing future sales.For instance,In May 2020, Thermo Fisher Scientific Inc. collaborated with WuXi Diagnostics and Mayo Clinic in order to develop a complete antibodies test for detection of corona virus thereby expanding its response for COVID-19.Initiative for Meeting Supply Gap by Abbott:In May 2020, Abbott has shipped nearly 2.5 million of their rapid ID NOW tests to all 50 states, including Washington DC, Puerto Rico and the Pacific Islands.It manufactures 50,000 tests per day and planning to further increase the manufacturing capacity of ID NOW to 2 million tests a month by June.CONCLUSIONIt has been observed through the vast spread and rising trends of coronavirus cases each passing day that the novel coronavirus or COVID-19 is expected to leave a significant impact on every aspect of life or market. The risk pose by the infectious disease is not restricted to health but the dwindling economy also. The healthcare domain is under huge pressure to deal with the unimaginably big situation of COVID-19. Moreover, the surge in patients with this infectious disease anticipates in driving the demand for in-vitro diagnostics (IVD) in the market.The market of in-vitro diagnostic has experienced growth owing to increased demand for nucleic acid amplification tests per day along with the reagents used to perform these tests. The advancement in technology, favorable support provided by the government, and ease in regulations are also aiding in its growth across the globe. The strategic initiatives are taken by the key market players such as Thermo Fischer Scientific Inc., and others to develop novel COVID testing kits to expand their market is fueling the market growth. Hence, it can be concluded that the in-vitro diagnostics (IVD) market is expected to show healthy growth and substantial future demand for the rapid diagnostic testing kits due to the ever-increasing number of patients suffering from coronavirus.

  • 22 days ago | Healthcare

    The COVID-19 pandemic has made an unprecedented effect on daily lives as well as the global economy. The impact on the healthcare sector has been seismic too and a significant burden is created on already strained healthcare systems across the world. As the overworked healthcare providers are grappling with constant rise in number of cases, patients are looking towards digital technologies for aid.COVID-19 outbreak has also made healthcare professionals to look for alternative methods to traditional systems and processes. This is leading an expedited adoption of mHealth across the industry both from providers and consumers.During the pandemic, several healthcare systems have bifurcated healthcare requirements into essential and non-essential based on urgency and overall requirement for care. As the non-essential requirements are given less priority during the pandemic, patients are resorting to mHealth solutions. This is augmenting the adoption of mHealth apps across a variety of therapeutic areas.As the pandemic subsides, the healthcare industry is expected to witness drastic structural and procedural changes as a large number of people become sceptic of visiting closed spaces with high risks of infection. Hence, it can be concluded that the COVID-19 outbreak is expected to play a significant role in the digital transformation of healthcare industry.The availability of healthcare apps is growing which are commonly referred to as mHealth (mobile health) apps. These apps are easy to download on smartphones, can be linked with wearable technology and assist the users in disease prevention and overall health management. The COVID-19 outbreak has increased the reliability of patients on mHealth apps in order to take an active and informed role in their own healthcare.The easy availability of smart phones and the need for alternative ways to take care of health presents a notable opportunity for mHealth apps providers to expand features and usage. Companies are focusing towards connectivity improvements and interoperability of mHealth apps in terms of data storage and data transfer to healthcare providers. This level of data collection is also useful for tracking overall population health. Before the availability of this kind of data, health authorities were dependent on tedious population studies that had several limitations. MHealth has the capability to provide real time population health information through mass data collection. As a result, healthcare authorities across the world are taking initiatives for MHealth. The below chart shows the percentage of countries taking mHealth initiatives across various WHO regions:COUNTRIES UNDERTAKING MHEALTH INITIATIVES ACROSS WHO REGIONSSource: World Health Organization (WHO)The COVID-19 pandemic has highlighted the value of digital approaches more than ever before that are designed to help health professionals and the public to maintain communication about a disease and stay updated with fresh information that will enable better strategic planning.The below table shows different uses of mHealth devices and apps by healthcare providers:APPLICATIONS OF MHEALTH BY HEALTHCARE PROVIDERSInformation ManagementMaking and Distributing NotesAudio RecordingTaking photographsData & Media OrganizationE-booksCloud ServicesTime ManagementAppointment SchedulingMeeting SchedulingCall SchedulingHealth RecordsEMR and EHR AccessAccessing Images and ScansElectronic PrescribingCoding and BillingCommunicationsVoice CallingVideo CallingTextsE-mailMultimedia MessagingReference and Information GatheringTextbooks, Journals and LiteratureDrug Reference GuidesMedical NewsClinical Decision MakingDiagnosis AidsClinical Decision Support SystemsMedical ExamsTreatment GuidelinesPatient MonitoringPatient HealthPatient LocationClinical Data CollectionMonitor Bodily FunctionsMedical Education and TrainingAssessment TestsEducation ContinuationCase StudiesE-LearningSource: National Center for Biotechnology InformationThe market is flooded with mHealth apps and consumers have a lot to choose from. However, there is significant variation in their capabilities. Till now, the functionalities of these apps are narrow primarily due to mild demand and are restricted to providing information only. As the demand and the number of apps are increasing in the market, multi-functionality is becoming common. In order to enhance, consumers experience in managing their health, multi-functionalities for online appointment scheduling, medication reminders, online consultation and sending diagnostic test results to healthcare providers for analysis, review and action. These apps are superior in assisting consumers in managing and monitoring their health as compared to the information and education apps.Currently, there are no authorities to check on the efficacy and accuracy of these apps leading to difficulties for healthcare providers to access the validity of data received through these apps. The problem is worsened with the mushrooming of mHealth apps leading to consumers self-determining the best app for their use by trying an overwhelming number of options without consent or consulting from health professionals. However, privately funded third party organizations are putting efforts to establish rating and evaluation systems that will indicate the appropriateness of these apps. Few of these organizations are Happtique, HealthTap, PatientView, Wellocracy and AppScript. These ratings are primarily based on user ratings, clinical ratings, and proprietary scoring methods. As a result, few products have low functionality scores but high rating due to scoring factors such as high clinical or patient ratings.As the position of mHealth apps become more important in the aftermath of the COVID-19 pandemic, national health authorities are expected to launch rating and licensing platforms for higher efficiency and reduce crowding in the market.For instance,The United Kingdom National Health Service (NHS) has expanded their publicly funded prescribing platform to include clinically safe consumer apps.The sudden outbreak of COVID-19 has highlighted the importance of population health monitoring systems and burden on healthcare systems. mHealth has the potential to meet these requirements. Few areas in current healthcare landscape where mHealth can be useful are listed below:Reducing physical contact: Medical distancing has played an important role in reducing the infection rate of the novel virus. Key healthcare authorities such as the World Health Organization (WHO) and the Centers for Disease Control and Prevention (CDC) have advocated for minimal physical contact between the healthcare providers and patients. Since providers work near infected patients, they might likely contact the virus or act as a carrier which can be further spread to a healthy patient. With the help of mHealth apps, patients can share required data with physicians without actually visiting the healthcare providers. This will not only help in reducing COVID-19 infection but several other types of infections that a patient might contact in a healthcare establishment.mHealth services are playing an important role in reducing healthcare-specific COVID-19 transmission. Due to sudden burden on healthcare facilities, treatments are given priorities on the basis of urgency. Moreover, patient not infected with COVID-19 virus do not want to visit these facilities. In this case, to treat mHealth is proving to be of immense use in several therapeutic areas including cardiology, dermatology, diabetic care and others by enabling high-quality remote care and reducing contact.Population Health Management: The uncontrollable surge of COVID-19 infections has highlighted the need of crowdsourced health monitoring by tracking the infected. Existing surveillance systems have drawbacks associated with flexibility and amount of reliable information. mHealth offers the ability to collect real time information from a significant share of the population making the information more reliable and easy to use as compared to existing systems. mHealth can also be used by healthcare agencies to track the hotspots and carriers by analyzing travel routes which in turn provides information regarding the probability of catching an infection. Hence, health agencies can better manage health population by crowdsourcing disease monitoring using mHealth.Health Information Exchange Improvement: The lack of appropriate health information exchanges has shown that interoperability of patient data is very important. The importance of other data types apart from core patient data including an individual’s offline and online activity has helped immensely in tracking of the spread of COVID-19 pandemic. In the aftermath of the virus, HIEs are expected to become open and un-localized. The infection has showed that in similar times, there is a crucial need for information to stop the spread of infection and save lives. The need for easy, seamless communications in healthcare is also important.Health Gadgets: The COVID-19 infection increased the wellbeing awareness and anxiety across the world. It has instilled a sense of fear of infection that has led to increased adoption of smartphone applications and wearables. mHealth apps and complementary wearables play a crucial role in gaining information and getting a sense of protected. They provide accurate feedback on bodily functions including blood pressure and body temperature which helps in tracking health.Several companies are using mHealth technology to track, test, and treat COVID-19.For instance,Google and Apple have announced that the companies are planning to launch APIs to provide interoperability between iOS and Android products. The companies are also aiming at enabling deeper data integration with the mHealth apps for public health initiatives of the government. To achieve the same, they are developing Bluetooth-based contact training features.Walgreens announced expansion of its telehealth program including COVID-19 risk assessment. The platform meets the demands for social distancing and includes a website and mobile health application powered by Microsoft Healthcare Bot on Microsoft Azure. The platform helps patients to connect with nurses and doctors as per requirement.SCP Health and SOC Telemed declared their partnership to provide scalable emergency service and hospital medicine through telemedicine that will enhance the critical capability of healthcare facilities.Jefferson Health system and LifeLink have announced partnership to launch Jefferson’s chatbot across LifeLink’s 14 Philadelphia locations. The AI-based chabot will aid users in pre-screening of coronavirus outbreak and the right approach of their treatment in case they are infected with the virus.CONCLUSIONThe post-COVID-19 healthcare is expected to see transformation of processes with high inclusion of mHealth.For instance,Primary care and management of several non-communicable diseases are expected to be shifted to digital mode. Several countries including England, have begun to embrace telehealth for delivery of primary care and are undertaking a digital first approach for overall healthcare provision.The sudden outbreak did not leave much scope for prompt action on impact. However, the post-COVID-19 world will witness increased adoption of mHealth as the new normal. Applications of emerging technologies such as 5G, AI, IoT, and others will be expanded. National governing bodies will emerge to manage mHealth approaches. Focus on precision health will also increase in both personalized and predictive health. The utilization of digital technology will increase for empowering patients to self-manage themselves, especially in case of non-communicable diseases.Browse Market Research StudyGlobal eHealth Market is Estimated to Reach Value of USD 310.09 billion by 2027Telehealth Market is Driven by Developments in Telecommunication Structure

  • 18 days ago | Healthcare

    VENTILATOR AND ITS IMPORTANCE IN COVID-19 PANDEMICThe people whose lungs are severely compromised due to infection and are suffering from respiratory problems require respiratory support and this is aided by medical equipment known as a ventilator. The ventilator uses positive pressure to supply oxygen to the lungs through inner pathways and to completely monitor the patients' breathing cycle. The humidifier is used in the ventilator to add moisture and heat to the oxygen to match the temperature of the patient's body. The lungs of patients requiring mechanical ventilation due to COVID-19 are so inflamed that the oxygen can not reach the alveoli when the patient breathes, and the mechanical ventilator acts to force the oxygen flow to these small air passages under pressure.There are two types of medical ventilation: Invasive mechanical ventilation, andNon-invasive ventilation.Invasive mechanical ventilation uses an endotracheal tube that is inserted into the trachea for the flow of oxygen to the patient's lungs, while non-invasive ventilation does not use an internal tube. Non-invasive ventilation devices, such as continuous positive airway pressure (CPAP) devices and oxygen hoods, are also used in the management of less severe COVID-19 patients to avoid the need for mechanical ventilators that are invasive.PRICE IMPACTCOVID-19 has largely forced several countries to impose different types of lockups on their citizens, although conditions vary from country to country. India and China are among the few countries that eliminated several potential committees that affected several markets and their economies.As Asian healthcare industries rely on China for medical devices and cuts, there is a significant impact on costs because medical devices are not properly available.In addition, a large number of medical devices are being produced at different locations and there is a decrease in the supply of medical equipment due to restrictions on movement from one location to another. Hence, costs have increased with different medical devices.IMPACT ON DEMAND ON MECHANICAL VENTILATORSThe coronavirus attacks people’s lungs, affecting their ability to breathe. Ventilators, which deliver air to the lungs through a tube placed in the windpipe, are a crucial tool to keep these patients alive.IMPACT OF COVID 19Source: WorldometerAs the numbers of cases are rising day by day, there is an urgent demand of these ventilators to prevent the number of death.The U.S., India and other countries are facing a critical shortage of life saving machines. According to a report, there is a need of 880,000 more ventilators to deal with the coronavirus outbreak. In the U.K., it was estimated that there were 5,000 adult ventilators and 900 children ventilators, and there was a need of atleast 30,000 more ventilators. In India, there are presently 40,000 ventilators and in the worst case scenario it needs around 40, 00,000 ventilators.There is no way to plug this gap soon as there is a shortage of these ventilators due to the ban on aviation all over the world. The ventilator manufacturers had to import a lot of parts to make a ventilator which is becoming difficult in the challenging times. The governments of different countries are encouraging the local manufactures to fulfill the incredible demand but these manufacturers are far from reaching the goal.IMPACT ON SUPPLY CHAINA large number of challenges are being faced by various companies due to the coming of the novel coronavirus, one such issue is the uncertainty surrounding the impact of COVID-19 on medical device industry supply chains.The supply bottlenecks due to ban on the movement from one place to another is creating quite a negative impact on the Mechanical Ventilators Market. Moreover, due to lockdown there is also a shortage of laborers which makes the production of ventilators also a challenge.Also, there is an acute shortage of the raw materials that are a prerequisite for setting up the mechanical ventilators due to which the prices have gone up twice or thrice of the original amount which again makes it very challenging to procure ventilators.Much effort is urgently needed to reduce and minimize the gap between the requirement and the supply of ventilators. There are currently very few companies worldwide which have expertise in the production of ventilators. These companies' suppliers need support for maximizing the supply of the necessary raw materials to produce the equipment. In addition, efforts should be made to encourage the development of cost-effective ventilators in addition to more new industries.STRATEGIC DECISIONS FOR MANUFACTURERSAs the dependency on China for the medical device is recognized as a threat to the national security, the central government of India has taken measures for in-house production of these materials.To cope with current situation, the local manufacturers of ventilators are producing ventilators for very low costs. For instance, Dynamatic Technologies is making a USD 33 ventilator that does not need electricity to function, while AgVa is aiming to make 10,000 ventilators by mid-May, priced under USD 2,000. Also, AgVa is collaborating with automaker Maruti Suzuki and state-run Bharat Electronics to make parts required to set up ventilators.While in Germany, where about 25,000 ventilators are now available nationwide, the government ordered 10,000 from a domestic manufacturer, Dräger, to be made over the next year.On 22 March, the FDA gave car manufacturers Ford, General Motors and Tesla the go-ahead to make the devices to alleviate the shortage after relaxing regulation.Fitbit has launched a low cost emergency ventilator in the trying times of Covid 19. Fitbit Flow is a compact machine and is made from laser cut aluminum. It doesn’t require skilled professional and can be operated by volunteers which is very helpful in this strenuous time.ROLE OF VENTILATORS AND CHALLENGESS. No.Ventilators in Covid-19 pandemicRole of Ventilators and Challenges1Ventilator and its importance in COVID-19 pandemicVentilators are life saving machines required for severely ill COVID-19 patients • Two types of ventilation may be used in these patients: a) Invasive and b) Non-invasive ventilation • Invasive ventilation is superior2Challenge of shortage and the cost of ventilators• There is an acute shortage of ventilators for COVID-19 patients • Their high cost and availability is a challenge3Effects of shortages of ventilators• Severely sick people are getting affected from getting the optimal treatment • Innovative means of manufacturing and optimising their use is being tried out4Solutions for overcoming the shortage of Ventilators:• Several engineering companies are being roped in to manufacture the ventilators • Medical specialists trying to optimise the use of ventilators • Alternative methods of ventilation like an Ambu Bag are being used in innovative ways5Role of 3-D Printer technology in ventilator production• The use of 3D printing in manufacturing the parts of ventilator quickly and cheaply seem promisingSource: PubMedCONCLUSIONTherefore, it can be concluded that the mechanical ventilators market are positively avoiding this epidemic. It is believed that the spread of the corona virus will continue to increase and accelerate and so will the demand of these life saving machines.

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