After the COVID-19 pandemic yanked the global supply chain's norms and expectations, the industry mutated, The New York Times reported Aug. 12.
The pandemic has left a large footprint on the healthcare industry. Hospital financial pressures have not eased for many hospitals as workforce shortages and rising labor costs make thin margins even thinner. The medical supply chain has also not recovered to the pre-pandemic status quo, national data shows.
After China went under lockdown, several countries discovered they heavily relied on the nation for many products, including medical supplies. This realization, coupled with recent geopolitical tensions, "ended the previous version of globalization," the Times reported.
Countries are increasingly bolstering their domestic industries and contracting with others. Vietnam and India are emerging as powerhouses, and Mexico is a strong option because of its low labor costs and road and rail connections to the U.S.