There are many new laws we are going to witness across the globe during this pandemic,COVID-19, which we have never expected . It is happening across the globe.
Even as the world reels under the coronavirus COVID-19 pandemic, it seems that China — where the virus originated, has controlled the virus and is now moving back on track towards an economic recovery.
All business establishments, irrespective of their strength and type of industry, have been already affected greatly by the coronavirus pandemic. With the entire education sector coming close to a standstill (and the country under lockdown) all dependent industries have also suffered terribly.
Several biopharma companies having their vital manufacturing steps in Chinese facilities, the novel coronavirus (Covid-19) outbreak is putting the complicated global biopharma industry’s supply chain under strain.
Chinese-made testing kits are becoming a more common presence throughout Europe and the rest of the world, adding a new dimension to the roaring debate over dependence on medical supplies from China.
Ironically, China is now selling equipment to fight the coronavirus all over the world. While the economy of rest of the world is in ICU at the moment and all the major economies are going into recession, China is still in profit.
China is now selling goods all over the world and Chinese industrialists are also taking advantage of the opportunity to invest in different countries of the world at large. So, coronavirus which started from China has now become an opportunity for China.
A manufacturing giant, 3M, which makes everything from adhesive tapes to air filters, said the dismal performance in the first three months of 2019 was caused by weak demand in the China automotive and electronics sectors, causing it to cut production.
3M built its first subsidiary in China in 1984 and it now has nine manufacture facilities across the country, plus four technical support centers and one research and development center, employing more than 8,200 people.
Trump imposed the Defense Production Act against the company last week.
“3M will have a big price to pay,” the president said, as a Florida Division of Emergency Management Jared Moskowitz said that 3M was prioritizing selling to other countries over meeting domestic demand.
The company warned of “significant humanitarian implications” of banning the exports of masks at this time. 3M said the governments of other countries were likely to retaliate by banning masks exports from their country to the U.S.
The order under the Defense Production Act directing acting Homeland Security Secretary Chad Wolf to “use any and all authority available under the Act to acquire, from any appropriate subsidiary or affiliate of 3M Company, the number of N-95 respirators that the Administrator determines to be appropriate.”
The company said it was already working with the Trump administration to prioritize orders from the Federal Emergency Management Agency before the Defense Production Act was invoked. The latest actions offer a framework to “expand even further the work we are doing in response to the global pandemic crisis,” 3M said.
Trump has expressed reluctance to use the defense law, comparing it to nationalizing industries. He has said he prefers to use threats to invoke the act as leverage to force companies to comply with demands to manufacture equipment.
Many industries are Implementing flexible business hours and work-from-home arrangements will safeguard the business and health of the employees. There are various OEMs have brought solutions for remote working through Google Hangout, Skype, and Zoom have made it possible to allow employees communicate and work online efficiently, without compromising their safety at this time.
Lastly, if any business is able to help produce much-needed supplies during these difficult times, it can only be a good thing.