coronavirus is shaking up healthcare businesses on a massive scale. Most of the hospitals and clinics are not allowing patients to come physically for their regular check-ups. But they are providing teleconsultation and video consultations with the healthcare experts so that the patients will get continuous assistance for their diseases. The hospitals and clinics are implementing remote patient monitoring (RPM) systems to monitor the conditions of their patients. Since coronavirus originated in China (Wuhan), hence the medical device industry is facing a huge loss because India is highly dependent on China for purchasing raw materials and electronic components. Many manufacturing companies have claimed that there is a huge gap between the demand and supply of products such as masks and sanitizers. Over the past few months, this shortage has started impacting the margins and profitability of Indian companies who used to import medical devices and small components. This time many pharmaceutical companies are trying to make partnerships with biotech companies so that they can invent coronavirus vaccines and drugs to combat this lethal disease.Hospitality and tourism:
Due to the cascading effect of coronavirus outbreak, the Indian hospitality industry will lose up to 620 crores. Hotelivate, a hospitality consultancy firm has claimed that “Unfortunately, business for the second half of March seems to have dropped off a cliff, pretty much across the board”. Like all other governments, the Indian government has suspected visas, domestic and international flight operations till April 15, 2020. Moreover, the government has requested people to stay at home, this can lead to a huge loss to the hotels and other accommodation providers. A plethora of statistics has claimed that the chain and standalone hotel segment is staring at losses over ₹130-155 crore, whereas the alternate accommodation segment may lose up to ₹420-470 crore. Adding to these facts, it is also found that nearly 15-25 per cent of the employees of the various eminent hotel chains in India are either contracted or casual staff. If this situation persists for long, then they may lose their job.
Apart from the above-mentioned industries, there are also other industries like IT, telecom, aviation, FMCG, etc. are facing a chunk of losses due to coronavirus outbreak.How can businesses combat the situation?
To overcome the situation, businesses should provide work from home options to their employees so that they can stay healthy and robust. For those who can’t provide work from home, must stop their operations till the situation gets better. Every company should spread the awareness and personal hygiene campaign to its employees to prevent this outbreak. During this tough time, all companies should try to boost up the mental health of their employees by sending some motivational messages or emails. The companies should provide financial and healthcare assistance to their employees and should not cut salary or leaves to make their employees motivated and content. Every company should try to use their CSR fund to support all the needy and underprivileged people who are unable to arrange food and other basic needs for them.
Coronavirus has reached a critical phase; the prime aim is to contain and mitigate the disease itself. But the economic impacts are also significant, and many companies are feeling their way towards understanding, reacting to, and learning lessons from rapidly unfolding events. During this time, companies should engage their employees in study and research so that they can come out with a solid plan regarding how they can survive after this pandemic. Every company should motivate their employees to spend some time on various social media channels and forums to acquire knowledge about coronavirus and its effect on the businesses. Because businesses who plan earlier will only be able to survive once the pandemic will get over.
This is indubitably a tough and precarious situation for every nation of the world. Rather considering their profits and revenues, every company should give priority to humanity. They must provide every assistance to their employees and other needy people to combat the deadly effect of coronavirus.