There’s no question that the COVID-19 pandemic has had a lasting impact on most industries. The pharmaceutical industry is no exception. There are many questions surrounding the future of the pharmaceutical industry as a result of the pandemic, especially as researchers have been testing new and different types of treatment for patients around the world.

The rush to get a vaccine for COVID-19 and medication to treat those diagnosed with it has created several changes in the pharmaceutical supply chain, trials, and testing. While there are still many unknowns about how the pandemic will influence pharmaceuticals in the long-term, we can already see several ways that it is having a short-term impact.

Short-Term and Long-Term Impacts of COVID-19 on the Pharmaceutical Industry

A recent study published in the DARU Journal of Pharmaceutical Sciences suggests several ways that the pandemic could impact the pharmaceutical industry. They include the following:

• Medication shortages

• Shifts in research and development

• Communication shifts (toward telemedicine)

Medication shortages

Pharmaceutical companies worldwide are working with governments to develop, test, and distribute medication that will treat the symptoms of COVID-19. As a result, the availability of many drugs used to treat other illnesses and diseases has dwindled.

According to research published in the journal The Lancet Global Health, “Supply chains for vital drugs for other diseases … are being disrupted because they are being repurposed to use against COVID-19.” In the short-term, the urgency to develop new medication is causing problems for pharmaceutical companies, pharmacists, and patients who rely on specific prescriptions for their health.

Shifts in Research and Development

Globally, there are currently hundreds of medicines and vaccines in various stages of the research and development pipeline. The need to act quickly could result in a rushed R & D stage, which may prove unhelpful in both the short- and long-term.

The pandemic has led to an unprecedented amount of clinical trials. As of May 2020, over 900 trials are being conducted worldwide, according to IQVIA Institute for Data Science. Of these, less than half of them (40 percent) are not randomized, which will make it challenging to analyze and interpret data. Only 15 percent of the trials underway or scheduled to begin in 2020 follow conventional methods.

Communication Shifts

Patients and doctors are becoming increasingly comfortable using telemedicine for consultations and appointments. In-person physician appointments have dropped by 70 – 80 percent since the beginning of the pandemic, and 25 percent of all appointments now occur via telemedicine, according to IQVIA.

These shifts in how patients communicate with their providers may result in changes to pharmaceuticals. Patients may be less inclined to make an appointment and receive a prescription during the pandemic than before. On the other hand, some medications may become more widely prescribed. The fields of psychiatry, allergy, and immunology have seen the largest growth in telecommunication appointments, which could result in higher prescription rates for these patients.

Takeaway

It is difficult to say what the full impact of the COVID-19 pandemic will be for the pharmaceutical industry in the future. For now, the industry is already experiencing changes in the supply chain, research, and development. The communication shifts that are taking place could have a long-term impact on how doctors prescribe pharmaceuticals for their patients.

Based on the short-term outcomes the industry is already experiencing, it is safe to say that it should prepare to see more disruption and changes in the future.

References:

Ayati, N., Saiyarsarai, P., & Nikfar, S. (2020, July 3). Short and long term impacts of COVID-19 on the pharmaceutical sector. Retrieved October 27, 2020, from https://link.springer.com/article/10.1007/s40199-020-00358-5

IQVIA Institute for Human Data Science. (2020, April). Shifts in Healthcare Demand, Delivery and Care During the COVID-19 Era. Retrieved October 27, 2020, from https://www.iqvia.com/-/media/iqvia/pdfs/institute-reports/shifts-in-healthcare-demand-delivery-and-care-during-the-covid-19-era/iqvia-institute-reportcovid-19-impact-on-us-healthcare4292020.pdf?_=1603721841988

Newton, P. N., & Bond, K. C. (2020, April 9). COVID-19 and risks to the supply and quality of tests, drugs, and vaccines. Retrieved October 27, 2020, from https://www.thelancet.com/journals/langlo/article/PIIS2214-109X(20)30136-4/fulltext