COVID-19's Economic Impact on the Global Health Systems: Time to Respond to New Realities
Journal of Pharmaceutical Research International, Volume 33, Issue 24A,
Page 85-91
DOI:
10.9734/jpri/2021/v33i24A31434
Abstract
Around six months have passed since the emergence of an ongoing coronavirus-related health pandemic. In resource-limited countries, healthcare systems with fewer options for intervention are likely to face more economic difficulties. The goal of this review is to summarize and explore the cost and economic effect of COVID-19 on global health systems. The study starts with a crisis synopsis and costs of COVID-19 treatment, then discusses how health has been affected and approaches to alleviating the burden while at the same time limiting an inevitable income loss.
Even if it is difficult to project COVID-19 spending because there are many uncertainties about the disease and its future course, various reports have quantified the amounts spent on direct COVID-19 treatment in different countries. The healthcare sector around the world has faced catastrophic financial challenges and experienced the largest global recession in history. Most governments in the world cannot avoid the devastating economic impact of COVID-19 on the healthcare sector, but they can try to avert the worst effects. With the spread of the coronavirus, the healthcare systems are facing a financial crisis as a result of actions that countries have adopted to mitigate the spread of the virus. Therefore, it is crucial to act swiftly and in meaningful ways to minimize the fallout from this shock.
Keywords:
- Healthcare
- economic impact
- COVID-19
- income loss
- governments' budgets
How to Cite
AlmalkiZ. S. (2021) “COVID-19’s Economic Impact on the Global Health Systems: Time to Respond to New Realities”, Journal of Pharmaceutical Research International, 33(24A), pp. 85-91. doi: 10.9734/jpri/2021/v33i24A31434.
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Lu H, Stratton CW, Tang YW. Outbreak of pneumonia of unknown etiology in Wuhan, China: The mystery and the miracle. J Med Virol. 2020;92:401–402.
Buheji M. Stopping future COVID-19 like pandemics from the source-A socio-economic perspective. Am J Econ. 2020;10(3):115-25.
Hui DS, Azhar EI, Madani TA, Ntoumi F, Kock R, Dar O, et al. The continuing 2019-nCoV epidemic threat of novel coronaviruses to global health: The latest 2019 novel coronavirus outbreak in Wuhan, China. Int J Infect Dis. 2020;91:264-6.
Gorbalenya AE, Baker SC, Baric R, Groot RJD, Drosten C, Gulyaeva AA, et al. Severe acute respiratory syndrome-related coronavirus: The species and its viruses–a statement of the Coronavirus Study Group. BioRxiv; 2020.
Sohrabi C, Alsafi Z, O’Neill N, Khan M, Kerwan A, Al-Jabir A, et al. World Health Organization declares global emergency: A review of the 2019 novel coronavirus (COVID-19). Int J Surg. 2020;76:71-76.
World Health Organization (WHO). Novel coronavirus (2019-nCoV). Situation report- 40. Accessed 2020 Nov 05. Available:https://www.who.int/docs/default-source/searo/timor-leste/05-06-2020-tls-sitrep-40-ncov-eng.pdf?sfvrsn=4cd3bf54_2/
Walker P, Whittaker C, Watson O, Baguelin M, Ainslie K, Bhatia S, et al. The global impact of COVID-19 and strategies for mitigation and suppression. London: WHO Collaborating Centre for Infectious Disease Modelling, MRC Centre for Global Infectious Disease Analysis, Abdul Latif Jameel Institute for Disease and Emergency Analytics, Imperial College London; 2020.
Ainslie KE, Walters CE, Fu H, Bhatia S, Wang H, Xi X, et al. Evidence of initial success for China exiting COVID-19 social distancing policy after achieving containment. London: WHO Collaborating Centre for Infectious Disease Modelling MRC Centre for Global Infectious Disease Analysis Abdul Latif Jameel Institute for Disease and Emergency Analytics Imperial College London; 2020.
Ferguson N, Laydon D, Nedjati Gilani G, Imai N, Ainslie K, Baguelin M, et al. Report 9: Impact of non-pharmaceutical interventions (NPIs) to reduce COVID19 mortality and healthcare demand; 2020.
Mizumoto K, Chowell G. Transmission potential of the novel coronavirus (COVID-19) onboard the Diamond Princess Cruise Ship, 2020. Infectious Disease Modelling; 2020.
Hellewell J, Abbott S, Gimma A, Bosse NI, Jarvis CI, Russell TW, et al. Feasibility of controlling COVID-19 outbreaks by isolation of cases and contacts. Lancet Glob Health. 2020;8(4): e488-e496.
Kucharski AJ, Russell TW, Diamond C, Liu Y, Edmunds J, Funk S, et al. Early dynamics of transmission and control of COVID-19: A mathematical modelling study. Lancet Infect Dis. 2020;20(5):553-558.
Research and Markets. The COVID-19 fallout: Research report on the R&D, economic impact and future implications; 2020. Accessed 2020 Nov 05. Available:https://www.researchandmarkets.com/reports/5025043/the-covid-19-fallout-research-report-on-the
Fah.org. Fixing medicare accelerated & advance payment programs are critical to patient care across America. Accessed 2020 Nov 05. Available:https://www.fah.org/blog/fixing-medicare-accelerated-advanced-payment-programs-are-critical-to-patie
Mass.gov. Estimating the Impact of COVID-19 on the Health Care System. Accessed 2020 Nov 05. Available:https://www.mass.gov/doc/estimating-the-impact-of-covid-19-presentation/download
FAIR Health, Inc. COVID-19: The projected economic impact of the COVID-19 pandemic on the US healthcare system; 2020. Accessed 2020 Nov 05. Available:https://s3.amazonaws.com/media2.fairhealth.org/brief/asset/COVID-19%20-%20The%20Projected%20Economic%20Impact%20of%20the%20COVID-19%20Pandemic%20on%20the%20US%20Healthcare%20System.pdf
Bartsch SM, Ferguson MC, McKinnell JA, O’Shea KJ, Wedlock PT, Siegmund SS, et al. The potential health care costs and resource use associated with COVID-19 In The United States: A simulation estimate of the direct medical costs and health care resource use associated with COVID-19 infections in the United States. Health Aff. 2020;39(6):927-935.
Society of Critical Care Medicine. Critical Care Statistics. Accessed 2020 Nov 05. Available:https://www.sccm.org/Communications/Critical-Care-Statistics
Beigel JH, Tomashek KM, Dodd LE, Mehta AK, Zingman BS, Kalil AC, et al. Remdesivir for the treatment of COVID-19—preliminary report. N Engl J Med; 2020. NEJMoa2007764
Moran N. Dexamethasone shows benefit in treating COVID-19 in recovery trial. BioWorld RSS, BioWorld; 2020. Accessed 2020 Nov 05. Available:www.bioworld.com/articles/435841-dexamethasone-shows-benefit-in-treating-covid-19-in-recovery-trial
Maekyung Media Group. COVID-19 treatment in Korea cost $57,562 per critically ill, bill charged on state. Accessed 2020 Nov 05. Available:https://pulsenews.co.kr/view.php?sc=30800022&year=2020&no=471089
AFP. Covid-19: French hospitals, counting virus cost, ask for state help: New straits times. NST Online, New Straits Times; 2020. Accessed 2020 Nov 05. Available:https://www.nst.com.my/world/world/2020/04/588256/covid-19-french-hospitals-counting-virus-cost-ask-state-help
Wbur.org. Furloughs, retirement cuts and less pay hit mass. Doctors And Nurses As COVID-19 Spreads; 2020. Accessed 2020 Nov 05. Available:https://www.wbur.org/commonhealth/2020/03/27/doctors-nurses-mass-coronavirus-infections-pay-benefits
Pieters J. Facing $3B Loss, mayo clinic announces payroll, spending cuts for remainder of ; 2020. Accessed 2020 Nov 05. Available:https://www.twincities.com/2020/04/10/facing-3b-loss-mayo-clinic-announces-payroll-spending-cuts-for-remainder-of-2020/
World Health Organization. How to budget for COVID-19 response? Accessed 2020 Nov 05. Available:https://www.who.int/publications/m/item/how-to-budget-for-covid-19-response
Sage Growth Partners. Covid-19-market-report. Accessed 2020 Nov 05. Available:https://go.sage-growth.com/covid-19-market-report
Covid19healthsystem.org. Policy responses. Estonia. Accessed 2020 Nov 05. Available:https://www.covid19healthsystem.org/countries/estonia/countrypage.aspx
Ryan V. GP fees for remote COVID-19 Consultations Agreed. Irish Medical Times; 2020. Accessed 2020 Nov 05. Available:https://www.imt.ie/news/gp-fees-remote-covid-19-consultations-agreed-20-03-2020/
Covid19healthsystem.org. Cross-Country Analysis; 2020. Accessed 2020 Nov 05. Available:https://analysis.covid19healthsystem.org/index.php/2020/04/27/what-are-countries-doing-to-give-providers-flexibility-to-respond-to-the-covid-19-outbreak/
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