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Health Economics and the Coronavirus: How do Pandemics contribute to Innovation?

The Coronavirus has caused the Corona-Pandemic disease COVID-19 ravaging human health around the globe. But are we at the edge? Will health scientists find solutions to this pandemic? How can the Coronavirus Pandemic contribute to innovation? Will medical researchers discover the healing vaccine to combat the coronavirus? Behavioral solutions have already been put in place to curb the spread of the virus. Social distancing is now a global model of behavior that should lead to lower infection rates, while society aims at finding a technological solution soon. The world needs quick-testing kits, vaccines, containment technologies, among other medical solutions to contain the disease. The implications of the pandemic are still salvaging through the economies. How can innovation change the social game?

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Innovation Contest between Germany and The United States of America

This challenge is the global task for medical research centers, the medical technology firms, chemical industry. Other sectors of the economies will have their required measures. Two researchers at the John Hopkin University of Medicine in Baltimore, Maryland (USA) have developed a screening test that would allow the health system to test about 1,000 patients daily by early April 2020. It currently takes up to 24 hours to get the results, but the researchers aim to innovate the test to take a short as 3 hours to get the test outcomes. In Tuebingen, Germany, a firm, CureVac, “…[want to focus] on the development of mRNA-Based Coronavirus vaccine to protect people worldwide”. Media reports that the innovation contest to find medication against the Coronavirus has become a competition between Germany and the United States of America.

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