‘How Will the COVID-19 Pandemic Change the Development Path of the Global Pharma Market? Events, Investments, and Trends’. This session, addressing the transformation of the pharma industry, will take place on 2 June, the opening day of the St. Petersburg International Economic Forum, as part of the Drug Security Forum business programme. The Roscongress Foundation and the Content Foundation are the organizers of the Drug Security Forum. The Forum is sponsored by the Ministry of Health of the Russian Federation and the State Duma's Subcommittee on the Circulation of Medicinal Products and the Development of the Pharmaceutical and Medical Industry.
The response measures to the COVID-19 pandemic must be based on solidarity and cooperation among countries, communities, and various economic realms. The pharma industry finds itself at the epicentre of the vast transformation of world economics and global healthcare: companies all over the world have channelled their resources to develop a vaccine for the new infection, while continuing to meet the growing demands of the healthcare system and patients. Expansion of production capacities was one of the first steps taken by pharmaceutical manufacturers in response to the pandemic challenge. Taking into account the new circumstances, the innovation industry advocates that governments should focus on continuous promotion of open trade, as well as on strengthening and diversifying supply chains.
“The pandemic had both a positive and a negative impact on the pharmaceutical industry. On the one hand, there is the expansion of production capacities, the launching of new vaccine production; on the other, there is a freeze on a number of projects along other lines. At the same time, the experience of effectively developing and launching on the market drugs and vaccines against COVID-19 has shown that the processes can be significantly expedited without loss of safety or effectiveness. This may have a material impact on further growth of the global pharma market. Our goal today is not only to deal with the aftermath of the pandemic, but to build on that experience in order to confront future challenges,” noted Executive Director of the Innovative Pharma Association of Pharmaceutical Companies (Inpharma) Vadim Kukava.
Session participants will discuss the lessons that the pandemic and lockdown taught the pharma market, how the pharmaceutical industry is adapting to the global healthcare transformation, whether the revision of existing industry development programmes was sufficient, and how the economics of the global pharma market has changed in response to the pandemic.
The session is sponsored by GlaxoSmithKline Trading.
Official website of the Drug Security Forum is: pharmforum.org