Impact of covid-19 on Indian Pharmaceutical Industry

Post-Covid Changes in the Pharmaceutical Industry

The Indian Pharmaceutical Industry is catering to more than 50% of the global demand for different varieties of drugs. It is also the highest generic drug supplier across the globe and in the US it contributes to 40% of generic medicines and in the UK 25 % of medicines.

The Pharma industry in India is expected to reach $100 billion, while on the other hand the medical device industry is expected to reach $25 billion by 2025.  Also, the biopharma sector was expected to grow $100 billion in the coming years.

With the onset of the coronavirus pandemic, an increase in demand for medicine and healthcare products is highly observed. However, the supply of essential healthcare products was unable to address the increase in demand. Due to the pandemic, it also becomes one of the highly engaged sectors in the Indian Economy.

To cope up with the rapid changes, the Indian Pharma sector workforce needs to upgrade skills or learn new skills.

Few measures that can be taken by the Pharma sector workforce to address the fast-changing requirements cover:

Simplify Supply Chain

Coronavirus Outbreak has caused many changes like the way we meet, eat and even shop and by the time the pandemic slowdowns, we are not sure whether these lifestyle changes will become a norm. But these habits are expected to enable the Pharma sector to thrive even after covid. To meet the growing consumer needs, the Indian Pharma sector needs to accelerate or simplify its supply chain processes to reduce the dependency on other countries.

Changing Healthcare Models

Govt. needs to adopt best business practices for facilitating an increase in the production of Pharma products supplies. Also, the existing physical Pharma supply chain model needs to incorporate some physical and virtual models. To do it, the Pharma workforce is required to learn new technologies or do some Pharma certification courses. This will not only help them to upgrade skills but also enable them to streamline their entire supply chain processes and the healthcare models in the future.

Get Notified by Getting Certified

To remain relevant in the industry, the Pharma sector workforce will have to actively take part in other areas of business. For this, they can upgrade their skills by opting for a digital method of learning and do the latest certificate course in a pharmacy without even quitting their job or while doing B. Pharm or M. Pharm.

Covid-19 Changing the Pharma Sector Workforce

Pharma field sales teams are now developing skills to communicate effectively with prospects or customers remotely via a digital mode of communication like video or phone to remain relevant and achieve success in the industry.

It’s very clear that in the coming time, the organization will opt for a hybrid model of customer engagement that includes both virtual and face-to-face. Also, Pharma students who aspire to make a career in sales and marketing in Pharmaceutical Industry are required to acquire some soft skills, email writing skills, public speaking, etc. for in-person and virtual meetings.

Healthcare professionals are now opting for virtual industry events and remote consultation with patients.

Digital Learning and Development (L & D)

Knowledge sharing, training, product demonstrations and workshops are all key for the whole Pharma Industry. Whether it is HR, Marketing, QA/QC or Branding, team members need to communicate and keep updated with the latest skills or learning and which is where online learning comes in.

Offering online tutorials and webinars which facilitate learning remotely will enable organizations to upgrade their team skills.

Not only the Pharma industry but any industry that incorporates these practices, will be identified as those who give support and value to employees during the tough phase of isolation or lockdown.

Final Thoughts

The Pharma sector played a major role in keeping the world economy running by developing Covid-19 vaccines. But as new Coronavirus variants are coming up, there will be a requirement to develop new drugs by using the best international expertise that has capabilities to deal with any Corona variant.

And, it is promising to both professionals as well as students for the long term who have a desire to upgrade or learn new skills with the changing scenarios.

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