Profiting from national crisis: Medical suppliers shamed on social media for ‘overcharging’!

Beijing: As the number of Covid cases in China continues to rise, several manufacturers and providers of medical equipment have come under fire from disgruntled consumers who believe they are making money from the situation. According to media sources, the Covid-19 issue in China is overwhelming the healthcare system and hospitals are being overrun with patients. The lack of available medications just makes their problems worse.

To prevent issues in the future, many people are stocking up on oximeters, oxygen equipment, fever medications, and test kits. As a result, the demand for medications has increased. According to South China Morning Post, China’s healthcare index increased by 5% in November and December. People have complained about the rising costs of medical goods on local social media sites like Weibo and Xiaohongshu, claiming that manufacturers are profiting from the health issue.

‘Company profiting from a national catastrophe’
‘Oximeter manufacturer Jiangsu Yuyue in China has come under fire for raising the cost of its goods. The equipment is now cost at quadruple what I spent earlier in December, and I can’t believe the firm is profiting on a national catastrophe’, said a client from Guangdong who shared images of her medical receipt on Xiaohongshu.

On December 28, a user complained about Yuyue on Weibo, claiming that the firm had cancelled her purchase for an oxygen machine and accused her of stockpiling equipment. However, the business eventually apologised, stating that it had cancelled the order since the wrong goods had been despatched.

‘Pay attention to those who are in demand’
Since more and more individuals are anticipated to contract the infection in the future, Everbright Securities, a state-owned financial giant, said that there is still a scarcity of medical supplies. Suppliers of medical supplies were admonished to ‘pay attention to those in high demand’. The ‘structural bull market’ for pharmaceuticals and medical equipment, on the other hand, is expected to begin in 2023, according to Topsperity Securities.