COVID-19: The Impact on Biopharmaceutical Companies
Jyotsana Chaudhary, Jatin Gupta and Dr. Ashima Sharma
Note: The COVID-19 situation is continually evolving; the thoughts and opinions expressed here were formulated based on the situation as of March 25, 2020.
The continued rise of COVID-19 is expected to have short- and long-term impacts across the key biopharmaceutical functions, and there is an imminent need for the biopharmaceutical industry to develop effective counter-strategies.
Key Impact Areas
Key Considerations and Strategies for Pharma Companies
1. Monitor competitor and market changes, while refining potential short- and long-term scenarios
2. Evaluate the impact and possible opportunities across functions for existing products
3. Formulate and refine strategies while considering the internal and external environments
Key Impact of COVID-19 on the Biopharmaceutical Industry
Clinical and regulatory procedures are expected to face a slowdown, driven by the shifting priorities of the healthcare system, reducing the risk of infections to trial patients and delaying inspections of ex-US and ex-EU sites. Commercial launches and supply chain logistics are likely to be negatively affected, directly impacting the forecast revenues, costs and consequent margins.
Key Strategies That Could Be Adopted
For continued success, defining a plan – especially for priority growth segments – is prudent
What Should Pharma Companies Watch Out For?
Examining the evolving market scenario and futuristic trends is critical for biopharmaceutical companies to refine and formulate short- and long-term product strategies. While defense against potential impact is the default response, the current situation could also provide significant differentiation opportunities that need to be explored.
Prescient, with its expert teams, stands with the biopharma industry as a partner to help navigate the COVID-19 challenge effectively and efficiently.
Stay tuned for our COVID-19 Thought Leadership series where we will dive deeper on the impact on the specific functions within the industry.