COVID-19 reshaped the health care industry. The waning of the pandemic is reshaping it all over again.
Vaccine makers and pharmacy chains are seeing a steep decline in the number of people getting COVID-19 shots. Makers of at-home rapid tests are going belly-up. Companies that made personal protective equipment have shut down.
When the coronavirus first emerged, companies across the health care industry raced to reconfigure themselves. Pharmaceutical companies that were focused principally on cancer and rare diseases threw themselves into the pursuit of vaccines and antivirals. Medical-device makers developed at-home testing kits and quickly ramped up production.