The challenge of COVID-19 for pharmaceutical and life sciences industries is that nothing and no country can – nor should – be viewed in isolation. While it is true that there are some acute scenarios at the country level that occupy our immediate attention, the long-term consequences are starting to become apparent. Fighting COVID-19 is the top priority, but adjusting to a new reality is a close second. In fact, it is entirely possible that in some ways, the pharmaceutical industry will never return to the pre-COVID-19 normal.
This is why, in thinking about COVID-19, we need to think both fast and slow: clearly there’s a huge amount coming at us every day in terms of addressing the immediate crisis. But this “fog of war” must not prevent us from thinking about the longer term implications for healthcare systems and our industry.
This white paper covers five key focus areas for pharmaceutical companies as they address COVID-19. For now, the focus is on illuminating the immediate levers of pharma market movement, though long term hypotheses are also raised:
- Supply and demand
- Pressure on regulators
- Change in interactions between pharma and Healthcare Professionals
- Global interconnectedness of active pharmaceutical ingredient (API) and generics manufacturing
- Launch schedules, and other longer term impacts
As well as rising to the challenge of keeping medicines flowing, identifying treatments and developing vaccines, the pharmaceutical industry has opportunities to transform and evolve more rapidly than it would otherwise have done. Whilst there are huge challenges ahead, the fact is that the crisis is sparking more innovation in an already highly innovative industry.