Market Overview

Telemedicine A COVID-19 Winner

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Telemedicine A COVID-19 Winner

COVID-19 forced non-medical companies such as Tesla Inc (NASDAQ: TSLA), Ford Motor Company (NYSE: F), General Motors Company (NYSE: GM), Dyson, and Apple Inc (NASDAQ: AAPL) to fill the demand for essential medical devices.

The following is a discussion regarding why existing medical device manufacturers were ill-prepared to handle the crisis and the solutions that will see increased demand as a result. 

The Highly Competitive System

On one end, Merck & Co. Inc (NYSE: MRK) is racing alongside Bristol-Myers Squibb Co. (NYSE: BMY) to develop effective solutions against cancer. On another, biotech giants Amgen Inc (NASDAQ: AMGN) and Sanofi SA (NASDAQ: SNY) are litigating cholesterol solutions in court. 

The truth is that the medical system is driven by passion, but funded by money. To pursue life-changing discoveries, a delicate balance between research and production is required. Too much production can lag innovation, while too much research can delay profits.

In the case of COVID-19, the existing medical manufacturers were unprepared to fulfill demand. To effectively resolve the medical equipment supply crunch, governments had to compel unrelated manufacturers to get involved. 

Telemedicine Post-COVID-19

Telemedicine has seen a steady rise in popularity, buoyed by an embrace from the insurance industry. With the COVID-19 coronavirus and national lockdown measures, a number of telehealth regulations have been eased to help doctors and patients interact virtually.

It's expected that the crisis will lead to a shift in sentiment on the topic. 

Remote Events, Digital Meetings

COVID-19 brought an entire events industry to its knees; medical congresses are a significant part of that space. Now, digital solutions and remote events will be regarded as important parts aspects of the space. 

For example, companies such as MCI Group Holding are helping the world's most prestigious medical personnel communicate via digital events.

This article is not a press release and is contributed by Ivana Popovic who is a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure. Ivana Popovic does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you're interested in becoming an IAM journalist contact: contributors@iamnewswire.com Questions about this release can be sent to ivana@iamnewswire.com.

Photo by Vidal Balielo Jr. from Pexels.

 

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