Prepare? Well, I'm admittedly a little bit of a "prepper" anyway. Not to an extreme degree, but I stockpile certain supplies, practice some bushcraft / wilderness survival techniques, and read the occasional book/magazine/website on the topic of survival and prepping. So far, not taking any specific extra actions related directly to the coronavirus thing. But I may make it a point to stock up on some over-the-counter medicines... the kind of things that don't cure any disease, but can at least treat some of the symptoms so you can sleep - e.g. Nyquil, Mucinex, etc., as well as disinfectant wipes, and things of that ilk.
I can't imagine this getting so bad that I'd be tempted to flee into the wilderness just to try and avoid human contact until it blows over, so I'm not going out and stocking up on trail mix, ammo, snare wire, waterproof matches, Bic lighters, etc., etc., yadda yadda yadda.
Slightly eccentrically I ordered some chloroquine (because https://www.standardmedia.co.ke/article/2001359446/anti-mala...)
Re whether to worry in the west I'd keep an eye on Singapore because they have pretty good controls here. If it levels out things will likely be ok. If it goes exponential the the rest of the world will probably follow.
I'm also making sure to be stocked in non perishable food, rice, etc.