Impact and Risk analysis of COVID-19 on Pharmaceutical Industries in India

Abstract

The whole  world continues to Grapple with the unprecedented challenges thrown up by the Covid 19 , a specific area of concern has been the uncertainty surrounding the impact of the covid-19 on the global as well as on Indian Pharma industry supply chain. The need for a risk management framework in place to focus on evaluation of potential issues arising from the loss of a supply chain partner or location. Drug discovery and manufacturing has traditionally been a global effort with China and India establishing themselves as main players in the global pharmaceutical supply chain. Initially the coronavirus was expected to hit the Asian markets the hardest; however, this is now changing, as China’s aggressive virus control strategies seem to have worked and India has a low case load, while the rest of the world is reporting more cases of infection. Since the surge of coronavirus cases in Wuhan, the pharmaceutical industry became worried that the decreased Chinese production capabilities would result in drug shortages – once again reiterating the global economy’s dependence on China.” The COVID-19 outbreak has resulted in stock market turbulence, strict border controls and country-wide lockdowns, all taking their toll on the pharmaceutical sector and leading industry and governments to rethink drug supply chains.

Keywords:Pharma manufacuturing facilities, supply chian etc.