What are “Essential” Businesses That Have Proven as Pandemic Proof?
Unlike the airlines, hotels, leisure, restaurants, and gyms, there are still a few essential businesses proven as pandemic proof. Companies that had to make minimal adjustments and were barely affected by the restrictions brought about by Covid-19.
Healthcare and Pharmaceuticals
Healthcare and pharmaceuticals are some of the few essential businesses that have not only remained afloat during these trying times but have also expanded. Both the public and the private sectors have provided plenty of resources to improve hospitals, Covid-19 quarantine facilities, and other healthcare infrastructures. Companies have increased productions due to the high demands for personal protective equipment, from face masks, gloves, face shields, safety helmets, safety footwear, safety harnesses, and high-visibility clothing to protect them from the Covid-19 virus.
Pharmaceutical companies such as Pfizer, Moderna, AstraZeneca, Johnson & Johnson, and BionTech have been racing for the most effective vaccine and providing testing kits. There has been an increasing demand for healthcare workers, and retired doctors and nurses have volunteered to help out in understaffed hospitals worldwide.
In early 2019, countries worldwide went on lockdown, and for other companies to remain operational, they provided equipment to enable workers to work at home. From customer services, education, and entertainment — the traffic is no longer on the streets but the internet. All these companies relied on telecommunication companies to keep them connected. Many companies have seen the work at home setups as an alternative even after the lockdowns are lifted. They have observed the cost-cutting possibilities of these setups compared to renting large commercial spaces in the city.
Another important business that has not been affected by the pandemic are insurance companies. At the same time, governments are encouraging the public to include Covid-19 in their healthcare budgets. Various private sectors are already offering additional coverages on their insurances. Policyholders are being offered premium hospitalization and critical healthcare coverages. These range from severe asthma, pneumonia, diabetes, and other underlying diseases that could worsen if they were to contract the Covid-19 virus. There has also been an increase in life insurance policyholders since the pandemic outbreak.
When the pandemic first hit and all restaurants closed, even the QSRs had difficult times. However, within just a month of reopening, most QSRs actually were having store sales in line with pre-pandemic numbers, and many had sales that were above. This was due to limited competition, lower price points, and having a drive-thru, allowing for low contact and/or contactless ordering. Some brands even posted year-over-year sales growth above 10%.
Video Streaming Service
The new normal may be socially distancing us from one another, but it has connected us with video streaming more than ever. With more people at home, they have found more time to entertain themselves with video streaming movies and series. The video streaming service has also been popular for families, learning the step-by-step process of learning how to cook a dish or tips on how to care for plants.
For others, they share their day-to-day lives, stream daily, wishing to bring hope and comfort to those oceans away. Video streaming has increased by 40% on mobile data alone, 50% on broadband access, and doubled on gaming portals’ usages. If this pandemic continues, we can expect that the video streaming service business will bring in more vloggers, looking for creative ways to pull in subscribers.
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