Covid-19 Executive Briefing
Understanding the economic impact of the Covid-19 pandemic and the implications for the healthcare sector
- ECONOMIC IMPACT -
Latest update: 09 September
Many economists have cut their GDP forecasts. The 2020 consensus forecast for GDP growth is currently negative and many predict a recession.
The World Economic Forum estimates advanced economies will shrink by 7% and emerging and developing economies will contract by 2.5% in 2020.
Consensus forecast for world GDP growth in 2020 is currently -3.9%.
The Bank of England expects UK unemployment to peak at 7.5 %.
Impact of Covid-19 on GDP growth
- SECTOR IMPACT: PHARMA -
Latest update: 15 September
supply chain concerns
Across all company types and regions, 92% of companies said Covid-19 poses a risk to their imports/exports.
The unproven technology of mRNA vaccines was seen to be the most promising by respondents, with 38% reporting this may offer the best hope of addressing the outbreak.
Patient Access to Services
Telemedicine is becoming a critical tool for patient management as patient office visits decline. Hospitals are also seeing a significant drop in visits for illnesses such as heart attacks, severe abdominal pain and strokes, likely due to patient fears of contracting Covid-19.
Key pharma market developments