COVID-19 Impact on Diabetes Treatment Market in Pharmaceutical Industry
OVERVIEW
The COVID-19 has posed a complex challenge in front of different healthcare market players, which has badly impacted the worldwide market. The COVID-19 disease caused by the SARS-CoV-2 virus is a newly discovered infectious disease, and it has been reported that along with respiratory organs it also affects the other organs such as kidney, heart, digestive tract, blood and nervous system.
This has been reported that the older people and people having pre-existing medical conditions such as diabetes, asthma among others are more vulnerable to prevailing COVID-19. If people having diabetes develop COVID-19 infection, it becomes harder to treat the fluctuating blood glucose levels and hence it becomes difficult to treat the diabetes complications. As the diabetic patients have weak immune system, those people are generally took longer recovery period. Moreover, the environment of elevated blood glucose levels provides and ambient condition for the survival of coronavirus for a longer period of time.
The prevailing COVID-19 has resulted in lockdown in order to prevent the uninfected people from those of infected one; this lockdown has created a stressful mind among the people having chronic disease such as diabetes related to medicines and diagnostic tools. The COVID-19 is likely to infect people having diabetes with 50% higher risk as compared to those who do not having diabetes. Thus, it is very much important for diabetic patients to maintain accurate blood glucose level and also to strengthen the immune system to stay protected from getting infected from the virus.
PRICE IMPACT:
As no such treatment has been discovered yet for coronavirus, the fear of getting infection led the people to remain safe at their home, as a result of which various businesses around the world is suffering a lot involving pharmaceutical companies among others.
As India relies on China for 70% of drug intermediates and bulk drugs, COVID-19 is expected to hike the price of the medicines used for diabetes treatment.
For instance,
• India relies on China for Metformin Hydrochloride which is used to control the high blood sugar level in patients having type II-diabetes. According to a report it has been suggested that the stock of Metformin Hydrochloride lasted for March 2020, and now India is facing scarce of this ingredient, this is likely to hike the price of diabetes treatment medicines.
• As per the new report published by CBS news stated that Medtronic, headquarter in Dublin, Ireland is a medical technology company, the company depends on import of some raw materials from others regions of world for manufacturing of insulin pumps and others products, but as a result of lockdown and ban across the borders, the company is likely to suffer from shortage of raw material that will pose a direct impact on manufacturing and hence led to price increase of insulin pumps.
• This has been reported that makers of electronic drug delivery systems in India rely on China for several electronic components. Almost all electronic makers are increasing prices by 3-5% due to shortage of imports and export activities which ultimately led to shortage of parts. As electronic components are used for the manufacturing of insulin pumps the increasing prices of electronic component led to hike in price of insulin pumps.
This thus signifies that due to COVID-19 pandemic the price of insulin pumps and the medicines used for diabetes treatment will increase across the globe.
IMPACT OF COVID-19 ON DEMAND
The coronavirus has affected the various regions of the world and caused widespread closure of market players and local manufacturing plants. This lockdown and isolation has adversely impacted the global economic activity.
COVID-19 is expected to be an opportunity for diabetes treatment market, as the patients having diabetes are at the higher risk of getting COVID-19 infection.
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