The U.S. Medical Supplies Wholesaling industry is $268 billion so far in 2021. This is a 3.8% increase during 2021. From 2016 to 2021, the increase was 2.5%. Obviously, the pandemic was good for the medical supply economy. This is a recent development. Medical supplies and medications were not readily available early in the pandemic.
Americans Turned to Canadian Online Pharmacies for Medications
Medication and medical supplies to the United States were disrupted. Many people turned to Canada for relief. Getting medications from online pharmacies is a solution to continue receiving their medication. The lower prices made an attractive option.
At the beginning of the pandemic, numerous Americans became unemployed. Many have remained so for an extended time period. State and federal government programs stepped in to help those who were unemployed. Those unemployed remain uncertain about the future. Not knowing whether they will regain employment down the road. This makes them cautious about spending money.
Medical Supply Chains Need to be more Resilient
The need for a more resilient medical supply chain was shown during the pandemic. Future supply chains need to address the ability to recover quickly. Global value chains (GVCs) play a vital role in this recovery, and they need to be balanced. Supply chains need to be flexible and efficient as well.
Globalization was the economic model for the late 20th century. This is no longer desirable. The pandemic, digital advances, and economic nationalism is bringing about a regional structure.
Global value chains (GVCs) are optimized for maximum profit maximization and efficiency. They are rigid and are unable to handle the recent economic shocks.
The pandemic highlighted the need for rapid response to resolve short-term goals. This brings the opportunity to build a responsive GVC model for long-term purposes. This is especially necessary for medical supplies.
The Effect of the Pandemic on Global Supplies
During the pandemic, demand for supplies spiked, especially for medications and medical supplies. The production shutdowns and disruptions in getting supplies to markets caused significant difficulties. Countries that produced supplies struggled to meet the demands of their own citizens.
The relevance and shortcomings of GVCs for medical supplies was highlighted.
The Development of Regional Medical Manufacturing
Developed countries will be addressing their own medication needs regionally. This is forced upon them by the limited global supplies. Domestic production is expected to recur to lessen the risk of transport disruptions.
There are risks with regional production. Obtaining the raw materials needed to make critical medications is one such risk. Production chains can become vulnerable to regional shocks, and products become more expensive. They lose the efficiency gained in specialized global markets.
Building in the ability to recover requires a balance between flexibility and efficiency.
PricePro Pharmacy Canada helps many Americans get their Medications
PricePro Pharmacy Canada licensed online pharmacies can fill US prescriptions. They have brand-name medications as well as generic drugs. They are one of the leaders of pharmacies in Canada that ship to the US. Medications are shipped directly to your home.
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