There's always some irrational/panic buying around important nation and international events, and the increased paranoia and tribalism of our present world have only made it worse. Then there's the semi-legitimate panic around the current pandemic. I say semi-legit because there are genuine supply chain issues caused by the disease sweeping through meat packing plants and other industries. My personal viewpoint is that it's always prudent to keep a few weeks worth of food, a couple months worth of medication, some water, etc. The wife of my employer had a very difficult time getting a prescribed medication for a dangerous congenital disorder so she was scrambling to try to stock a bit. I'd say, current events notwithstanding, if you have medications you need to stay healthy (or to stay alive, period) now is the time to talk to your doctor about the possibility of getting an extra month or two supply.
“I'd rather have questions that cannot be answered than answers that can't be questioned.” —Richard Feynman