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.
  1. Define scenario planning, triggers for action, and responsibility/time lines for action
  2. Define communication plans for employees, customers, and vendors.
  3. Include key members from critical functions as a part of the crisis management team.
  4. Schedule meetings or calls among members of the crisis management team on a periodic basis to evaluate the current situation.
  5. 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.
  1. Set up a covid HR team to monitor the status of every employee in the organisation
  2. Launch a digital employee health declaration system to track employee well-being and comply with administrative reporting requirements. 
  3. 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.
  4. Conduct a periodic medical checkup, including a thermal checkup/scanning at entry point for all employees.
  5. 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

  1. Stock critical inventory, connect with suppliers for key components
  2. Evaluate alternate sourcing for all affected materials such as availability of suppliers, additional cost due to logistics, etc.
  3. Avail the government’s financial incentive to those pharma companies ready to invest
  4. Understand inventory levels in the full supply chain, and adjust to new realities
  5. 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.

Health Sector In India | What can the TMT Sector Expect from the Budget 2021.? | Enterprise-wide FRM Framework to Identify and Mitigate Frauds | Deloitte’s Strategy Consulting Services Help Clients to Achieve Major Breakthrough in Business | Deloitte India Dispute Advisory Services | COVID-19 Response For Pharma Companies | The Direct Tax Vivad se Vishwas Bill 2020 – Deloitte India’s Perspective | Deloitte India’s Analysis of Union Budget 2020 | Deloitte Millennial Survey 2019 Report – Summary | Deloitte’s Report on The eVTOL Evolution

Location: India

Comments

Post a Comment

Popular posts from this blog

How is AI used in risk management?

-
  Generative AI is the game-changer, marking the culmination of Internet search capabilities and promising to revolutionize various aspects of our daily lives and work.Generative AI enables creators and forms the foundation of innovation by generating data that simulates a genuine “real-feel” data experience. Gen-AI tools are used for creating content including audio, code, images, text, simulations and videos that give real-feel sense just like human-created artifacts. More than being a companion to creators, it has practical uses too, like creating new product designs and optimizing business processes. While similar claims have been made about AI in the past, the latest applications of generative AI continue to generate excitement. But there is no replica to human intelligence, therefore we should responsibly use generative AI. This piece of information will shed light on the concerns pertaining with Generative AI models: Challenges Faced in Generative AI in Risk Management
Read more

Impact of Digital Transformation on Banking Sectors in India

-
Image
Almost every sector has been facing a new era of the latest trend of digitalization. Hardly anybody would argue about the power that digitalization holds and how it has shaped the global economy.  Digitalization is the use of technologies that can enhance a business model by providing newer value-driven opportunities and added revenue. Around the world, technology has been advancing at a rapid rate over the past few decades.  Technology has made its impact on anything and everything possible and you can now see it in every sector around you, including banking. Banks across the world and the banking sector in India have taken a tremendous step towards a digital transformation. This step has not only helped match the competition but also in giving their clients the best service.  Digital Transformation in Banking Sectors. Digital Transformation in Banking Sector in India Digital transformation as you know is a cultural and operational shift toward the integration of digital technology. I
Read more

Deloitte’s Report on The eVTOL Evolution – Journey and Roadblocks Ahead

-
This article/report on ‘Future of Mobility/Travel and eVTOL Aircraft’ from Delloite Insights compiled by Robin Lineberger, Aijaz Hussain, and Vincent Rutgers explore the new era of air traffic ecosystem that is already in the making and expected to grip the modern society by 2030. The central attention lies in the Hybrid-Electric Vertical Takeoff and Landing vehicles or more commonly known as the eVTOL aircraft which are capable of transporting both passengers and cargo within the urban boundaries. The piece starts with reference to Delloite’s recent five-part publications on the future of mobility and seamlessly flows into the discussions of eVTOL’s potential journey and hindrances that lie ahead. The eVTOL evolution through Delloite’s lens The authors explain the future journey of the eVTOL technology by basing their observation on the necessities that this air traffic management system has already or will need to address. Under the Elevating the Future of Mobility section,
Read more