COVID-19 Impact on Juvenile Polyposis Treatment in Pharmaceutical Industry
The first case of the COVID-19 pandemic was found in Wuhan, China. This pandemic has influenced the whole planet with its major impacts on the economy and businesses across the globe. The COVID-19 spread worldwide in unprecedented ways due to its highly infectious and contagious nature and the lack of availability of its vaccine. As a result, the greatest medical challenge in the 21st century is yet to be face d by physicians worldwide. Though the emergence of the virus can be traced back to Asia, many European countries and the U.S. have been struck massively by the pandemic. The virus has spread across all regions ranging from North America, Europe, Asia-Pacific, South America, and Africa up to the Middle East. The COVID-19 has been declared as a pandemic by World Health Organization (WHO) due to its increased spread worldwide.
The outbreak of COVID-19 has had a great impact on the healthcare and pharmaceutical industries and a major impact on the global juvenile polyposis treatment market. Juvenile polyposis syndrome is a genetic disorder characterized by the growth of polyps along the gastrointestinal tract lining. Juvenile polyposis treatment can be done in two ways. When many polyps are present, surgery may be done to remove a part of the stomach or intestine. When there are fewer polyps, they can be removed during endoscopic examination. The decreasing number of surgical and non-surgical procedures during the pandemic will negatively affect the growth of the global juvenile polyposis treatment market.
The COVID-19 had a terrible impact on the global economy. Many establishments were forced to remain shut while others had to scale down their operations or put on hold expansion plans as they tried to survive the unprecedented crisis. Another impact of the COVID-19 pandemic is the delay in surgical and non-surgical procedures to treat selective diseases. Patients are preferring alternative treatment procedures that have no requirement for physically appearing in hospitals or clinics. Consequently, the demand for medical devices used to treat juvenile polyposis has decreased due to the decrease in various surgical and non-surgical procedures during the pandemic.
· According to a study performed by BMJ Journals in the U.K., a weekly average of 35,478 endoscopic procedures were performed during the pre-COVID period. After the COVID-19 pandemic, these numbers reduced by 12 percent
· According to an article by PMC, diagnosis of colorectal cancers was considerably delayed during the pandemic, which had a huge economic and workload burden on the gastroenterologists, surgeons, and oncologists
Suppose the COVID-19 keeps on spreading like this for a long period. In that case, it is estimated that the demand for medical devices like endoscopes and colonoscopes which are used to treat juvenile polyposis, will downgrade by top importer countries.
Suppose the lockdown continues to stretch for a longer period than anticipated. In that case, a huge drop is expected in non-surgical and surgical procedures worldwide, including the treatment of juvenile polyposis. Consequently, demand for the medical devices used in the procedure is anticipated to be minimized, which may decrease the price of the overall juvenile polyposis treatment procedure. Thus it is predicted that COVID-19 negatively affects the price of the juvenile polyposis treatment market.
IMPACT ON DEMAND
Coronavirus disease is an infectious disease that is caused by a SARS-CoV-2 virus. Currently, a huge population pool is affected by this COVID-19 virus. Coronavirus disease causes acute respiratory illness, ranging from mild to severe pneumonia with respiratory failure, and in rare cases, it is also associated with major cardiac complications. In order to reduce the spread of COVID-19, nearly all the countries have taken initiative action by lockdown and social distancing restriction. Due to affirmative restrictions, sudden shrink occurred in various surgical and non-surgical procedures requiring the patients' physical presence. Reduction in surgical and non-surgical procedures across the world has adversely affected the demand for the treatment of juvenile polyposis.
Due to lockdown and social distancing restrictions, most patients prefer virtual vising through video calling or telehealth video visiting. Telehealth video visits are demanding alternative treatment such as medication for the treatment of certain diseases. Consequently, the growth of the juvenile polyposis treatment market is anticipated to downgrade as this procedure needs the patient to be physically present.
· According to CDC, in 2019, 43 percent of the health centers were capable of providing telehealth services, while in 2020, during the COVID-19 pandemic, it was reported that 95 percent of the health centers were providing telehealth services
· According to May 2020 article published by PMC, COVID-19 had a huge impact on surgical practice. There was a huge decline in the number of surgical procedures taking place, and also the surgeons are recommending safe, non-surgical alternative options to treat their patients during the pandemic
IMPACT ON SUPPLY CHAIN
COVID-19 has led to a disruption in the supply chain of medical devices, which are essential for treating and diagnosing juvenile polyposis syndrome. In different countries, diagnoses of other diseases have slowed down due to increased pressure to diagnose COVID-19. This led to a significant delay in diagnosing juvenile polyposis syndrome, which ultimately reduced the number of treatment procedures.
The COVID-19 pandemic has truly transformed some organizations' business environment; the organizations' supply chain has been hampered by several issues, including export and travel restrictions by some countries and lockdowns that have forced suppliers to shut down in the majority of the cases temporarily.
· According to an article by The Hindu published in May 2021, China holds the majority of the market for raw materials, and unfortunately, the pandemic leads to global restriction along with series of lockdowns which leads to disrupted supply chain
To minimize supply chain crises, healthcare organizations have been firmly monitoring the supply chain with the assumption that the COVID-19 outbreak may adversely impact the supply chain of a medical device or equipment. This includes shortages of endoscopes and colonoscopes required to treat juvenile polyposis or potential disruptions in its supply chains.
To manage an adverse situation, many organizations have looked forward to improving and diversifying the supply chain model in all aspects. A diversified supply chain model anticipated minimizing the export of medical devices and equipment and increasing end-to-end visibility. The COVID-19 pandemic has shown various supply chain management methods, which may remain effective within a remote working environment.
STRATEGIC DECISIONS FOR MANUFACTURERS
COVID-19 can hamper the production and supply chain of endoscopes and colonoscopes, which are used in the treatment procedure of juvenile polyposis. Still, it also provides companies to improve their business by different means. Different companies made different strategic decisions to maintain their supply chain constantly and reduce the spread of the virus among their employees. They made proper decisions to maintain a safe work environment.
· Olympus, a leading manufacturer and supplier of endoscopes and colonoscopes, has maintained proper supplies during the pandemic while being vigilant about the risk. They have worked closely with infection prevention societies and regulatory agencies to address this important human health concern
· Stryker, a major manufacturer of endoscopes, has been closely monitoring the impact of COVID-19 since it was first reported, and they have taken action to ensure proper safety for their customers, employees, and communities
This signifies that despite the pandemic situation, different strategic decisions made by these companies would make their business grow.
With the mystery around the disease remains unsolved at many levels, the management of healthcare becomes imperative. The safety of the people is paramount, and initiatives are being taken to get people through this unprecedented scenario.
Though it is estimated that the pandemic will negatively affect the growth of the global juvenile polyposis treatment market, the strategic decisions made by different companies, governments, and other organizations will help out in handling this crisis eventually.