Impact of COVID-19 on Indian Pharma Segment
The Indian business sector is badly affected by corona virus and recent lock down. Even it begun to hit pharma segment as cost of key products are raising. We are also witnessing that the cost of penicillin and essential nutrients have gone up. Another major impact is many pharmaceutical companies face difficulties as they are dependent largely on other vendors for raw material supply but still some companies are doing good business and supplying their product in various states and countries. Our pharmaceutical industry is capable to fulfil the demand by supplying safe and generic quality drugs and it is recognized as a global leader for its significant contribution in domestic as well as in the international market.
COVID- 19 has caused disruptions in businesses by affecting transportation and supply chain management but pharma segment is still performing as strong contender as the majority of PCD Pharma Companies have served better services in this situation. Majority of business sectors are worried about their organization execution with the effect of COVID- 19. As per the report of the Indian pharma industry, API is an essential material for producing medicines. Most of API material is sourced from China for producing and developing pharma products but on the other side, china imports natural synthetics and anti-infection agents from India. Due to lockdown and supply termination, many pharma companies are struggling to get raw materials on time resulting cost of many life-saving drugs has gone up. Some additional issues such as lack of proper transportation and workforce prompted a deficiency of work resulting income will be cut by 15-20%.
Some significant pharma companies have started a trial to build medication for Covid-19 while some pharma franchise companies have regularly supplied essential drugs and also introduced a new product to support healthcare workers and patients. These are the pharma companies that are working as per the current business trend and adopted a development strategy as per the current situation. When COVID was growing in March like other businesses, pharma companies also started feeling the lockdown effect but few have used this opportunity and provided a boost to the business by introducing new products such as Immunity booster and nutritional products. Those who have decided to serve the market and adopted new business trend has started manufacturing trending products and did business regularly throughout the lockdown. It is always necessary to adopt a new business trend and make a decision at the right time.
