Jan 22, 2021
COVID-19 Impact on Cardiology Disease in Healthcare Industry
- Dec 15, 2020
COVID-19 Impact on Cardiology Disease in Healthcare Industry
A recently recognized coronavirus SARS-CoV-2 has caused an overall pandemic of respiratory ailment called COVID-19. The virus first appeared in Wuhan, a city of China in December 2019. The patients suffering from COVID-19 are treated very carefully with all the precautions because this disease spreads fast through physical contact. For COVID-19, no vaccine has been discovered yet; precautions include regular hand-wash and maintaining social distance. There are theoretical risks that a viral infection can cause the rupture of atherosclerotic plaques (fatty deposits) in the coronary arteries leading to acute coronary syndrome based on the inflammatory effects of the virus (heart attack). It is possible for someone to catch the infection. People with underlying heart problems, however, may be more likely than others to display signs of the infection or to have a more serious infection.
IMPACT ON PRICE
Due to COVID-19, the market is disturbed to a very big level. But as the patients who are already suffering from heart diseases and lung diseases are more prone to COVID-19, so overcoming these situations, the older patients are treated very seriously. So the demand is increasing day-by-day for different cardiac drugs that is increasing the competition in the manufacturers to produce more and good quality of cardiac drugs so that they can meet the expectation of doctors and patients. The latest data have shown that the price has decreased related to the data available before COVID-19 due to a rise in demand for cardiology devices and cardiology drugs. Significant quantities of drugs and devices are produced by large manufacturing firms but with a top notch consistency.
Therefore, the growing demand and sale of the drugs and devices, the competition between the manufacturers of ventilators is increasing which results in decreasing the overall cost of cardiology drugs and devices.
IMPACT ON DEMAND
After the pandemic, the country's economic growth has been slowing day-by-day. And because of the non-accessibility of human labor, the manufacturing market for different products is closing down. Yet, in this pandemic, the market for cardiology drugs is still growing. For instance,
- The demand for cardiac drugs in the month of July registered the strongest growth of around 16% in terms of value.
The shifting choice of drugs by individuals has also had an effect on the Indian pharmaceutical industry, according to a research study with companies with stronger drug brands dealing with respiratory, cardiac and anti-diabetic therapies (in chronic care) reporting growth higher than the industry average. In June, segments in acute therapies such as anti-infective, gynaec/vitamins, pain and gastro where drug demand has often remained higher than others, decreased year-on-year, clearly showing the shift in drug usage, especially during the time of lockdown. The rivalry between various manufacturers to produce the largest number of cardiology devices and cardiology drugs is growing day-by-day as it is in the demand.
IMPACT ON SUPPLY
Due to pertinacious COVID-19 lockdown, sanctions have been imposed by governments of various countries. These restrictions and barriers across countries borders led to a decrease in supply of APIs needed for drug manufacturing and raw materials required for manufacturing of devices including insulin pumps.
In the past, disturbances to these supply chain networks have occurred but they have been single deletions such as the failure of a raw material source, the closure of an isolated plant or instability in a single region. Raw material shortages are universal, resulting in drastic rise in costs for both cardiology medications and cardiology products. But as the demand for new medicines and devices from cardiologists is growing day-by-day, the supply chain is working very hard to solve the current situation. The convergence of instability of the supply chain with exploding demand pressurises healthcare organisations to control supplies of healthcare to optimise benefits for patients and healthcare employees while simultaneously ensuring that these services are sustainable.
The pandemic has shown that cardiology drugs of very high and good quality can also be developed by Indian companies. Therefore, while Dr. Reddy's Laboratories and Alkem had higher drug concentration in the group of acute exposure while Sun Pharma, Torrent Pharma, Lupin and the Indian Pharmaceutical Industry (IPM) outperformed the market due to their high chronic portfolio.
STRATEGIC DECISIONS OF GOVERNMENT AND MANUFACTURERS
Since the outbreak of COVID-19 is becoming uncontrollable, the government and manufacturers are taking major steps for the production of more and more cardiology drugs and cardiology devices.
- The government has said that the local manufacturers have played a very vital role in production of cardiology drugs and devices.
If the demand for cardiology devices and cardiology drugs will increase in the near future, the growth of domestic manufacturers will be seen. And it is highly expected that the manufacturers will always show good strategic decision and will help to provide good quality of cardiology drugs and cardiology devices for future.
The available facts and figures show that after COVID-19, the market for cardiology devices and cardiology drugs is rising and will certainly increase over the next period in order to meet the demand of private and public hospitals. The main problem, however would be the quality of the commodity, as demand is growing day-by-day and the manpower and raw materials are somehow decreasing, so that these two factors have to be weighed in order to satisfy the demand. Local manufacturers are now adapting new and better qualities to produce large amount of ventilators so as to meet the need in coming futures. Even government is helping the manufacturers a lot to overcome all the challenges that are being faced in the production of cardiology drugs and cardiology devices for heart patients. Even the local manufacturers are focused on producing less costly minimal invasive ventilators to fulfill the growing demand.
Even big manufacturing companies are taking crucial steps to analyze the situation and work accordingly to bring the best in the pandemic situations. However, as the situation eases, the profits will bounce back. Taking strategic measures can enable businesses to demonstrate readiness and demonstrate end-user stability.
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