The COVID-19 pandemic has affected the entire world in a way that experts would have never predicted, and the pharmaceutical industry is no exception. The demand to provide ample supplies of medications and the need for fast-paced research continues to push many pharmaceutical companies into unexplored territory. Fortunately, hiring an outside agency can help these companies navigate uncharted waters.
The Shifting Healthcare Industry
Thanks to social distancing guidelines and attempts to flatten the curve, the healthcare industry is experiencing a significant shift. More people than ever before are taking advantage of digital tools such as telehealth platforms and a variety of mobile apps to help them track their health and share information with their providers. As such, pharmaceutical companies no longer focus their efforts and marketing strategies on the healthcare providers themselves. Instead, they have become more centered on the patients, and this means collecting, analyzing, and using data in brand new ways.
Pharmaceutical companies certainly have much to consider in today’s healthcare landscape. The ability to collect, analyze, and utilize data is critical for mitigating the following risks.
- Location – If any part of a company’s supply chain is in a high-risk country or location, there is a real threat of serious interruption, and the cost implications could be devastating not only for that company, but for the patients reliant on the medications being produced in those locations.
- Changing Market – New technologies that may emerge as a result of the changing face of healthcare could potentially change the dynamics of entire markets. New vaccines, for example, may render certain medications obsolete or decrease the demand significantly.
- Workforce – As top health professionals continue to urge social distancing, the risk associated with workforce disruption becomes a real threat. More people than ever before – including those who work in the pharmaceutical industry – are working from home, which requires new technology. The changing scope of the workforce also requires new skillsets and talents.
How Companies Can Overcome Risk and Improve Resiliency
In today’s changing healthcare climate, pharmaceutical companies are focused on resiliency. This resiliency comes not only from a company’s ability to consider risks imposed by supply chain locations, a shifting market, and a changing workforce, but also from its adoption of new technologies that allow them to collect, analyze, and utilize data effectively. In fact, almost any company in any industry can improve its resiliency in this way, which has led to an unprecedented demand for people with specific skillsets and talents. Pharmaceutical companies can benefit from hiring outside agencies to help them fill these talent gaps and improve their marketing in a changing world.
The COVID-19 pandemic has changed the world, including the way healthcare is delivered to patients. Pharmaceutical companies must anticipate the risks associated with their locations, market shifts, and changes to their workforce in order to overcome them – and data is the key. Hiring an agency is by far the most effective way to gain access to talent and skillsets required to assess and mitigate the risks involved in meeting global demands.