Several of China’s biggest medical diagnostics companies have posted big profit gains in the first three quarters of the year, at a time when the country’s strict “zero infection” policy against Covid-19 raises spending by a minority of sectors while depressing the economy in general.
In the past two weeks, at least six such companies have posted large profit gains.
Shanghai Labway posted a 241% year-on-year increase in net profit between January and September, to 604 million yuan ($82.70 million), while Guangdong Hybribio posted a 130% increase in the same period, to 1.49 billion. yuan, according to stock exchange statements.
Dian Diagnostics, Daan Gene and Pony Testing posted more than 90% year-over-year profit growth between January and September, while Guangdong Kingmed posted 46 percent profit growth.
While China managed to keep the domestic transmission of the coronavirus extremely low in 2020 and 2021 thanks to measures such as strict border controls, outbreaks and lockdowns have become more frequent this year due to the increased transmissibility of Omicron, which has fueled the demand for evidence.
It is customary for residents of China’s urban areas to undergo a free Covid-19 test every two to three days. Local governments foot the bill, handing over to the private sector the task of managing and processing hundreds of millions of tests daily.
China defends its “zero infection” policy as crucial to saving lives and preventing its health system from being overwhelmed. There is no sign that it will back down, even as the economic toll mounts and the rest of the world has put the pandemic behind it.
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