COVID-19 Impact on Anxiety Disorder Treatment in Healthcare Industry
COVID-19, a disease caused by the novel COVID-19, later renamed named SARS-CoV-2, was first reported by officials in Wuhan City, China, in December 2019. A previous investigation by Chinese authorities identified the onset of human cases with symptoms in December 2019. Coronavirus (COVID-19) is an infectious disease caused by the newly discovered Coronavirus. The United States is the most affected country. The disease caused by SARS-CoV-2 infection is called COVID-19 which stands for Coronavirus Disease 2019. The final treatment for COVID-19 has not yet been identified, but there is considerable interest in replicating existing generic drugs for use in COVID-19.
WHO survey has found that in 93% of the world's countries, the COVID-19 epidemic has disrupted or stopped critical mental health services, and the demand for mental health is on the rise, according to a new WHO study. A survey of 130 countries provides the first global data showing the devastating effects of COVID-19 on access to mental health services and points to the urgent need to increase funding.
IMPACT ON PRICE
A large number of challenges are being faced by various market players due to the coming of the novel Coronavirus, one such issue is the uncertainty surrounding the impact of COVID-19 on anxiety drug demands. Due to the increased demand of anxiety drug for Coronavirus treatment and increased travel and transportation costs the price of anxiety drug has increased.
Due to patients' reliance on certain drugs, the pharmaceutical industry has increased the price of these drugs by more than 40 percent, according to researchers at Patients for Affordable Drugs stated. Mental health is also at risk during an epidemic. About 40 percent of Americans reported that COVID-19 had a negative effect on their mental health and by mid-April, demand for antidepressants, anti-obesity drugs and anti-insomnia drugs increased by 21 percent, the researchers said. Anxiety and depression medications such as Ativan, Lithobid, Paxil and Spravato increased by USD 415.69, USD 110.57, USD 18.77, and USD 28.92, respectively.
With the increasing demand and transportation costs of anxiety drug, leads to the increase of anxiety drug price.
IMPACT ON DEMAND
The Coronavirus zone is the result of various markets around the world. This is the cause of the widespread closures and isolation that are affecting world economic activity.
A survey by the American Psychological Association, conducted between August 28 and October 5, also found that nearly three out of 10 psychologists (29%) said they had seen more patients in total since the onset of the pandemic. Of the psychologists who treat anxiety disorders, almost three quarters (74%) reported an increase in demand for such treatment and 60% of those who provided treatment for depressive disorders saw an increase. Other treatment areas with significantly increased demand were trauma and stress-related disorders (48%) and sleep disorders (51%).
Coronavirus isolation and anxiety have increased the demand for mental health services. Zoloft's prescriptions rose 12% year-on-year to USD 4.9 million in March, the highest in the United States, according to data compiled by Bloomberg Intelligence. Prescriptions fell to 4.5 million in April. Pfizer Inc. said some versions of the Zoloft brand, such as 100 milligram tablets in 100 count milligram tablets in 100 number bottles, were in short supply due to increased demand, according to the FDA’s drug-shortage database.
The impact of COVID-19 has created an opportunity for the number of patients as there is high chance of adverse health effects of COVID-19 on the people.
IMPACT ON SUPPLY
As the epidemic intensifies, supply chains may be at significant risk due to overcrowded and potentially disrupted spaces. The drug supply chain has been disrupted. The proliferation of COVID-19 makes it difficult for governments to use these drugs; The availability of these systems faces constant challenges due to their use as well as limited initial requirements.
The majority of APIs worldwide are sourced from India, which also provides approximately 30 percent of the general APIs used in the United States. However, Indian manufacturers rely heavily on China's API to manufacture their drugs and receive about 70 percent from China, the largest manufacturer and exporter of APIs by volume. India provides millions of people worldwide with cost-effective and inexpensive generic drugs, and operates more than 250 FDA and medical and healthcare institutions (MHRA) in the UK.
On COVID-19, Chinese API output not only affects the local market, it can disrupt supply chains around the world. According to various sources, more than 60% of the pharmaceutical manufacturers' applications in India depend on imports from China. As some API manufacturers in China were unable to return to work due to COVID-19, some Indian generic pharmaceutical companies were at risk of a production disruption, which in turn had an additional impact on their exports to Europe and America.
One of the drugs recently added to the list of deficiencies was one of the most widely used drugs in the United States, sertraline, an antidepressant marketed by Pfizer under the Zoloft brand. Pfizer has indicated that it could have filled existing, ongoing prescriptions, according to NBC News, but could not meet the growing demand for new prescriptions.
Other companies producing sertraline as a generic drug have also reported deficiencies. Accord Healthcare stated that it could not acquire the active substance or drug "due to the effects of COVID-19.
Trade restrictions have chosen nothing more than to produce essential medicines domestically. During the pandemic, as the increase increases, counterfeiting and price increases of imported goods increase. This means that even during the COVID-19 pandemic, market participants are able to maintain the supply chain.
STRATEGIC DECISIONS OF GOVERNMENT AND MANUFACTURERS
As the Coronavirus continues to spread to various countries, concerns are growing about disruptions in drug production and distribution. Collaborations, agreements, initiatives of market participants such as VistaGen, Sanofi in the pharmaceutical market have helped them expand their market. This in turn will help to increase the demand for the product among the consumers and thus increase the future sales of the company. Market players have already taken different initiatives to combat the Coronavirus.
• VistaGen and EverInsight have signed a first-class development and marketing agreement for the first-line drug for anxiety disorders. The agreement targets the Greater China, South Korea and Southeast Asia markets and aims to add clinical research to VistaGen in the United States. The agreement is for EverInsight to take over the development and marketing of VistaGen's rapid-acting nasal spray, PH94B, for various anxiety disorders in Greater China, South Korea and Southeast Asia. VistaGen will, however, hold exclusive rights to PH94B in other international markets, including the United States. VistaGen will receive USD 5 million in advance for EverInsight to take over operations for PH94B in the three Asian markets. PH94B has received a breakthrough from the US Food and Drug Administration and will go to Stage III research for social anxiety disorder (SAD) next year. The product is also in previous clinical trials due to other anxiety disorders.
• Sanofi has worked with the World Association of Social Psychiatry and the Institute of Epidemiology and Tropical Neurology since 2008 to promote access to health care for patients with mental disorders or epilepsy at the LMIC. Through the fight against the STigma (FAST) program, initiatives have been launched in more than 20 countries, including Africa, Asia, Latin America and Eurasia.
With the increasing demand and increasing sale of anxiety drugs, are fueling the growth of the market in the near future.
As such, market participants are involved in the production of generics drugs expanding their business through a variety of programs, including collaboration, contracts, and pipeline development, collaboration, and market expansion. It is expected that the strategic decisions of these companies will provide significant opportunities for market participants operating in the market.
It can be concluded that the COVID-19 pandemic situation is having a negative impact on the market affecting the price, supply of the anxiety drugs. However, in the crisis call, pharmaceutical companies work closely with healthcare professionals, customers, patients and other healthcare organization for the sake or betterment of public health.
Governments, on the other hand, are doing their best by providing the necessary resources and so many pharmaceutical industry workers are doing their best to overcome the pandemic and protect affected individuals. In the future, the government should focus on clinics and drug backup plans, either from its own production units or due to a lack of APIs (Active pharmaceutical ingredients). The government recommends taking appropriate measures to keep the situation under control. The government is thinking of ways to encourage national APIs by creating appropriate ecosystems in the country. The FDA is working with domestic manufacturers to reduce the shortage of drugs supply.