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Impact of COVID-19 on the Healthcare Industry

The U.S. healthcare industry is undergoing a radical transformation with the Affordable Care Act. Evolving thought and business models have little semblance to present mechanisms.
Shiv Nadar, Founder and Chairman od HCL.

The world has seen 788K deaths worldwide and 14.3 recovered worldwide in just five months. The world is caught under a name of global pandemic, a virus that is not being cured in an exact manner.

To fight against this chronic disease we all had to stand at a distance but united. Healthcare industry and its caretakers like doctors and nurses have proven this fact. We should really thank them and appreciate their effort.

Apart from following the nations need the healthcare industry has also been affected by this pandemic. Short term and long term effects in different countries and industry is the news for five months. Healthcare industry has been a pillar at the adverse condition. From advancing the technology to availing the necessary material at low cost and at every corner has been the motto. With this change, the effect on this industry has been a boom or bloom needs to be discussed.

Health care industry is overwhelmed with large numbers of patients.

Being the worst affected industry. Healthcare professionals in every country are suffering at large numbers. Healthcare industry fear that in developed or developing countries that have no proper health care infrastructure might worsen the condition. Patients who have critical health conditions prior to the COVID are suffering because of the delay in surgery and non-stop engagement of doctors and nurses with corona patients.

This is an effect on patients by the healthcare professionals that is because of the lack of liquidity and overload of administration on several platforms. It has caused a delay in reimbursement and surgery or even the basic treatment.

Pharmaceutical company benefiting from the Pandemic

The rapid and drastic change that the global pandemic has forced all of us to go through is not a hidden news. Most of the companies have adopted new business strategies and models to serve better in this severe outbreak. Pharmaceutical companies are moving towards producing diagnostic tests kits and therapeutics at a larger scale to reach patients who are suffering with communicable diseases.

Transmitting disease is a threat today. Though we all have our hope for the manufacturing of vaccines to cure coronavirus. Russia though confirmed the success of a vaccine but other health organizations have not approved of it.

Research institutes have benefited by manufacturing ventilators, hospital beds, 3 ply face masks, safety gears, and other equipment required for PPE kit and for the treatment of other diseases.

Many countries have banned the export of any material and this has given rise to the local factories and big national industries to bloom and help the economy build strong along with helping the healthcare industry.

The face mask manufacturers have also seen the bloom in their sale by <a href="https://dioshealthbot.com/"3 ply face mask online or offline with the designed cloth face mask.


Indian healthcare industry vis-a-vis the global healthcare industry- a comparison

The lockdown surely was not affordable to anyone from any class or creed. As the IMF reports India will be the fastest-growing economy in 2020. The reason is India is the 3rd largest producer of pharmaceuticals and other medical equipment in the world. This is a great support system.
India has exported drugs to America and other countries in this pandemic and served as a moral support and also benefitted in strengthening the nation’s economy.


Shift in perception towards the healthcare industry

The only thing constant is Change. Many healthcare sectors have seen a change in people perception towards it. They have served as a warrior in this war against an unseen virus. The healthcare sector which was not given much importance or criticized for its infrastructure ill structure and doctors thought to be incapable are looked up today.

Apart from re-establishing and being appreciated the healthcare industry has for the first time seen the diagnostic industry come in the spotlight. The world today has started to take even small symptoms seriously and cooperate with doctors in order to get well by completing the course with all the precautions.

All this is giving bloom not only to the government but private sectors also. People are appreciating and recognizing the effort of the healthcare industry as a service.


Closure

Change is what the global pandemic has served us with. We all have cooperated and understood the importance of each and every moment. Health is the real wealth that has been taught in the strictest manner possible.

Healthcare industry fast manufacturing and serving in the right moment of need has surely saved the human race from the worst that could happen. India if wants to succeed and impact the industry with profit and serving right it might have to grab the market with quality products and at affordable prices.

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