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COVID – 19, A MAJOR SETBACK TO THE PHARMA WORLD
Thursday February 18, 2021 at 11:20 am
Adaptability is a crucial factor for any company, function or individual operating within the healthcare industry, but never has it been so essential as during the COVID-19 pandemic. Within a time span of few weeks, we saw a drastic sea of change in the field of healthcare around the world and the need to adapt to a new virtual environment. The pharmaceutical industry had to rapidly respond to increasing demand and pressures on manufacturing and supply of critical medicines.
The COVID-19 pandemic is a wake-up call for the Indian pharmaceutical industry due to the need to incorporate new technology to keep up with ever-changing landscapes and regulations. As supply chains throughout the world have crumbled due to dire situations caused by the pandemic, it has become prominent that vendor visibility, careful regulatory compliance, and adoption of new technology will be key necessities for future progress and stability.
As the industry has begun to adjust to the ‘new normal’ phase of working practices, it’s essential to reflect on the lessons we can take from this exceptional time and how we can use these to move forward and also to thrive.
Here are few major ways COVID-19 has transformed the whole pharmaceutical industry:
Global supply chains have always been subject to a wide variety of obstacles. This is acutely true for pharmaceutical companies, who have always had to juggle a plethora of challenges such as shifting political landscapes and regulations within their two biggest manufacturing locations, India and China. Natural disasters are also a common factor.
Unfortunately, COVID-19 has so severely affected the pharma industry that there are now huge shortages of drugs due to pharma’s dependency on brittle global supply chains.
Due to these alterations, the pharma industry will have to focus on vendor diversification and better visibility to avoid production being controlled by a single vendor. With the creation of a portal specifically for vendors, organizations can gain real-time data around shortfalls and risks as well as data tracking to satisfy the regulators.
Pharma companies must also adapt to perpetually changing and increasing drug regulations. Pharma companies must continually adapt to changing drug regulations and due to the pandemic, there is the added pressure to succeed under severe time restrictions. Where there is money there is a chance of cutting corners, and there is a great deal of money to be made in the creation of a COVID-19 vaccine.
This level of competition for prestige and funding has always trust pharmaceutical companies in the legal spotlight. While this type of check and balance is necessary to a safe and functioning healthcare system, pharma companies must pay even more attention to their security and compliance to decrease as much risk as possible.