COVID-19 is a very uncertain and disruptive phase that the whole world is phasing whether it is psychologically or economically. Everything is in downfall at this time in the whole world, India as a developing country also faced many economical setbacks at this time.
Yet, unlike the many other working sectors present in the market, the pharma domain alone is doing well with the operations and distribution, mainly because COVID-19 has made people vary of different upcoming diseases.
Monopoly Pharma Companies in general range, with the latest supply chain managing trends and relations with raw material vendors, can expect an amazing future ahead. Pharma is one of the few sectors which offered a significant contribution in both domestic and international terms.
Impacts of COVID-19 on the PCD Pharma Sector
There are some major points to look after which has been impacted the Indian PCD distributors and the chain, which are as follows:
There are two key definitions that should be pointed out in the first place;
(1) Brand name drugs / Medications: Medicine issuing companies sell these types of drugs frequently under a specific trademark or registered name, already protecting the name under legal patent.
(2) Non-exclusive / Generic Medication: These medicines are the one whole patents gets expired or are temporary. Other Monopoly Pharma Companies in general range can apply to the FDA for the sale of these medicines under specific clinic names for the drug.
Simply putting these definitions in the supply chain is that any given pharma company has more demand for the former and the latter has very thin demand, based on the complexity and significance of the drug.
The pricing structure of medicine has hiked up due to lockdown, because of the problems suppliers facing in getting their products and raw materials, causing more costing in chain administration, inbound and outbound logistics, impacting the public negatively.
The one thing which has precisely helped patients in not wasting their time anymore for doctors and their prescription is:
(1) Online consultation,
(2) Virtual Conferencing with doctors,
(3) Telemedicine applications,
(4) In-house booking of the admission
And more things are getting done from our home and comfort zone, that too with the development of the pharma sector planning to invest in online communication portals and medical networking.
Monopoly Pharma Companies in general range has been improved very much and is flourishing with good future expectations in COVID-19.