What Is Pharmaceutical Contract Manufacturing?
Pharmaceutical contract manufacturing implies manufacturing drugs and other pharma products by a manufacturer for a third party. The third party is almost always a pharma company that does not have the resources, the time or both to spend on development and manufacturing of drugs. Pharmaceutical contract manufacturing in India has changed the face of the pharma business completely.
Post-COVID-19 Economy and Its Effect On Pharma Industry:
The COVID-19 pandemic has altered every aspect of human life including the value of human life. People have become more cautious than ever of their health. Pharma manufacturers in Indiaare in greater demand than ever. More work means more challenges for the pharma industry as a whole.
Here are a few challenges that pharmaceutical contract manufacturers are facing in the new world order:
- Changes In Demand/Supply Ratio
With an increase in the number of positive COVID-19 cases, the demand for certain medicines has skyrocketed. Pharma manufacturers are under considerable pressure to deliver quality products at a greater speed. There are several new medicines in the market, the formula and active ingredients for which are relatively unknown. To get the proportion of ingredients right and manufacture unadulterated medication is a challenge that pharma formulation companies in India have tackled well.
- Increased Safety Measures
With the new government guidelines about safety of workers, the responsibility of pharma companieshas increased. In addition to the standard safety parameters that are mandatory for all pharma manufacturing units, there are several additional restrictions designed to keep COVID-19 infections at bay. The heads of pharma contract manufacturing units must ensure that all staff members are following the new safety measures and nobody is experiencing any discomfort due to it. They must also look into the health issues and vaccination status of all employees showing up for work.
- Remote Working
With almost everyone excluding employees of essential services opting to work from the confines of their homes, new challenges are arising for management staff of various companies. While employees involved in pharma manufacturing have to show up for work, there are other members of the support staff or those with technical and clinical knowledge who may not be present at the drug manufacturing site on a daily basis. This poses a challenge if there are any obstacles or difficulties during the manufacturing process of medicines.
- Funding Challenges
The COVID-19 pandemic has weakened the economic position of several industries considerably. Despite the pharma industry being among the essential services, it has seen its share of financial crunches. In the present environment, many pharma manufacturing units are facing shortage of financial funds which has severely hampered the manufacturing and storage process of several essential drugs.
The pharma industry in India has successfully risen up to the new challenges that the pandemic poses to them and continue to provide their services for the betterment of humanity.