Company making money from national crisis: Chinese medical suppliers shamed on social media for overcharging

Beijing: As China continues to witness an ever-increasing number of Covid cases, many medical equipment makers and suppliers have been on the receiving end of backlash as angry customers claim that they have been profiteering from the crisis. Media reports suggest that hospitals in China have been inundated by Covid-19 cases and the healthcare system is overwhelmed with the ongoing crisis. Adding to their troubles is the shortage of medicines. Many residents are stocking up oximeters, oxygen machines, fever medicines and test kits to avoid complications in the future. Hence, the demand for medicines has also escalated. Throughout November and December, China’s healthcare index saw a five per cent gain, according to South China Morning Post. People have taken to local social media platforms like Weibo and Xiaohongshu to complain about the raising prices of medical supplies saying that manufacturers are making a profit out of the health crisis. ‘Company making money from a national crisis’ Jiangsu Yuyue, a Chinese medical equipment supply company that makes oximeters, has been criticised for increasing the price of its products. A customer from Guangdong posted screenshots of her medical receipt on Xiaohongshu saying, “The device is now priced at triple what I paid earlier in December, can’t believe the company is making money from a national crisis.” On 28 December, a user posted her grievance on Weibo tagging Yuyue saying that the company cancelled her order for an oxygen machine, alleging her of hoarding equipment. The company, however, apologised later saying that it had cancelled the order because a wrong product order was shipped out. ‘Pay attention to those in high demand’ Everbright Securities, a state-owned financial conglomerate, said that a shortage of medical supplies still needs to be resolved as more and more people are expected to get infected in the future. It advised medical suppliers to “pay attention to those in high demand.” On the other hand, Topsperity Securities has predicted a “structural bull market” for medical supplies and drugs in 2023. Read all the  Latest News ,  Trending News ,  Cricket News ,  Bollywood News , India News  and  Entertainment News  here. Follow us on  Facebook,  Twitter and  Instagram.