THOUGHTS

Restoring Normalcy in the Pharmaceutical Value Chain: The Impact of COVID-19 and the Next Step to Success

Oct 5, 2020

The COVID-19 pandemic has challenged industries, countries, and governments endlessly over recent months. The spread of the virus has led to a range of issues that impact the foundation and functioning of business operations, GDPs’, and supply chains. All industries are now working towards recovery, and the pharmaceutical industry is attempting to regain control and functionality across the pharmaceutical value chain.

The pharmaceutical value chain includes every component and every process from manufacturer to end-consumer. This includes, but is not limited to, manufacturing, acquiring regulatory approval, import and export, distribution, and retail. The safety regulations, nationwide lockdowns, and transportation disruptions caused by the COVID-19 pandemic are among the biggest factors impacting the pharmaceutical value chain.

Pharmaceutical companies have attempted to develop more streamlined processes and taken various initiatives prior to the COVID-19 pandemic due to the pharmaceutical value chain’s fragmented nature. However, few have succeeded, and the different strategies utilized by companies did not protect the value chain from the hard-hitting impact of the COVID-19 pandemic.

As the pharmaceutical industry focuses its effort towards recovering the pharmaceutical value chain, companies must understand the impact of the pandemic. Therefore, in this article, Infiniti’s market intelligence experts detail the effects of the COVID-19 crisis on the pharmaceutical value chain. Additionally, they discuss the best path to recovery for pharmaceutical companies and highlight the value of market intelligence solutions in this attempt to return to normalcy.

The pharmaceutical industry is on the path to recovery and companies need to strategize for the changing market dynamics and impact of the COVID-19 pandemic. Speak to our industry experts to learn how companies can develop the optimal strategies to face these challenges.

clinical trials worldwide have been suspended, postponed, or halted since the advent of the COVID-19 pandemic. Stakeholders consider this the most impacted segment in the pharma industry. Due to the need for social distancing, the limitations on transport, and the requirements of new hygiene protocols, conducting clinical trials and collecting real-world evidence has been challenging for pharma companies. The halting of clinical trials translates into a delay in the development and time-to-market for various therapies and drugs.

Simultaneously, pharmaceutical companies are struggling to conduct clinical trials to develop a vaccine for the SARS-CoV-2 virus, which causes COVID-19. However, they face challenges finding ideal candidates and carrying out their clinical trials despite the various limitations. Pharma companies and governments are working towards digitalizing the clinical trial process with innovative alternatives such as telemedicine and mailing trial drugs. Efficiently digitalizing, and overcoming the various challenges caused by the COVID-19 pandemic will help companies develop a vaccine and fast-track recovery worldwide.

Understanding the impact of the COVID-19 pandemic on the pharmaceutical value chain is a crucial step for recovery in the pharmaceutical industry. Request more information to gain more in-depth insights into the challenges caused by the pandemic and the next step to recovery.

How can Market Intelligence Solutions help Pharmaceutical Companies Overcome the Impact of COVID-19?

Pharmaceutical companies need a series of solutions to assist them in their attempt to recover from the impact of the COVID-19 pandemic. The pharmaceutical value chain has been significantly disrupted through 2020, and by re-establishing normalcy soon, companies can minimize the long-term implications of the pandemic across the value chain.

Infiniti’s market intelligence solutions can provide companies with insights, guidance, and strategies to help their industry recover as quickly as possible. There are various crucial factors that pharma companies must focus on during the process of recovery, and Infiniti’s market intelligence solutions can help them adapt and recuperate as required. Our market intelligence experts can help pharma companies and the pharmaceutical value chain in the following crucial ways:

  • Companies must improve transparency on the various levels of the supply chain and identify alternative sources for the different raw materials or services that are unavailable. Infiniti’s demand planning solutions enable companies to provide visibility into their operations and supply chains required to make real-time decisions and keep stakeholders informed.
  • There is also an increasing need for companies to analyze their inventory, estimate the available inventory across the value chain, and attempt to continue production and delivery to customers. With Infiniti’s inventory management solutions, companies can try to fulfill customers’ demands despite the disruptions caused by the COVID-19 pandemic.
  • Pharmaceutical companies must also focus on understanding and strategizing for the changing demands of their consumers. With social distancing and new hygiene protocols, consumers have been less likely to renew their prescriptions. Infiniti’s demand management solutions can enable companies to predict, plan, and meet customer demands accurately.

The pharmaceutical industry can successfully recover the pharmaceutical value chain with efficient planning, management, and strategizing. Infiniti’s market intelligence solutions provide companies with the data-driven insights and expert guidance they require to efficiently overcome the impact of the COVID-19 pandemic across the value chain.

Infiniti’s market intelligence solutions can serve as the differentiator between a quick recovery and additional challenges for companies attempting to recover the pharmaceutical value chain. Request a free proposal to enter the post-COVID era as a pharmaceutical industry champion with our expert insights and guidance.

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