The COVID-19 pandemic has brought with it many uncertainties regarding the future of the labour market. According to the World Trade Organization (WTO), global economic activity is expected to decrease its operations by between 13% and 32% in 2020, which could result in a long-term decrease in corporate power. Despite this, this landscape is perceived as being a great opportunity to innovate, enabling an increase in employer efficiency. An example of this was the way that workers swiftly adapted to contain the transmission of the virus, drastically changing their internal processes and the procedures associated with the fulfilment of their professional objectives. Remote meetings taking place online are now commonplace, and economic activity has increased on a number of digital platforms. Given the current challenging situation, what great opportunities exist for the pharmaceutical sector?
1. An opportunity to redefine approaches supporting individuals suffering from illness
Major pharmaceutical companies are using their own capabilities to alleviate the social impacts caused by the novel coronavirus in chronically ill patients. A noteworthy example of this is Lilly, which has been supporting the diabetic population by offering them personalised advice. For many insulin-dependent diabetics, the pandemic has led to the loss of jobs and insurance plans, or to an abrupt reduction in wages, jeopardising their ability to purchase medication for the correct management of their health. With this in mind, patients have been encouraged to call the Lilly Diabetes Solutions Centre to enquire about the various medication options available, should they need to transition to a generic medicine or wish to limit monthly prescription costs. The goal is to ensure that there are no interruptions in the supply of diabetes medication.
2. Humanising the sector in times of crisis may be the way forward
Although it remains a profitable industry, the pharmaceutical sector is facing major challenges to the way it conducts its business. Clinical trials that were already planned for other diseases are being postponed, which will delay the development of new drugs. Nevertheless, this is still an opportunity for pharmaceutical companies to humanise the way they communicate with consumers, since this sector is one of the main players in the fight against the current pandemic. The application of technological know-how for the development of a medicine or vaccine has revealed commitment and dedication to the search for real solutions, in which society has placed a great deal of hope.
3. Digital transformation as a means of innovating production processes
Quality comes at a cost and pharmaceutical companies are aware of this. Given the economic projections, the strategy of reducing costs in all manufacturing dimensions has been consistent, without changing the quality of the final product. This means using modern computerised tools to collect data on production history and make it available for analysis, giving teams the means to reduce wasted effort and optimise production processes without compromising quality. Pharmaceutical companies may come to adopt more and more computerised tools, which automate data collection, freeing workers from time-consuming and error-prone administrative tasks. These new processes improve communication between teams and increase productivity.
4. Data analytics is more important than ever
The race to find a drug or vaccine to halt the COVID-19 pandemic has led many pharmaceutical companies to use artificial intelligence to streamline processes and procedures. In the pharmaceutical sector, predictive analytics can also provide important insights for the discovery of new drugs, for example. Data Analytics and Artificial Intelligence solutions raise the pharmaceutical sector to new heights, bestowing organisations with agility and competitiveness by way of contributing to lower research and development costs, reducing the likelihood of errors during clinical trials. Basically, data analytics permeates all dimensions of the organisation, and the more data that is obtained about the business, the greater the possibility of converting them into competitive advantages. Thus, the commitment to technology can present an organisation with various advantages, either via the optimisation of existing operational processes or in the identification of new opportunities through the analysis of behaviours and patterns.
5. An opportunity to rethink business models and strengthen credibility
The environment in which the pharmaceutical industry operates has undergone significant changes in recent years, and the COVID-19 pandemic has accelerated these changes. As a result of this constant market volatility, the need to invest in new business models based on portfolio diversification is evident. Therefore, innovation in the ways we approach and respond to the changing expectations of all the different stakeholders involved is essential – from those individuals suffering from illness to the shareholder. But innovation comes at a price. In the face of growing scrutiny from society, questions about the price of medicines that reach the market are not uncommon. Few companies seek to explain the cost of financing research into a new drug and clinical studies that will enable it to reach the entire population both safely and effectively. This will certainly be an opportunity that the pharmaceutical industry will not want to miss. Reinforcing consumer credibility by explaining the importance of all the steps necessary to create a new drug can help to build a more positive reputation.
In short, the pharmaceutical industry is at the forefront of the effort to contain a global pandemic. Setting the right priorities today can help companies accelerate innovation, whilst also ensuring a steady supply of the medicines needed by individuals suffering from illness; both those affected directly and indirectly by COVID-19.