Across the world, economies have felt the impact of COVID-19. And pharmaceutical companies are no exception. In fact, a survey of healthcare industry professionals showed that 95 percent are concerned about the impact of COVID-19 on company performance. Of these companies, those from the Asian Pacific market expressed the highest levels of concern. Further, according to GlobalData, 23 percent were also worried about supply and demand gaps connected to the COVID-19 outbreak. Significantly, a lot of these concerns stem from the global economy’s dependence on China, with manufacturers concerned that decreased Chinese production capabilities could result in drug shortages.
Additionally, they face these challenges:
· Rising customer expectations: the commercial environment is getting harder to navigate. Consumers are demanding real-world outcomes data, and new therapies that are clinically and economically better than current alternatives.
· Cultural sclerosis: new ways of doing business are hindering prevailing management culture.
· Delay in R&D: because of travel restrictions, supply chain impact and the focus on COVID-19, research and development cannot be conducted as it normally was before the crisis.
Though COVID-19 has had a devastating effect on the economy, it also opens up opportunities for pharma companies to help limit the impacts of the crisis. Many pharma companies are working hard on finding a vaccine and companies like Gilead and Eli Lilly are seeing positive growth on the stock market. Further, innovation is blossoming as the race for treatment approval for a COVID-18 therapy surfaces.
COVID-19 has impacted every component of the pharma industry: Research and Discovery, Clinical R&D, Quality & Regulatory, Manufacturing and Supply Chain. Fortunately, Stefanini has developed a robust clinical trial automation platform that features Sophie, our cognitive platform and social listening feature. The platform will help pharma companies get real time information on what people are talking about when it comes to particular researchCliniTRUST is a one-of-its-kind solution for DDF Automation; it is robust, exclusive, and can be deployed on the private or public cloud.
While we forge ahead through the COVID-19 crisis, CliniTRUST is here to help lessen your worries; that’s why we are offering a free six month trial to pharma companies who are conducting COVID-19 related studies. Learn more about the solution here.
Watch our video presentation of cliniTRUST below
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