How to expand your Pharma business in times of COVID-19
It
is very significant to understand COVID-19 before discussing the pharma
business. COVID
19 or Corona virus is an infectious disease which spreads
through the droplets of saliva or through the nose if a person sneezes or
coughs. The virus first badly affected the people of Wuhan (China) and slowly
grabbed the entire world. Italy is badly affected by the virus, and as a
result, many people lost their lives. Data show that the USA is on top of the
list affected by the virus, followed by India.
The awareness about the virus has spread in
March. On 11th March 2020, the WHO declared the Coronavirus as a pandemic. The
entire world has been put on hold by the government. Lockdown was been
implemented. The infrastructure system was disrupted. People got stuck wherever
they were. And the entire situation was a big deterrent for the labour group
from Bihar and Uttar Pradesh, who migrated to Delhi and Bombay in search of a
job. It was very hard for them to deal with the situation and compelled them to
decide to reach their respective places via road. They started their journey on
foot and walked for miles.
It is hard to accept that when the virus has
badly affected the human race and the whole economy turned upside down, the one
business which got uplifted because of the virus is the healthcare system
worldwide. Not only the virus affected the people, but it created a panic
situation among everyone whose repercussion is that people have started facing
other ailments. Approaching a doctor and depending on medicines is the need of
the hour.
COVID-19 is not a temporary situation which will
retrieve with time. There is no assurance when the vaccine will reach the
"mango" people. It has also pointed out many loopholes in our medical
systems. So, in regard to this, the pharma companies have to come up with more
strategies to expand their business.
Firstly, they must do the proper assessment of
their present situation in the market, which will give them the proper picture
of the company's financial condition. It will also help the owner to take a
concrete step like increasing or decreasing the extra variable expenses.
Digital marketing could be another great step to
raise companies' value. It will help in grabbing more customers' attention and
will raise their sales revenue. By adopting digital marketing, the pharma
companies could easily relate and assess what are the pros and cons by selling
products online and in person. It will help in the deduction of human labour
and will help in saving extra expenses. India is the pharmacy of the world. A
huge amount of production of medicines takes place in this country, so
digitally pharma companies could connect with the people worldwide and enhance
their business strategy. Few of the companies are taking steps towards it and
efficiently collaborating to build business for the longer-term. However, the
company owners need to be updated digitally by learning more through
E-learning.
‘Communication works for those who work on it’,
this proverb elaborates that by communicating with the opponent, a person could
bring a great change. India’s prime minister Mr. Narendra Modi follows this
statement, and due to his foreign visits, now India is a very popular country
worldwide. Indian drugs are highly demanded in the other developing and
developed nations, because of their good quality and cheap rate.
Hydroxychloroquine drugs have been supplied in a huge amount to the countries
that are in need. Brazil’s prime minister has thanked the Indian prime minister
for this great step. India’s pharma companies have shown a great instance of
solidarity in this tough time.
In conclusion: - For a good business, it is imperative
to know about the market first following the demand of the customers. A good
business will only run if the owners are well prepared and able to deal with
any situation. They need to strategize their business module.
Keywords: - Strategy, Online business in India,
Digital business in India, Market, Demand, Communication.
