Effect of Coronavirus on Pharma Industry

Effect of Coronavirus on Pharma Industry- As there is a new epidemic of coronavirus that spreads a catastrophe around the world, virtually there is no country that has been spared from the harmful effects of the virus. There is only one industry that has been surviving, i.e. Pharmaceutical industry which is having an excellent business opportunity with the birth of coronavirus. This is because, the world requires pharmaceutical products, treatments, and vacancies, and almost all of the population is dependent on them. There are dozens of companies that are now vying to make the products to control the Covid-19. It has proved that worst the pandemic gets, the higher the pharma profit. This huge rat race of the demand for the products will create havoc if not taken seriously. In this article, we will see the effects of coronavirus especially on the Indian pharmaceutical industry which is a large sector to undergo with the circumstances.

Being China, the hub of the major supplies of the drug ingredients makes it critical for the pharmaceutical company to survive in the market. For instance, large numbers of drugs are imported from China like penicillin, amoxicillin, ampicillin, and tetracycline. They are the widely used drugs that have demand both globally and nationwide. We also import important vitamins like Vitamin C and Vitamin D from China. It is no doubt, that China is a dominant factor as the pharmaceutical sector is concerned. Now, with the coronaviruses, there will be additional molecules in the list of the ingredients.

According to the experts, it could be quite challenging for the Indian pharmaceutical industry to have a hike in prices on pharmaceutical products. This is because most of the Indian pharmaceutical market is depending upon China and that could be an expensive treatment with the outbreak of the coronaviruses. Especially, there will be a hike in products like ortho, derma, gynae, neuropsychiatry medicines, etc. 

It largely depends upon China how they bounce back. In the worst scenario, it can lead to scarcity and higher prices just in few weeks to come. The effect has already been seen in the Chinese pharma market. The supplies in the trade have been decreased as the factories were remained closed for a month. This can create more panic in the global economy.

The coronavirus outbreak has laid bare India’s dependency on China, on everything from electronic imports to machinery and organic chemicals. The Indian pharmaceutical companies are running close to exhaustion for their supply of raw material because of the coronaviruses. It has been reported that the Indian pharmaceutical companies are short of the molecules that are sourced from China and the status of the delivery is still unclear.

China accounted for 67.56 percent of India's total imports of bulk drugs and drug intermediates at $2,405.42 million in 2018-19. The Indian government is also taking steps to ensure an adequate supply of APIs and formulations are available at affordable prices in the market and to prevent black-marketing, illegal hoarding, creating artificial shortages in the country. However, "The Chinese companies are willing to export to India, the however logistics sector has not yet resumed operations fully," the government document said.

Conclusion 

To conclude, though the Indian pharma market will be going to suffer a major fall, Pshychocare, a leading Neuropsychiatry Franchise Company, is prepared for all the circumstances. We ensure that our clients get the proper delivery of the products on time. We give our 100% customer services to our clients so that they should not be affected in terms of the availability of the medicines. We give 24X7 customer services to the patients. We take care of the needs of our consumers who depend upon our products. We have robust business continuity plans in place to prepare for Coronaviruses and other diseases.