Pfizer - COVID - 19 (Weak Points)
Management consulting firms are helping pharmaceutical companies, such as Pfizer, to get a better handle on the financial and managerial impacts of the COVID-19 pandemic by focusing on supply chain management and digital engagement, as well as pricing and research. An overview of these key areas and potential solutions for each are presented below.
Supply Chain Management
- The COVID-19 pandemic and subsequent lockdown, particularly in countries that are a key part of the supply chain such as China, has left the pharmaceutical industry supply chain in a vulnerable position.
- Improve the sourcing process, demand projection, inventory management, and supply chain transparency through big data analytics.
- Enhance collaboration between buyer and supplier with a focus on sharing information regarding challenges and future planning.
- Shift to global sourcing that diversifies the supply chain and pulls from both low-cost and high-cost countries.
- Protect social and environmental dimensions of the supply chain by preserving human and labor rights standards, supporting workers and smaller parts of the supply chain, and reducing waste and unnecessary stockpiling with adjustments to demand projections.
- The COVID-19 pandemic and subsequent lockdown has cut off engagement, particularly in-person engagement, between the pharmaceutical industry representatives and health professionals while traditional modes of engagement have already been in decline.
- Use existing data to develop an analytics platform that will help to better understand and connect with healthcare providers and their needs.
- Transition to more digital marketing and education that targets specific segments of your healthcare provider audience based on the analytics platform.
Pricing and Research
- A strict focus on profits and liability often leads to slow research and development of a vaccine, and further harms the image of the pharmaceutical industry. Much criticism of the pharmaceutical industry has focused on prices, patient access, and innovation.
- Partner with organizations such as the Coalition of Epidemic Preparedness Innovations to help in expediting vaccine research while remaining committed to equitable access and transparency.
- Price in accordance with independent third-party recommendations that take into account patient and stakeholder perspectives while also holding to evidence-based price increases.
- Collaborate with payers and policymakers to develop new patient access principles and incentives for innovation.