Life after Covid-19 pandemic: Challenges and Opportunities

The world has experienced and continue to experience the wrath of coronavirus pandemic since December 2019. Coronavirus disease 2019 (Covid-19) is a transferable disease caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). Its severity and gravity are nothing less than the mayhem created by detonation of nuclear weapons over twin Japanese cities by USA in 1945. The world will never forget the magnitude and scale of this menace, which can be rated at par with the greatest catastrophes known to human history.  

Although it would be premature to say that this pandemic has culminated, it would also be incorrect if it is considered as far from over. In view of the developments of various vaccines and treatments of Covid-19, its beginning of the end is in sight. No doubt, this horrible pandemic has caused irreplaceable human sufferings and incalculable economic losses. It would be a myopic view if one focused only on the cost and forgot its benefits in the shape of new challenges and opportunities. It would be naïve to expect that the world today will return to the world that was before Covid-19. Human lifestyle can be categorized into two dimensions: before Covid-19 and after Covid-19. In this paper, I make an attempt to discuss the challenges and opportunities, offered by the pandemic, in two broad areas i.e. global economy and healthcare. 

 The Covid-19 pandemic had exposed the vulnerabilities of global economy painfully as acute supply chains weaken, unemployment rises and markets fluctuates. The 18th and 19th century industrial revolution proved fatal not only for ecological systems in view of worsening of biodiversity, soil degradation, deforestation, abundant use of insecticides, toxic waste in water and burning of fossil fuel. It also widened the gulf between the haves and have nots. According to Nobel Laureate Muhammad Yunus, the primary purpose of business is to earn profit out of self-interest. However, now common interest, instead of self-interest, should take precedence. Gone are the days when profit maximization was considered the sole aim of every business. This is an outdated and shallow concept anymore. Today’s Economic man is defined to be driven by both self-interest and common interest. 

Covid-19 pandemic also saw the unprecedented rise of digital economy. It presents a remarkable opportunity to capitalize on the world wide networks of global economic activities, transactions and specialized connections that are empowered by information and communication technologies (ICT). Other factors may also speed up like regionalization of supply chain management and international data flows. Work culture around the world, in the post pandemic scenario, has also been redefined. It offers new challenges (read opportunities) like income disparity, worker exploitation and work from home culture mostly for white color jobs. The new trends can partly be credited to the rise of digital economy. However, the role of health concerns, security and economic factors like labor availability cannot be overlooked. 

Another global trend, although prevalent well before the world experienced Covid-19 pandemic, has gained momentum is deglobalization. Deglobalization refers to the concept of shift from global just-in-time supply chains. Covid-19 pandemic has unleashed the hidden selfishness of major economies, which are now focusing on nationalism, regionalism and “my country first”. 

There are now mounting concerns about what the life post Covid-19 will look like. Covid-19 pandemic had done an irreparable damage on the emotional side of humanity. The fears of Covid-19 present monumental challenges and opportunities. It can affect worker’s creative talents and ability to stay innovative. The ramifications and negative spillover of this pandemic will be felt for a longer period to come. As a result of it, business organizations must acknowledge the long term trends created by this pandemic and adapt themselves to remain profitable through these interesting times. How organizations succeed and thrive in these difficult times will be litmus test for their survival. 

Ever noticed, how incredible it is that it took a deadly virus pandemic to let the world realize the importance of public healthcare. Since Covid-19 pandemic has engulfed the globe completely, global healthcare has emerged as the eventual and final global public good. Before the coronavirus crisis, healthcare was considered a private good. However this pandemic has changed this mindset and forced the world to treat healthcare as a global free public good. It has placed this undeniable fact in broad daylight that conquering Covid-19 and recovering from it depends on how much priority we attach to the global free healthcare for all, everywhere, swiftly and always. It is impossible to deny that Covid-19 pandemic caused not only an economic crisis but also a healthcare crisis. 

Even in severe recessions, healthcare sector remained immune in the past. The global demand of medical care has remained unchanged since people faces sickness and require medical treatment. But Covid-19 proved this truth incorrect. Since peoples are asked to follow SMS i.e. Social distancing, Masking and using Sanitizers, most of the peoples are preferring to stay home and avoid outside contacts. It also includes those people with an urgent medical care in any other discipline. As long as the world is busy in finding the vaccine or cure to combat Covid-19, the way forward we follow with physical products and service will transform. It will be deemed desirable to refrain from to touch and be touched. 

Apart from physical health and economical problems, Covid-19 pandemic has also done havoc to mental health of peoples. The horrible feeling of being lonely, helplessness and lack of support continue to haunt, especially to those who have lost their dear ones, or may not have a job or support to turn to. Another point to consider is the universal uncertainty, fuelled by conspiracy theories, of what lies ahead has generated a worsened level of anxiety and frustration. A survey conducted by the Kaiser Family Foundation, reveals that around 50% of US populace believes that the Covid-19 crisis is affecting their mental health. 

Solving these economic and healthcare challenges and capitalizing on the opportunities associated with the Covid-19 pandemic will play an instrumental role for the progress and development of humanity around the globe. Life does not need to be scary after this pandemic. We all need to strive to turn the challenges into opportunities. It is the need of the hour and cry of the day. 

References

https://www.thenews.com.pk/print/650245-covid-19-challenges-and-opportunities https://tribune.com.pk/story/2209242/covid-19-challenges-opportunities https://www.imf.org/external/pubs/ft/fandd/2020/06/how-will-the-world-be-different-after-COVID-19.htm 

https://upcea.edu/a-glimpse-into-the-future-economy-after-the-pandemic/ https://healthmanagement.org/c/cardio/news/covid-19-and-its-impact-on-the-healthcare-economy https://www.forbes.com/sites/soulaimagourani/2020/05/29/life-after-covid-19/#7dead7b9344a https://www.vaticannews.va/en/vatican-city/news/2020-05/yunus-in-wake-of-pandemic-we-must-create-a-better-world.html