With so much uncertainty going on in the world currently due to COVID-19, most industries have been significantly impacted and many are seeing major changes as we prepare for a new way of life post-coronavirus. Although businesses can’t accurately plan for the future, there are certain approaches that can be taken to prevent such impacts further down the line. Having a flexible, robust approach allows businesses to react to scenarios more quickly and having a solid plan in place can help overcome the problem.
Companies need to learn to adapt to the world around them, and with the changes unfolding daily across the globe, there’s never been a better time for businesses to plan, restructure and evolve. There will be many challenges ahead for companies and recently Cello Health looked at how asset and brand planning is changing across the biotech industry.
How can pharma brands adapt and evolve in the current situation?
As with many industries, there will be changes and potential implications for pharma brands and as with any business, it’s important to keep moving forward in order to get past these challenges. Businesses need to focus on adapting to the changes as they’re happening quicker than usual.
By spending the time focusing on the problems at hand now will give many companies an advantage. It’s worth considering reallocating financial and human resources which can help businesses maintain operations. Planning teams will also need to consider finances, manufacturing and supply.
Businesses may also need to consider postponing launching follow on assets, therefore revising their business models. If there’s a lesson to be learnt from these uncertain times, companies should update their existing business model to ensure there is a plan in place for the best and worst case scenario.
Scenario planning allows asset and brand teams to make important decisions. It also allows teams to build contingency plans that will help provide confidence despite the future being uncertain. Brands need to understand the new customer needs that they are faced with, how customers engage and what they expect from Pharma during these times.
Businesses that have a proper plan in place can survive the hard, uncertain times like the ones we currently find ourselves in. Putting the focus on customer service will be beneficial for companies and will help improve their brand image.