COVID-19 Response For Pharma Companies
During these unprecedented times, when
COVID-19 has take over the world and the country is going under lockdown, it
has become very tricky for all the industries to keep up with their businesses. In this article, we will discuss the impact of Coronavirus on Pharmaceutical companies and what actions they must take
according to the experts.
There is always too much damage that has been
made to pharmaceutical companies as lockdown has almost extended for more than
two months now and most of the companies are shut, there’s a halt on import and
export of services. The supply chain of these pharmaceutical companies is badly
disrupted and no one knows for how long its going to stay with us.
Most of the active ingredients for
pharmaceutical companies are imported from China and this pandemic has made
country’s relationship a bit sore with China.
However, the industries will have to find ways
to recover and thrive amidst and after the pandemic.
There are
a few key pointers through which pharma companies will be able to float
through these difficult times.
Crisis Management Team
A crisis management team can be setup to bring
out new policies and actions that can help in surviving the industry
Assign separate sub PMO leads for SCM, plant
ops, people, IT, regulatory, finance, and industry.
- Define scenario planning, triggers for action, and responsibility/time lines for action
- Define communication plans for employees, customers, and vendors.
- Include key members from critical functions as a part of the crisis management team.
- Schedule meetings or calls among members of the crisis management team on a periodic basis to evaluate the current situation.
- Set up business continuity and recovery plans based on various scenarios.
People management
There is a greater
risk of employing people who have been infected with COVID-19, which will
increase the risk infection among other employees as well.
This is the reason,
most of the companies have come with Work From Home policies. But, here are a
few steps that companies can take once all of this is over.
- Set up a covid HR team to monitor the status of every employee in the organisation
- Launch a digital employee health declaration system to track employee well-being and comply with administrative reporting requirements.
- Prepare a roster of employees operating in the plant on a rotation basis, keeping in mind risk assessment, location proximity, executive health reports, and annual checkup reports.
- Conduct a periodic medical checkup, including a thermal checkup/scanning at entry point for all employees.
- Educate employees on COVID-19 symptoms and prevention through video/audio conferences.
Supply Chain Management
Quality check of the products received
(internal and external including) for any kind of contamination is going to be
real challenge for the industry. There can also be the shortage of products as
it is going to be one of the toughest challenges
- Stock
critical inventory, connect with suppliers for key components
- Evaluate
alternate sourcing for all affected materials such as availability of
suppliers, additional cost due to logistics, etc.
- Avail the
government’s financial incentive to those pharma companies ready to invest
- Understand
inventory levels in the full supply chain, and adjust to new realities
- Sanitisation and thorough quality checks of all inbound material after quarantining them for a defined period of time
These are just a few measures that industries
can undergo if they want to survive during and after the pandemic. Rest of it
depends upon the leaders and owners of these companies and how swiftly they act
on the current sitaution of pandemic.
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