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How to expand your Pharma business in times of COVID-19

17 June, 2021 Ayesha Sana

The effects of the coronavirus illness (COVID-19) outbreak have been felt all across the world. The pandemic has had a significant impact on the workplace. In addition to endangering public health, the economic and social turmoil endangers millions of people's long-term livelihoods and well-being. The pandemic is wreaking havoc on labor markets, economies, and businesses around the world, as well as global supply lines, causing severe commercial disruptions.

Nothing is a priority when everything is a priority. As leaders try to make sense of the post-COVID business landscape, many find themselves leading from a place of uncertainty. Leaders have high expectations for their transformation efforts. The benefits they most want from continuous digital transformation are competitiveness and workforce resilience. A majority of firms are likewise undergoing transformation. However, it appears that a greater emphasis on change is coming at the expense of client connections and partnership opportunities.

The COVID-19 pandemic has slowed the pharmaceutical industry's growth in three ways: by directly hurting production and demand, by having a financial impact on manufacturing companies, and by disrupting supply chains and markets. The impact of the pandemic on several drug/vaccine markets is generally predicted.

As a result, products critical to providing patient care and treatment, such as various medications for infectious disease, respiratory disease, vaccinations for diabetes, influenza, and other diseases, are in extremely high demand and receive adequate funding.

Non-essential products, on the other hand, have a limited or non-existent budget. The new coronavirus has caused the pharmaceutical sector to react to the disruption, which has harmed productivity and clinical trials in numerous ways. To minimize infection, lockdown measures were imposed, requiring R&D workers as well as clinical study participants to stay at home.

The Covid-19 pandemic presented an opportunity for the pharmaceutical industry to demonstrate its social value proposition to the rest of the world. Not only has society been able to see the clear link between R&D spending and the creation of life-saving pharmaceuticals, but the world has also experienced unprecedented worldwide collaboration between the public and commercial sectors to bring these vaccines to market in record time.

Ways to Promote Pharma Business:

  • Humanize the Brand: Pharmaceutical firms can build emotional bonds with their customers by infusing human elements into their branding. Customers will be more inclined to ask their doctor to prescribe a specific brand of medication as a result of this.
  • Create Effective Marketing Material: Pharmaceutical firms can build emotional bonds with their customers by infusing human elements into their branding. Customers will be more inclined to ask their doctor to prescribe a specific brand of medication as a result of this.
  • Balance Marketing and Research Efforts: Studies have revealed that pharmaceutical corporations spend disproportionately more money on marketing than on research. As prescription prices have continued to grow, this disparity in expenditure has sparked significant criticism.
  • Connect With People at Online Events and Webinars: Sponsoring virtual events is a wonderful way for pharmaceutical companies to build relationships on the ground. Brand remembers is ensured by print and broadcast promotional programs. The participation of a company at an event, on the other hand, aids in the development of relationships with a certain segment of the consumer base.
  • Identify and address issues that may limit patient access to pharmaceuticals, such as when medication delivery is challenging (e.g., infused therapy, especially in less healthy populations), or when patients cannot have prescriptions refilled or require physician consultations.
  • Engage with the investigators and participants in critical trials that are already ongoing. Discuss predicted outcomes, high-risk locations, and potential procedure adjustments. When protocols need to be changed, get input from the investigators and act fast and aggressively.

Future Plans

  • Restart any clinical trials that have been halted or delayed. Reconnect with investigators and other interested parties.
  • The portfolio should be prioritized, and scarce resources should be allocated accordingly. Identify the trials that have experienced the most delays and prioritise those that will provide the most value.
  • Accelerate the digitization of the value chain and ways of working, leveraging Covid-19 crisis lessons learned in areas like customer engagement, real-time supply chain monitoring, and clinical development digitalization.
  • More resilience will be achieved through reorganising assets and supply networks. Despite the expected cost increases, the intensive focus on risk management across networks and supply chains will certainly continue in the aftermath of COVID-19.
  • Demand for new capabilities and expertise may evolve as the future of work becomes more distant and distributed. Most industries, including pharmaceutical operations, will be focusing on re-evaluating the future of labor.

With various delivery and information endpoints, supply chains will become more patient-centric. Patient-centric supply chains should explore how to meet this demand as the expansion of digital tools, telehealth, and app-based ecosystems make patient-level data more accessible. Significant gains in telemedicine, video conferencing, remote-working tools, and clinical decision-support systems are all projected, according to a recent study of physicians.

The pharmaceutical business is on the front lines of a worldwide pandemic, as executive teams are well aware. Setting the correct priorities now can help companies drive innovation while assuring a consistent supply of critical pharmaceuticals for patients affected by Covid-19 directly or indirectly.