COVID-19's Economic Impact on the Global Health Systems: Time to Respond to New Realities

Abstract

Around six months have passed since the emergence of an ongoing coronavirus-related health pandemic. In resource-limited countries, healthcare systems with fewer options for intervention are likely to face more economic difficulties. The goal of this review is to summarize and explore the cost and economic effect of COVID-19 on global health systems. The study starts with a crisis synopsis and costs of COVID-19 treatment, then discusses how health has been affected and approaches to alleviating the burden while at the same time limiting an inevitable income loss. Even if it is difficult to project COVID-19 spending because there are many uncertainties about the disease and its future course, various reports have quantified the amounts spent on direct COVID-19 treatment in different countries. The healthcare sector around the world has faced catastrophic financial challenges and experienced the largest global recession in history. Most governments in the world cannot avoid the devastating economic impact of COVID-19 on the healthcare sector, but they can try to avert the worst effects. With the spread of the coronavirus, the healthcare systems are facing a financial crisis as a result of actions that countries have adopted to mitigate the spread of the virus. Therefore, it is crucial to act swiftly and in meaningful ways to minimize the fallout from this shock.