If one thing the current pandemic has taught any type of business, it’s that you constantly have to be thinking of new ways to improve your business and be able to quickly adapt to change. COVID-19 has had a detrimental effect on a host of industries including hospitality, travel and retail; but no more so than on the pharma and biotech industries.
With the pandemic now playing its part in the way businesses will have to adapt to the current times, asset and brand planning has never been so important, especially when there is so much talk around a shift in how pharma and biotech companies will operate in the future. For all businesses, now is the time to create a structured plan on how effective your current strategies are and how they will adapt to an ever changing world.
To gain an insight into how COVID-19 has and will impact pharma and biotech companies, Cello Health conducted an interview with their Chief Commercial Officer, Jon Bircher and Vice President at Cello Health Consulting, Carl Engleman, to see if they could shed some light on the topic.
What Were The Key Points Taken From The Interview?
One thing we have learnt over the past few months is that life can be extremely unpredictable and you can’t predict the future. With this in mind, it’s essential to create a strategic plan which means in the event of a pandemic or a similar scenario, your business can adapt quickly and put you in a strong position for carrying your brand forward.
One of the main changes the pharma industry may have to face, is how current health and medical procedures will be viewed in comparison to vaccinations, drugs and treatments for the likes of viruses such as COVID-19, if the world was to experience another pandemic.This factor will inevitably play a part in how drug companies look to invest and prioritise moving forward.
How Can Pharma And Biotech Companies Plan For The Future?
As was previously mentioned, it’s impossible to accurately plan for the future, but you can put yourself in the best position possible by creating potential scenarios. Taking the current pandemic as an example, pharma and biotech companies can look at how they are currently being affected and how they can change their strategy to adapt in the future. This may include the amount of stock they need to purchase, financial implications etc. Understanding all potential future scenarios now, will give you a strong advantage later down the line.
As COVID-19 has meant many industries have had to change how they operate and how they need to adapt to future scenarios, it’s crucial each business’s strategies are thorough and capable of surviving another pandemic or similar event.