When COVID-19 disrupted the global economy, the pharmaceutical industry had to suddenly pivot and face the challenge of gaining market access. Supply chains were interrupted, short staffing caused significant manufacturing and operational interruptions, and disparate approaches to the pandemic between borders caused discrepancies in the market.

While some short-term disruptions will ease as the world recovers from the pandemic, there are still many challenges that pharmaceutical companies will face when it comes to getting market access in the near and distant future. Understanding what lies ahead can help pharma companies make the right approach to gain market access.

Market Challenges Facing Pharma Companies
These are some of the primary market challenges pharmaceutical companies should expect to face in the coming year or longer

Delayed timelines
Health technology assessment (HTA) companies worldwide and similar agencies in the United States face many challenges as a result of the pandemic. On top of managing a remote staff and reduced hours, they have increased workloads and a need to prioritize COVID-19 treatment above all else. This has left them with little room to focus on non-COVID drugs.

When their work with COVID-19 finally recedes, these agencies will have a significant backlog of work they had pushed aside to deal with COVID-19. This will leave them little to no time to consider anything new. As a result, pharma companies should expect a delayed timeline of at least three months for any new drug developments for the foreseeable future.

Heightened price negotiations
All sectors of government and the economy are feeling the ripples of the COVID-19 pandemic. This is leading to more intense negotiations in areas like healthcare. Countries with less stable governments will likely feel the impact of heightened negotiations for pharmaceutical prices and market access than those with more stability. 

Government funding for healthcare will likely shift as a result of the pandemic. Funding previously dedicated to rare diseases may be redistributed to focus on the long-term effects of COVID-19, for example. Overall, governments will want to spend less money on pharmaceuticals, which could pose challenges for pharma companies.

Enhanced criteria for drug assessment and supply
Because governments are paying closer attention to the price of pharmaceuticals, they may impose stricter criteria for drug assessment before bringing a drug to their market. They may also be more stringent when it comes to drug supply, demanding that pharma companies demonstrate their ability to provide the necessary supply.

Takeaway
Pharma and biopharma companies need to recognize these potential obstacles and be ready with innovative solutions so that they can launch their products into the market. In some cases, being able to provide additional value-add services that lessen the load of a government’s financial burden and enhance patient care can help pharma companies gain market access.

It will remain essential for pharma companies to stay on top of the market and be informed of its ever-changing landscape. By preparing early, they can be ready to bring new products to market and stay ahead of the competition.