29 May 12, 2020
5 Things Pharma Can Learn From the Coronavirus Crisis – The impact of Coronavirus is significant on the global pharmaceutical market and as affected the supply chains for Pharma Manufacturers across countries. Several cities in the world are being lockdown and it is the largest quarantine in human history. The impact of the coronavirus is not only affecting people's life but it has also brought the downfall in many Pharma companies all across. Well, in this blog we have come up with 5 Things Pharma Can Learn from the Coronavirus Crisis that can help these companies to safeguard themselves from the coming crisis in the future.
There is a huge disturbance in the Pharma and Derma Companies in India and in other parts of the world as well. This is due to the growing dependency on the Indian Pharma companies in other countries for raw material or any other products. Many companies in India used to get APIs from China as it is the major player in the process of Pharma manufacturing. Due to the COVID-19 pandemic, there is a huge failure in the supplies of Pharma raw materials and APIs and it has drastically affected the Indian markets. So, to protect the market for Pharma business in the future, here are some important things these companies can learn from the Coronavirus Crisis.
COVID-19 isn’t the first of the last virus which has caused panic across the world or the global health market. But surely, now many Pharma companies can observe the current scenario of the market and get along with the long term plans to fight against any future crisis like this. So, it is high time for Indian Pharma Companies to create opportunities for themselves and learn from this COVID-19 Pandemic –
Though it is not possible for anyone to prepare themselves for the unexpected future maintaining an emergency plan can always work. We are not saying that the Pharma companies should have an accurate plan but a conceptual idea for taking steps in the future emergency always helps. So, get an outline plan for your Pharma business if the employees get quarantined. The Pharma Company must know the nature of their business and plan accordingly based on the critical situation. Moreover, it is important to be flexible at the time of such a crisis and work accordingly keeping the security of your employees as well. Your company should have policies to safeguard your physical premises, laboratories, and other equipment during the time of complete shutdown.
Indian Pharmaceutical Companies are highly dependent on the Chinese companies for Pharma Raw materials and the production of APIs. Due to the COVID-19, all the Pharma companies in India are facing a huge crisis and because of this, our pharmaceutical industry is not being able to export the number of generic medicines we used to do before. This dependency on the Chinese companies has given our Pharma companies the real damage and we are not being able to maintain the day to day Pharma operations. Thus, there should be proper research and alternatives for the Pharma supplies and our companies should maintain a well-stocked supply of all the Pharma essentials for the time of shortage. In this way, the Pharma Companies can withstand the short-term crisis with minimal impact.
Though local production of the Pharma Material can cost a little more it is the best option to avoid international trade during the time of global crisis. Due to Coronavirus Crisis, entire countries across the world have been quarantined and no international shipping is being allowed at this time. This has caused difficulties in getting the Pharma supplies from our usual sources and has caused challenges for the Pharma Medicines Manufacturing Sector in India. So, in such a situation the Pharma Companies in India should have an alternative in mind for withstanding the emergency time of the crisis like COVID-19 pandemic. Our Pharma Industry should start manufacturing the Pharma raw materials and APIs on their own.
Our Pharma Companies should work on the Innovative Technological solutions, AI and QMS system for efficient business and company’s growth. Automation can help the Pharma Company with the speedy workflow in the organization. So, investing in such advanced technologies at the early stage of the company can protect the business from the future crisis like coronavirus. China has the fastest-growing market with the leading way of new technologies like robots and automation. The companies can also work on Artificial intelligence for detecting the symptoms and tracking the spread of the virus and developing possible treatment methods in the future.
The Pharma Company should have scale operations according to the demands of the market and thus, the company should be able to deliver the quality range of medical products at the time of crisis as well. This not only helps in the growth of the Pharma business but also gives the opportunity to save the lives of several people across the country. Every Pharma Company should know and have their scaling plan at the time of contingency so as to respond faster in the Pharma market.
By learning from the Present and the past situation, every Pharma company in India can improve for the future and for the betterment of the Pharma Manufacturing Industry. A crisis like COVID-19 has reminded us that it is not only the responsibility of the investor for the healthcare manufacturing process, but is also the responsibility of the doctors, nurses, patients, and the public as a whole. COVID-19 has caused several challenges in the Pharma Market in India and thus, it is high time to analyze this situation and prepare the right response for the better Pharma market growth in the future.