Focus at present is on the Corona pandemic and rightly all efforts of the government and non-governmental organizations are directed towards containing the spread of infection. Companies all over the world are in a crisis mode with little confidence to predict how the economy would evolve in the medium term.
But companies must prepare for the time after COVID-19 as the impact on the industry is likely to be on all aspects of the business. It is not just a matter of reacting effectively. Companies must anticipate the challenges posed by the new ‘normal ‘ and draw conclusions rapidly to protect their business.
Immediate action is critical to preserve the top line and retain trust of the customers but companies must ask critical long term questions to have a strategy for growth and build resilience for the future.
Individual companies with visionary leadership, people centric approach, ability to take bold decisions and invest in innovative approaches are likely to respond faster to the new business and competitive dynamics. Success would depend on the way companies use the duration during the outbreak and adapt and respond to new business dynamics with speed.
The challenge for pharmaceutical companies would be to meet the demand, as almost 70% of APIs & Intermediates, which are currently imported from China, would be in short supply. Shifts in consumer behavior, post corona, might require more focus on online procurement and telemedicine throwing up new challenges in logistics management and interface with the medical fraternity.
Digital readiness is likely to play a big role in helping companies in supply chain management, interface with doctors and consumers or in use of business analytics to put in place risk/mitigation controls. This would call for significant investment in technology, new skill sets and revisiting the existing talent pool.
An effective way would be for companies to create small dedicated teams and use this period of disruption for innovative idea generation and resource planning and get a head start in this race. Covid-19 crisis has put restrictions on face-to-face meetings but agile ways of working with help of technology is very much possible.
Suingora with a team of very Experienced Healthcare consultants could effectively partner clients in this effort.
