The impact of COVID-19 on the medical industry was huge and it has disrupted the healthcare industry’s entire chain, from raw materials to manufacturing and delivery. At the beginning of the pandemic, demand for protective gear was huge. Manufacturers were few and they faced the problem of obtaining certified raw materials and human resources due to a complete lockdown.
COVID-19 has put the medical device industry to the forefront, with unparalleled demand for some products like ventilators, oxygen concentrators, diagnostic kits, and PPE. However, not all medical devices are essential in the management of patients during the pandemic. Because of the dramatic drop in elective medical procedures, so that hospitals can focus on COVID-19 patients, this has resulted in the use of other products.
The severe acute respiratory syndrome of COVID-19 was reducing the oxygen saturation by affecting the lung tissue of the patients, requiring oxygen support in different concentrations. As the number of patients requiring oxygen was increasing, there was a shortfall of liquid oxygen, which pushed its manufacturing. Industrial oxygen was also used to overcome the shortfall of oxygen which affected production of other industries.
Another area where COVID-19 impacted the industry the most was clinical trials. Access to both clinicians and patients has essentially stopped, and most trials have been paused or canceled. Clinical trials may require significantly different approaches in the industry. Companies and clinicians need to expand the potential for real world evidence in their integrated evidence- generated plans.
The need for the vaccine pushed pharmacological and biotechnology companies to develop vaccines using different technical approaches. This is the first time that a vaccine has been developed within a short period of 11 months. The government was also compelled to invest heavily in developing clinical trials and speeding up production processes due to the urgent need for a vaccine.
Medical 4.0 is emerging as the fourth medical revolution. It represents the applications of electronically supported information technology, high levels of automation, personalized therapy, and artificial intelligence enabled through intelligent devices.
As more trials take place and new emerging therapies are publicized, drug companies will now be under pressure to show compassion regarding drug development royalties. Moreover, in a time of economic regression and global health fears due to COVID-19, the regulations of pharmaceuticals are on the line and their impact on the fight against the virus will not be easily forgotten. The concept of large profits coming from newly developed drugs will face increased scrutiny in the event of a global pandemic as a result of public and competitive pressures.
However, every crisis provides a great chance to transform themselves and reformulate the current state. Despite all the negative consequences of COVID-19, this situation can be taken as a starting point to generate new opportunities.
The pandemic has brought about a revolutionary change in the healthcare industry. Right from the population freaking out about the health and wellness related understanding, life science organizations involving end-consumers in the trials and drug designs, companies inevitably on the latest innovations in pharmaceuticals to create new digitally-driven medical solutions, and the world’s building rehabilitation centers and yoga as a matter of fact. The new developments are embracing a personalized focus in healthcare while reforming and re-shaping the industry for a new beginning altogether.