Impact of Covid-19 pandemic on global healthcare Industry and the challenges of doing market research
Impact of Covid-19 pandemic on global healthcare Industry
Impact of Covid-19 pandemic healthcare Industry.
The novel coronavirus has pushed all the industries into an unpredictable world. The question is, would the market research industry go through the same? The answer may vary from segment to segment, the healthcare domain has witnessed tremendous growth in the past year. What is the positive impact of COVID-19 on the healthcare sector- undoubtedly the healthcare has gained high positive notes, the manufacturers of medical devices are now in a competitive race for producing drugs, vaccines, and equipment responsible for saving covid-19 impacted patients.
Pharmaceutical and medical device companies are working both independently and incorporation with the public sector to encounter demand. The emergence of new competitors into the market is also been observed. Giant pharmaceuticals and Biotechnology firms are strategizing to stay competitive with the current and future needs as well.
Challenges of doing market research
The requirement has also led to the increased demand for healthcare professionals. What are the challenges of doing market research in the time of pandemic? The major constraint is budget, which is then followed by limited resources. Since the pandemic has occupied the healthcare professionals, they are busier than ever, attending patients, supplying the required equipment/drugs, research & development to get the best possible learning of the novel coronavirus and the possibility of finding cure and preventions. These activities have reduced their availability to a greater extent.
It has become very tough to reach out to them especially when they are occupied with something of this importance. Also, as per the industry experts, the majority of the companies are cutting their costs due to uncertainty of the future which has made the process a bit tricky and tough. However, increased demand for life-supporting devices, drugs, vaccines has provided ample opportunity to the market research firms to carry out market studies on the subject.
The manufacturers are more curious to gather market insights, competitive landscape, brand awareness, and governmental guidelines to get their products introduced among the customers or end-users. Therefore, Policies have been modified and implemented to crack down on the ongoing global situation, which has also made healthcare manufacturers stand on their toes. Starting from the companies producing PPE (Personal Protective Gear) to those making crucial drugs, they are all set to enter a new era of competition.
Thus the research studies are not only confined to the novel coronavirus directly but also about its impact on the services being offered to the in-patients as well as out-patients, changes in the usage patterns of the surgical and non-surgical equipment, any change in the pattern of prescribing the supplements, technological advancements in the healthcare systems, and how the COVID-19 has changed the consumption rate of immunity boosters.