While the whole world bouts with this corona pandemic, we come to see the real faces of various organisations, the hypocrisy of several states and the cash games that dictate many innocent lives. While we struggle to keep our already crippled economy in place due to this pandemic, the epicentre state of this contagion prepares for its trillion-dollar boost from this disaster. While initially there were several reports of Chinese manufacturing units facing loses due to the corona outbreak but of late china has emerged as someone who could make the best of the worst times.
The pharmaceutical industry is one of the leading industries in China with Shanghai being the largest and the strongest pillar of research and development of drugs, pharmaceutical machinery, instrument apparatus etc. Zhejiang, Guangdong, Shanghai, Jiangsu and Hubei provinces had always been the top cities that had served as the base for various pharmaceutical productions and packaging. While one or two provinces might be severely affected by the COVID-19 virus the others remain mildly affected and will soon resume their operations. With the world locked out, these industries cater to the pharmacy needs like hotcakes.
Another interesting aspect of Chinese medicines is that they are generally generic versions of drugs which though very cheap are not very high performing on the quality tests. However, at the time of such a crisis, it’s subject to the risks associated. The second most important effect of this virus on the Chinese economy is that it will boost its already prosperous market of Active pharma ingredients Active Pharmaceutical Ingredient or API is the raw material used for drug manufacture. It is the actual element that brings in the intended effect of the drug. India is currently dependent on China for imports of APIs to make “certain” essential medicines. Around Rs, 12,255 crore worth of these ingredients was imported from China in 2016-17, as per government data. The medicine market already in fourth gear in India, but we are dependent on China for Active Pharma ingredients, so are other countries.
While there is no vaccine or designated medicine for COVID-19 the treatment protocol is standard. And when treatment is standard the demands of standard drugs used to treat them will also increase consequently the pharmaceutical and API industry will too.
Along with these two core industries, there are some more industries which are suspected to grow at an exponential speed as a result of this coronavirus-
- Science and technology
- Telecommunication industry
- Internet boom
While there is a negative side also with many restaurant businesses suffering losses, manufacturing units downsizing and the Chinese yuan losing value. However, the government has made it clear too that it remains focussed on the positive growth plans for the people’s republic of China. With the aim of 5G technology, internet of things, and artificial intelligence-based products china aims to be persistent in their growth.
In short, while the western world predicts the plunge of the Chinese economy and criticises it, it is cushioning itself for its flight while the world crawls.