Business Transformation in Healthcare post COVID-19: From Recovery to Discovery (Part 3)
Q 3: What are some strategies that have been implemented in adapting to these new circumstances?
Dr. Armin: For me, the crisis does not change the business core. Our business core is creating value for patients, healthcare providers, and this remains the same. However, this crisis has made it necessary for us to change how we work. Critical considerations in doing business transformation include:
Innovation: Bringing innovative medications to patients is what the pharmaceutical industry is about, including addressing unmet medical needs of existing and new diseases such as COVID-19. The current situation shows us that this is more important than ever.
Customer-focus: Even in dynamic times, we need to ensure a sole focus on our patients and healthcare providers. As said before, our purpose has not changed but the how, the way of collaborating has.
Stay Optimistic: The pharmaceutical industry has provided stability in the current situation and ensured that our patients have access to the medications they need. We need to stay optimistic. If we continue to bring innovation that makes the lives of patients better, we can look positively into the future.
Khun Kevin: My important strategies include:
Flexibility: an unsuccessful organization is one that is unable to adapt itself or changes too slowly. Some organizations, as far as I can see, have rigid business plans with few options or chances to adapt and respond. This coronavirus crisis is a phenomenon, unprecedented in my generation; we need to adjust rapidly, devise new strategies in order to keep our people safe and to keep our businesses moving forward and ultimately bringing medicines and vaccines to people who continue to need them.
Innovation Driven: In the pharmaceutical industry, innovation is the key; we are committed to investing in creating innovation. We can see that it has taken the pharmaceutical industry just a few months to produce many vaccine candidates currently being tested to prevent strains of coronavirus; this success comes from the commitment and dedication in creating innovation and the scientific excellence of the biopharmaceutical industry .
Khun Boyd: Well, there are two sides to every coin. On one side, many people consider this period of time an extremely difficult test in unprecedented circumstances. On the other side, we could have a chance to transform the pharmaceutical industry to compete more effectively than ever before on the global level. In past crisis, transportation systems have had to stop completely; therefore, it was not possible for our logistic systems to continue delivering medicines, which meant that our supply chain system ceased as well. If we are able to take advantage of this opportunity to rebuild or reform supply chain systems to be even more efficient at the global level, then we could transform the national pharmaceutical industry into a highly competitive international industry.