Short and long term impacts of COVID-19 on the pharmaceutical sector

Background The novel coronavirus disease 2019 (COVID-19) was characterized as a global pandemic by the WHO on March 11th, 2020. This pandemic had major effects on the health market, the pharmaceutical sector, and was associated with considerable impacts; which may appear in short and long-term time-...

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Bibliographic Details
Published in:Daru 2020-12, Vol.28 (2), p.799-805
Main Authors: Ayati, Nayyereh, Saiyarsarai, Parisa, Nikfar, Shekoufeh
Format: Article
Language:English
Subjects:
Biomedical and Life Sciences
Biomedicine
Business logistics
Coronaviruses
COVID-19
COVID-19 - economics
Drug Industry - economics
Drug Industry - trends
Epidemics
Health aspects
Humans
International economic relations
Iran
Laws, regulations and rules
Medicinal Chemistry
Pharmaceutical industry
Pharmaceutical Preparations - economics
Pharmaceutical Preparations - supply & distribution
Pharmaceutical Sciences/Technology
Pharmacology/Toxicology
Policy Making
Research - economics
Research - trends
Short Communication
Telemedicine - trends
Time Factors
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Summary:Background The novel coronavirus disease 2019 (COVID-19) was characterized as a global pandemic by the WHO on March 11th, 2020. This pandemic had major effects on the health market, the pharmaceutical sector, and was associated with considerable impacts; which may appear in short and long-term time-horizon and need identification and appropriate planning to reduce their socio-economic burden. Objectives Current short communication study assessed pharmaceutical market crisis during the COVID-19 era; discussing short- and long-term impacts of the pandemic on the pharmaceutical sector. Results Short-term impacts of COVID-19 pandemic includes demand changes, regulation revisions, research and development process changes and the shift towards tele-communication and tele-medicine. In addition, industry growth slow-down, approval delays, moving towards self-sufficiency in pharm-production supply chain and trend changes in consumption of health-market products along with ethical dilemma could be anticipated as long-term impacts of COVID-19 pandemic on pharmaceutical sector in both global and local levels. Conclusion The pandemic of COVID-19 poses considerable crisis on the health markets, including the pharmaceutical sector; and identification of these effects, may guide policy-makers towards more evidence-informed planning to overcome accompanying challenges. Graphical abstract .
ISSN:2008-2231
1560-8115
2008-2231
DOI:10.1007/s40199-020-00358-5