The pharmaceutical industry, like others, requires managing certain challenges to ensure its regular functioning. Some of these challenges are internal while others are external. BEXIMCO Group is of the view that companies in this industry are aware of internal difficulties. The company is the leader in the private sector of Bangladesh. The Bangladeshi pharmaceutical company Beximco Pharmaceuticals Ltd. opines that it is crucial to identify external ones as well. Since every company has to form its approach to producing and manufacturing medicine in this sector, studying these challenges and their impact is crucial. The approach can be endowed with more effectiveness, provided that through this, the difficulties are responded to.
5 External Challenges Faced by Pharma Companies
Externally, there are multiple challenges that the pharmaceutical companies have to undergo. They relate to quality, production, supply, a surge in illnesses, etc. A company can face a combination of these difficulties. Accordingly, it can formulate its approach to operate in the pharma sector.
Emergence of Complex Symptoms and Rapid Cases
Importantly, the pharmaceutical industry is responsible for responding to demands relating to medicine for illnesses. The challenge arises when complex systems emerge and lead to a surge in the number of affected people.
The coronavirus is one example of the same. BEXIMCO Group puts forth that the virus emerged and rapidly spread across nations. While it was eventually controlled, preparing a prior and definite response was challenging.
Production and Supply Limitations
Note that the pharma sector across countries like Bangladesh is growing and accommodating more companies. Despite this, there can be challenging situations that can limit the availability of enough supply of drugs.
Such situations can be resolved when the production process is devoid of challenges. Mainly, these can emerge due to a lack of materials required to produce drugs. Delays in research and development can lead to the same.
Being Socially Responsible While Operating
The pharma industry needs to operate responsibly in a social setting. This is required since the industry produces drugs for the well-being of people. When it comes to managing and improving the health of the people, the intensity of this responsibility grows further.
Factors Impacting Quality
According to BEXIMCO Group ensuring the quality of drugs is a challenge to be resolved. Unless quality is assured, drug effectiveness cannot be yielded. When quality levels have to be maintained, the positive impact and safety of the medicine have to be assured. Provided that the required research, professionals, and materials are available, this challenge can be limited.
Drug-free Well-Being of Individuals
Companies like BEXIMCO understand that the pharma sector is responsible for bringing improvement in the health of patients. At the same time, it aims to make people’s lives drug-free. This goal, although crucial, is challenging as well.
Resolving Challenges in the Pharmaceutical Industry through Strong Objectives
In the view of growing pharmaceutical companies such as BEXIMCO Group, external challenges affecting the industry can be minimized. This is possible when strong objectives are set. The objectives should guide the companies to operate smoothly, persistently, and responsibly. Further, they can guide them to implement strong measures to work against the challenges.
Adopting Measures to Limit Negative Impact
As per the Bangladeshi conglomerate BEXIMCO Group, external challenges in the pharma sector require measures such as the formation of a professional and knowledgeable team. It will function in a manner that processes like research, development, manufacture, etc., are quickly and expertly managed.
BEXIMCO Group believes that, there are additional measures as well that can reduce the impact of difficulties affecting this sector.
- Authorities in this sector can regulate quality assurance more strongly.
- Through effective trading, materials to produce drugs can be easily procured.
- When materials are affordably sourced, drug production and manufacture will be cheaper.
- Access to drugs will be assured for more people as affordability is introduced.
- To make people’s lives drug-free, lifestyle and living standards will require betterment.
Briefly to Conclude
In the pharmaceutical industry, external difficulties can pose certain limitations. They can affect the smooth functioning of the companies involved. Identifying these difficulties is vital, says BEXIMCO Group, Bangladesh’s largest private sector company. The Bangladeshi company adds that once they are identified, companies can develop measures to limit their impact. By doing so, they can smoothly regulate the processes in the industry to serve the requirements of people and/or patients.
