According to the financial document released by Merck, they are on track to take a sizable dent of $2.1 billion due to the pandemic. COVID-19 has disrupted the economy that draws parallels to the times of The Great Depression. Several healthcare businesses including medical practices were forced to close down due to the sudden dip in patient volume. Prior to the pandemic they seemed to be having a rather profitable year with a solid 11 percent climb in revenue. However the pandemic changed all that.
Whether Merck and companies like Merck make it through is entirely contingent on their ability to adapt to the challenges of the pandemic. For eg: a medical practice facing serious losses due to its conventional practice can get a grip on their finances by transitioning to telemedicine. Similarly, these companies have to transition to feasible technologies that can adapt to the stresses of the pandemic.
