Proceedings of The 8th International Conference on Business, Management and Economics
Year: 2023
DOI:
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Unveiling Resilience: Navigating Business Disruptions in the Pharmaceutical Industry Amidst the Global COVID-19 Pandemic
Vikram S. Chowdhary, Marek Vinš
ABSTRACT:
The global impact of the COVID-19 pandemic on normal life and businesses was profound. The pandemic triggered widespread constraints, subsequently causing significant disruptions in business activities. Even with robust internal risk mitigation procedures and strategies already in place, the pharmaceutical industry was not impervious to this unpredictable environment. Massive disruptions were observed due to the pandemic’s effects on various business activities, such as manufacturing, manpower shortages, and supply chains, to name a few. The outsourcing sector within the pharmaceutical industry involves complex activities that require high coordination with various partners, and this must have been extremely challenging, especially during a crisis of such magnitude. However, the pharmaceutical outsourcing sector demonstrated impeccable resilience in facing the daily threats posed by the pandemic. Vigilant daily monitoring of the ever-changing situations, coupled with various stringent internal and external operational adjustments, highlighted the industry’s resilient nature. The objective of this research is to shed light on the resilient efforts made by industry professionals during the COVID-19 pandemic. The current research applies qualitative methods, utilizing a phenomenological approach. Data were collected through in-depth interviews with twenty-five professionals working in the pharmaceutical industry. The paper provides insights into the resilient efforts demonstrated by industry professionals in managing the crisis and offers guidance for better resistance to any such future uncertainties.
Keywords: Challenges, Crisis, Healthcare, Outsourcing, Response