Impact of COVID-19 on Medical Devices

Impact of COVID-19 on medical devices growth, has been expontential. Hospitals are struggling as the disease spreads faster than companies can produce masks, ventilators, and tests. As of early May 2020, over 4.7 million people have been confirmed to be infected with the SARS-CoV-2 coronavirus, and governments are scrambling to contain its spread. The high R0 value (a measure of contagiousness- estimated to be between 2.0 and 3.02) of SARS-CoV-2 means that those infected copiously spread the virus and develop complications suddenly.

As a result, health care systems are overwhelmed, and the effective delivery of medical care to all patients has become a challenge worldwide. The Impact by COVID-19 on medical devices industry has left the healthcare systems being overwhelmed. The effective delivery of medical care to all patients has become a challenge worldwide. Insufficient attention to early warning signs, inadequate stockpiling, lack of access to testing kits and personal protective equipment (PPE), and nationwide variability in the approaches to testing, distribution of PPE, and timing and degree of social distancing measures likely all affected the spread of the disease. 

Impact of COVID-19 on medical device  

The unprecedented situation created by the COVID-19, has resulted in alarm bells ringing across industries. After multiple lockdowns to curb the spread of infection, we are now in the phase of unlock 3.0 where businesses are cautiously starting to resume operations. It is estimated that due to the impact of COVID-19 on medical device the medical technology industry has suffered a 50-85 per cent drop in revenue across categories in April-June due to the situation. Slicing the data category wise shows us that the cardiology category experienced a downfall in revenue up to 60 per cent in the first quarter of the financial year.

The medical device industry has borne the brunt of these issues, and has been strained for revenues, it is bleeding, yet has shown resilience and commitment by working unrelentingly to ensure availability of products (for both COVID and non-COVID emergencies) across the country. The pandemic shortages have illustrated the limits of our resources despite existing medical companies maximising their efforts. Given the capacity constraints, the medical device regulatory environment is adapting to meet the challenges by becoming more agile to reduce time to market while attempting to keep quality and safety at the forefront.

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