It is easy for a layperson to assume that the pharma industry is the one reaping benefits from the crisis. The truth, however, is that there is a lot for the industry to do to recover. In this article, we analyze the short-term and long-term impact of the COVID-19 crisis in the pharmaceutical industry and draw an inclusive digital transformation strategy for mid-size pharma companies to overcome the current setback.
Short Term Impact on Pharma Companies
According to the DARU Journal of Pharmaceutical Sciences, “Demand change, supply shortages, panic buying, and stocking, regulation changes, and shift of communication and promotions to remote interactions through technology and research and development (R&D) process changes can be seen as short-term impacts of COVID-19 on the health market.” The short term impact of COVID-19 on the pharmaceutical industry is summarily an established financial and reputation loss.
Long Term Impact on Pharma Companies
Starting from the delay of non-COVID19 related products to a slump in the industry growth with significant shifts in consumption patterns are the two major long-term impacts of COVID-19 on the pharmaceutical market. Mid-level enterprises will also experience product approval delays, sourcing of raw material due to export bans, poor usage of evidence-centered therapies in clinical research, and a noticeable decline in the research and development of non-COVID-19 drugs.
Based on a survey conducted by Reuters Events Pharma, nearly 63.2% of respondents were optimistic about their patient support programs’ success amidst the current situations calling for remote access. This, in essence, means a digital transformation suited to the needs of the healthcare industry.
Omnichannel Disease State Marketing
So, from a digital healthcare marketing point of view, can there be clinically meaningful and creatively crafted digital solutions to build actionable and measurable relationships with the target audience? Can medical communication be better through strategic and insightful engagement for mid-size pharma companies?
An omnichannel disease state marketing roadmap integrated with innovative digital solutions drives next-generation customer engagement. Clinically meaningful and creatively crafted digital solutions build actionable and measurable long-lasting positive relationships with the target audience.
Custom Digital Platform for Scientific Communication
A custom digital platform helps develop a living document that establishes the scientific pillars and lays the foundation for all future scientific communications for a product. It encompasses epidemiology, disease symptoms, disease burden, treatment trends, quality of life, unmet treatment needs, guideline recommendations.
Mid-scale pharmaceutical research and development involving immersive review of the data and literature, discussions with key opinion leaders, multidisciplinary workshops to gain consensus with internal stakeholders and ensure alignment with the brand objectives find a holistic solution.
External Stakeholder Management
Advisory Board Meetings
Live or virtual advisory board meetings acquire relevant insights and advice on the product and address unmet medical education needs to drive the medical strategy and generate actionable items ultimately.
Congress support is an opportunity for peer-to-peer networking, KOL identification, and public relations management for the key leaders propelling innovation from within the organization. For mid-size pharma companies to thrive, congress presence is indispensable.
Salesforce Training & Implementation
The need for digital transformation has made way for a lot of collaboration across industries to deliver what is required. For instance, capacity-based appointment booking apps facilitate mass COVID-19 testing. In this context, Salesforce CRM is a complete solution for mid-size pharma companies to consider.
Given the popularity of the CRM, if businesses already harness its advantages, timely training for improved CRM utilization can empower internal resources. The technological and scientific readiness to collaborate with others is significant leverage for the pharma industry to scale up and overcome the prevalent challenges.
All top pharma companies such as Novartis, Pfizer, Roche, Merck, Abbvie, Sanofi, AstraZeneca, GlaxoSmithKline, Bristol-Myers Squibb, and Johnson & Johnson are massively invested in the above discussed strategic solutions. It is a super race toward revolutionizing the medical industry outlook on the face of COVID-19. At RADcube, we envision it to be inclusive of mid-size pharma companies and enable RADcube Health Marketing to discuss new healthcare marketing and branding solutions.
Citation: Ayati, N., Saiyarsarai, P. & Nikfar, S. Short and long term impacts of COVID-19 on the pharmaceutical sector. DARU J Pharm Sci (2020). https://doi.org/10.1007/s40199-020-00358-5