What Pharma Needs to Adjust

As the world is switching to adjust to a ‘new normal’, so the businesses are going to face new challenges. It's time that they need to be more responsive to understand market needs and ready to face uncertain times.

Truly, coronavirus pandemic has made pharma industry to realize the need to develop new and essential medicines and treatments. 

With more infections, the demand for potential drugs is even more.

Undoubtedly, the pharma sector, besides food and other significant sectors, is continuously operational. Needless to say, the pharma industry has undergone all the pressure during pandemic times, and still struggles to maintain procurement of raw materials and supply of finished products.

So, here’ the important question: Is pharma ready to deliver affordable and needed medicines against COVID-19?

First thing first, the pharma industry needs to list out those innovations wherein the clinical trials and product launches can be delayed. 

Secondly, it needs to come up with a list of essential and new products that can be effective against COVID-19. Well, the right time for the pharma sector is when it serves the patient population and earns their trust. In this way, the pharma industry can benefit financially, earn market reputation and avail quick approvals for their drug applications from respective regional drug authorities.

Imagine when there’s a greater demand for new, additional products, then it’s the right time for pharma sector to show up their production capabilities, expand their pipeline and product portfolios and stay ahead in the competition landscape.

As the pandemic prevails, it means a lot when the pharma industry embraces a philanthropic approach by applying moderate pricing and responding in time to market needs. In producing newer products, with reduced pricing and in limited quantities, there will be slump in profits. But, foreseeing possible recession, at least it’s better to exploit whatever opportunities pharma industry gets and move on within its capacities.

Noticeably, for the sake of urgent supply of different drugs and medicinal treatments, pharma manufacturers will face production challenges, restricted raw materials, manpower shortages or disruption in deliveries. Nevertheless, they will have excellent opportunities to discuss faster payment terms with existing vendors in return for speedy supply of materials. On the other hand, with sufficient operating cash flow, pharma companies can tap newer markets and establish dealings with competent suppliers.

Agreed that many pharma businesses might have altered pricing tags for their profitability interests. Instead of considering COVID situation and serving the patient population, it’s totally irrational when such pharma manufacturers focus on their commercial priorities. Perhaps, they need to restructure their objectives, change product pricing for low profits and enhance their efforts by producing effective and essential medicines. Optimistic change, isn’t this?

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