COVID-19 spread cursorily across the various countries of the globe, with high number of cases reported worldwide. We can see the impact of COVID-19 on global economy. The COVID-19 has given rise to many complex challenges in the front of different health care companies which has badly influenced the global economy. The first case of COVID-19 was reported in the city of Wuhan, China from where it has speeded every region of the world and become pandemic for world. This pandemic situation has badly affected healthcare companies and pharmaceutical sector.
COVID-19 also affected the market by influencing price of warts treatment, demand and supply of warts treatment products and various strategic decisions taken by manufacturers of warts treatment products.
Warts are common skin growths caused by a virus human papillomavirus (HPV). They are not cancer and don’t turn into cancer. Warts can spread to other people and other part of body by come in contact.
During COVID-19, the need for successful treatment of different types of skin disorders such as warts is rising due to people's fear of COVID-19 infection.
The price of drugs used in treatment of warts increased during the COVID-19. Price of drug Leflunomide increased during pandemic because this drug is used for both COVID-19 infection and for warts treatment due to its immunosuppressive and antiviral activity. Leflunomide is a potential option for post transplantation patients with skin warts and small-scale medication of Leflunomide is also used in treatment of COVID-19.
COVID-19 has led to the closure of many manufacturing plants and companies of various region of world. Due to closure of manufacturing plants in various regions the global economy has very badly affected.
COVID 19 is expected to be opportunity for the markets. Because many immunosuppressive drugs such as Leflunomide are used for treatment of both post transplantation patients with skin warts and Coronavirus due to its immunosuppressive and antiviral activity. Due to this the demand of warts treatment is increased.
FIGURE 1. PREVALENCE OF WARTS TREATMENT
This chart shows that there is increase in prevalence of wart in year 2020 as compare to number of prevalence in last year 2019. This increase in prevalence shows that there is increase in demand of wart treatment product as compared to last year.
As COVID-19 spreading began in China and China is world supplier of raw material for the production of various pharmaceutical products. Due to spread of COVID-19 lockdown have imposed by government of various countries. There are restrictions on cross country transportation such as air freights ban across the globe. The transportation restrictions have direct impact on supply chain. This led to a decrease in supply of APIs needed for drug manufacturing. This shortage of API also led to increase in price and demand raw material.
These shortages also act as great opportunity for many domestic companies for increasing the sale of their products and become leader of respective market.
Collaboration, agreements, strategic initiatives by market players such as Cutanea Life Sciences, Inc, Verrica, Merck & Co., Inc, Cassiopea, Bausch Health Companies Inc among others in the market will help them to expand their product portfolio. This in turn will lead to increasing product sales and hence will enhance the overall company’s revenue.
Major players of the market companies are taking many decisions in order to cope up with the current scenario of COVID-19 pandemic. The companies engaged in manufacturing of wart treatment products are collaborating so as to accelerate the market growth.
Companies have already taken several kinds of strategic initiatives in order to cope up with the Coronavirus situation.
The pandemic of COVID-19 has resulted in several restrictions throughout the borders. There is great economical unbalance throughout the world. Many segments have to face economic crises, but still manufacturers of warts treatment products are able to manage their stocks.
Various manufacturers are continuously engage in conducting clinical trials for demonstrating the safety and efficacy of warts treatment along with this they are constantly monitoring the supply chain so as to attain a lucrative growth. Rise in price is also beneficial for companies. They are gaining extra profit which is helping them to combat the negative effect on overall revenue.