The COVID-19 pandemic has had a significant impact on the Indian pharmaceutical sector. Since the outbreak of COVID-19, the Indian pharma segment has been significantly impacted in various ways. Check out the impact of COVID-19 on Indian pharma segment.
Impact of COVID-19 on Indian Pharma Segment
As the pandemic started spreading across the globe, there was a sudden increase in the demand for medicines and medical supplies. One of the main challenges has been the availability of raw materials, as a large proportion of these are sourced from China. This has led to a significant increase in the cost of raw materials, which is likely to have a negative impact on the profit margins of pharma companies.
Another issue has been the termination of transportation services, which has made it difficult to transport finished products and raw materials. This has led to cost increases and supply disruptions. The workforce has also been affected, with many employees being unable to report to work. This has led to lower productivity and higher costs.
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Despite these challenges, the pandemic has also created some opportunities for the Indian pharmaceutical sector specially for manufacturing companies, PCD pharma companies, and distribution companies. Some companies somehow arrange raw materials from their vendors from other countries at low cost and started manufacturing products on their own. Some companies take this as an opportunity and started manufacturing new products like sanitizers, hand wash liquids, immunity boosters, antiseptic spray bottles, and nutritional products. The demand for certain medicines and product trends has increased, providing a boost to the industry.
Additionally, the government has also announced several measures to support the sector. So, there has also been a growing interest in investing in the sector, which could lead to further growth in the future. So this is the impact of COVID-19 on Indian pharma segment.
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