The COVID-19 disease with time has reached pandemic status and its affecting businesses around the world. The pandemic that gave rise to considerable drop-downs in business sales is not yet a curse to every sector’s buying pattern. From the island country, Singapore, to one of the biggest economies in South Korea, industries in most of the states are facing significant losses. However, sectors like Pharmaceuticals, Financing and Online Platforms have seen elevated levels of consumer traffic even in this major lockdown period.
Mr Desmond Sim, BDD, Evergreen Assets Management Singapore, shares with us his views:
Pharmaceutical, Health Industries
The need for masks, sanitizers, and medications is increasing rapidly since the last few months. Consequently, it resulted in increased buying patterns in the pharmaceutical sector in various countries including Singapore, Myanmar, Cambodia, Vietnam, South Korea, and Hong Kong. While AstraZeneca (One of the largest science-led bio-pharmaceutical worldwide companies) has seen their revenues increasing daily in the other countries. Whereas the other companies, like Eli Lilly and GlobalData, are also helping the masses with their supplies of free masks and medications.
In addition, respirational equipment such as ventilators and medical equipment suppliers are also on the rise in sales. The study from FDA has recognized the need for ventilators and other respiratory devices may outpace the supply available to health care facilities during the COVID-19 pandemic.
The department of finance is another primary sector that remains partly unaffected during the virus pandemic. Mr Desmond Sim also stresses that there are no shortages in financial loans and investment, especially in countries in need of financing.
The Singapore Government has decided to introduce new relief facilities for the business to survive against this pandemic disease. Various financial support regarding loans has provided to elevate many companies. Financial assistance is provided by an advanced loan program that allows access to owners to overcome the business finances and needs during this COVID-19 period.
The fact that people, during this Circuit Breaker, cannot roam around in markets and streets buying their necessities and accessories is directly proportional to the increase in traffic on online platforms. All sorts of brands, ranging from footwear to companies associated with larger goods even furniture, are gradually making their products available on online platforms for sale.
Brands that were just available previously on the streets of Singapore, Myanmar, Cambodia, Vietnam, and South Korea are considering developing customized websites. All this is the result of the retailers understanding the importance of social media and marketing digitally in this crucial time.
To fight against COVID-19, humanity has brought their daily routines to an online platform. All educational institutions work with internet-powered alternatives like Zoom, Dropbox, and Netflix. Now the quarantined world is heavily learning, socializing, and entertaining from these alternatives. The subscribers of Netflix, have seen an increased by forty-seven percent and the communication platform like Zoom was downloaded by more than 650,000 new users in a week. In times when even one of the most celebrated brands are considering the options of furloughs and layoffs; financing, pharmaceutical, and online businesses are unaffected by COVID-19.
These are the sectors, taking off due to the pandemic hit worldwide. The business owners are earning considerably more, as people are now more inclined to shop online, and the pharmaceutical sector demands are much higher than ever before.