How the pharmaceutical market has transformed one year on from Covid-19 lockdowns
Covid-19 was the biggest shakeup the pharmaceutical market has experienced to date. The effects are undeniably far-reaching, and it marks a turning point in history, after which events will be known as pre-Covid or post-Covid.
To sum up how the pandemic impacted the market would almost be impossible. Especially since some effects are only just coming to light. Medication shortages, research and development shifts, and a shift towards telemedicine are just a few, but it was the migration to digital services that truly stood out. As a result, US pharmaceutical companies are projected to have spent $10 billion in 2020 on digital advertising – reflecting a 13% compound annual growth rate (CAGR) since 2014.
Here are several ways the pharmaceutical market has transformed, one year on from Covid-19 lockdowns.
A shift towards telemedicine
The pandemic may have eclipsed most other developments in the pharmaceutical market, but there are many lessons to take from the global health crisis. A recent survey found that in the wake of the pandemic, 42% of US consumers used digital health tools for the first time. Before the outbreak, many people favoured speaking to a person face-to-face. As global restrictions were introduced, the public saw the benefits of accessing medical advice remotely.
Telemedicine was on the rise before Covid-19 due to mounting healthcare cost and technological innovations, but social distancing was the true catalyst that enabled the trend to take off. The technology is bringing patients and doctors closer, but it does more than that. It offers innovative solutions to patient recruitment for clinical trials – one of the more expensive aspects of drug development – and is changing the way medical sales representative sell medicine and medical devices .
Reshaping the pharmaceutical supply chain
The pandemic revealed a truth that much of the pharmaceutical industry knew, but few had paid close enough attention to. When news of the novel coronavirus broke, chemical plants across China were forced to shut down production. Not long after, pharmaceutical supply chains began to break down. And it’s no surprise when you consider that China accounts for 40% of the global API (active pharmaceutical ingredients) market .
To secure themselves from the volatility in the API market, pharmaceutical companies are shifting their focus towards building supply chain resilience. The pharmaceutical market is known for its innovation , so there is no doubt that it will restructure the production process in a way that means it is less dependant on the ever-growing Chinese market.
Approval delays for non-Covid-related products
Particularly in the early months of the Covid-19 outbreak, the pharmaceutical industry diverted away from ongoing developments, and PwC remarked: “The FDA has been hyper-focused on addressing the Covid-19 pandemic”. Meetings that weren't essential were postponed or cancelled, and approval deadlines for new drugs and devices were missed.
While this might initially sound like another pandemic setback, there are notable benefits of having so many resources ploughed into the fight against the pandemic. As the world rallied together to develop a Covid-19 vaccination, it came to light that a combination of boosted funding and pre-purchase agreements could cut down the timeline for drug manufacturing to a level never thought possible before. Covid-19 set the stage, enabling the pharmaceutical to, once again, make history.
Are you on the hunt for your next job?
At IQVIA, we help our customers identify the value of their drug or biologic, launch and promote treatments, and demonstrate the value of their products over time by engaging with patients and driving adherence. We are known to have the world’s largest commercial solutions organisation, with over 10,000 field professionals in more than 30 countries. A career with us is an opportunity to find your ideal job.
Check the top four reasons to take your pharmaceutical career to Germany , or browse medical sales and services jobs in our other locations.
img
Find out more about life at IQVIA
Did you know IQVIA has
4,600 data scientists
including statisticians and analytics developers
Did you know IQVIA cares about
Health and Wellbeing
for all its employees
Did you know IQVIA has
Countless development opportunities
for personal and professional growth
Did you know IQVIA has
56+ petabytes of unique data
including 1.2B+ non-identified patient records
Did you know IQVIA has
86,000+ employees
from clinicians to data scientists each transforming healthcare in 100+ countries
Did you know IQVIA has
Excellent work-life balance
and is committed to this kind of culture
Did you know IQVIA has
1,900+ epidemiologists
and real world insight experts
Did you know IQVIA has
56+ petabytes of unique data
including 1.2B+ non-identified patient records
Did you know IQVIA has
86,000+ employees
from clinicians to data scientists each transforming healthcare in 100+ countries
Did you know IQVIA has
Countless development opportunities
for personal and professional growth
Did you know IQVIA cares about
Health and Wellbeing
for all its employees
Did you know IQVIA has
4,600 data scientists
including statisticians and analytics developers
Did you know IQVIA has
Excellent work-life balance
and is committed to this kind of culture
Did you know IQVIA has
1,900+ epidemiologists
and real world insight experts
Related jobs
Salary:
Location:
Wuppertal
Job Type
Regular
Employment status
Full Time
Job Category
Medical Sales
Location
Wuppertal
Description
IQVIA ist ein führender, globaler Anbieter von zukunftsweisender Analytik, Technologielösungen und klinischer Auftragsforschung. IQVIA unterstützt Life Science Unternehmen, Verbände, Institutionen, Ko
Reference
R1447435
Expiry Date
01/01/0001
Author
Christel HoffmannAuthor
Christel HoffmannSalary:
Location:
Santiago
Job Type
Regular
Employment status
Full Time
Job Category
Medical Sales
Location
Santiago
Description
¡Únete a nosotros en nuestro emocionante trayecto! IQVIA ™ es The Human Data Science Company ™, enfocada en el uso de datos y ciencia para ayudar a los clientes de la salud a encontrar mejores solucio
Reference
R1447313
Expiry Date
01/01/0001
Salary:
Location:
Santiago
Job Type
Regular
Employment status
Full Time
Job Category
Medical Sales
Location
Santiago
Description
¡Únete a nosotros en nuestro emocionante trayecto! IQVIA ™ es The Human Data Science Company ™, enfocada en el uso de datos y ciencia para ayudar a los clientes de la salud a encontrar mejores solucio
Reference
R1447284
Expiry Date
01/01/0001
Salary:
Location:
Erfurt
Job Type
Regular
Employment status
Full Time
Job Category
Medical Sales
Location
Erfurt
Description
IQVIA ist ein führender, globaler Anbieter von zukunftsweisender Analytik, Technologielösungen und klinischer Auftragsforschung. Bei IQVIA Contract Sales & Medical Solutions unterstützen Sie unsere Ku
Reference
R1344285
Expiry Date
01/01/0001
Author
Michelle PflanzAuthor
Michelle PflanzSalary:
Location:
Bogota
Job Type
Regular
Employment status
Full Time
Job Category
Medical Sales
Location
Bogota
Description
¡Únete a nosotros en nuestro emocionante trayecto! IQVIA ™ es The Human Data Science Company ™, enfocada en el uso de datos y ciencia para ayudar a los clientes de la salud a encontrar mejores solucio
Reference
R1447264
Expiry Date
01/01/0001
Author
Yesenia QuinonezAuthor
Yesenia QuinonezSalary:
Location:
Amsterdam, Rotterdam, Mijdrecht, Houten, Amersfoort
Job Type
Regular
Employment status
Full Time
Job Category
Medical Sales
Location
Rotterdam
Mijdrecht
Houten
Amersfoort
Amsterdam
Description
Medical Visitor – Randstad areaFor a collaboration with one of our customers, the world leader in the dermo cosmetics business for more than 100 years and one of the largest FMCG companies in the worl
Reference
R1410291
Expiry Date
01/01/0001
Author
Nadia JonkerAuthor
Nadia JonkerSalary:
Location:
Berlin
Job Type
Regular
Employment status
Full Time
Job Category
Medical Sales
Location
Berlin
Description
IQVIA™ – The Human Data Science Company™ – ist ein führender, globaler Anbieter von zukunftsweisender Analytik, Technologielösungen und klinischer Auftragsforschung. IQVIA unterstützt Life Science Unt
Reference
R1447180
Expiry Date
01/01/0001
Author
Christel HoffmannAuthor
Christel HoffmannSalary:
Location:
Courbevoie
Job Type
Regular
Employment status
Full Time
Job Category
Medical Science Liaison
Location
Courbevoie
Description
Medical Science Liaison – Oncology – France / BelgiumIQVIA is looking for an MSL (Medical Scientific Liaison) based in France to join our client’s global oncology team as they prepare for launch of a
Reference
R1447161
Expiry Date
01/01/0001
Author
Rhys HarringtonAuthor
Rhys HarringtonSalary:
Location:
Sao Paulo
Job Type
Regular
Employment status
Full Time
Job Category
Medical Science Liaison
Location
São Paulo
Description
Medical Science Liaison – Oncology – BrazilIQVIA is looking for an MSL (Medical Scientific Liaison) based in Brazil to join our client’s global oncology team as they prepare for launch of a next gener
Reference
R1447154
Expiry Date
01/01/0001
Author
Rhys HarringtonAuthor
Rhys HarringtonSalary:
Location:
Seoul
Job Type
Regular
Employment status
Full Time
Job Category
Medical Science Liaison
Location
Seoul
Description
Medical Science Liaison – Oncology – South KoreaIQVIA is looking for an MSL (Medical Scientific Liaison) based in South Korea to join our client’s global oncology team as they prepare for launch of a
Reference
R1444067
Expiry Date
01/01/0001
Author
Rhys HarringtonAuthor
Rhys HarringtonSince joining IQVIA I have had unrivalled support and development from my manager to enable me to aspire to move into secondary care. I feel like my career is strongly supported by my manager in order to maximise my potential.
IQVIA has been behind my development to become a MSL. The contracts that I have worked on have allowed me to push clinical projects with a recent opportunity to manage a pilot scheme integrating e-detailing into an established field based team. The result was an increase in sales.
Once again I cannot thank you enough for not only approaching me with this opportunity but also for all the support you’ve given me along the way!
Just following on from the amazing news I got yesterday I wanted to say a really special thank you for all the help and support you have provided throughout the entire recruitment process.
A quick note to say thank you for your time this morning discussing my future career options. As you know I was feeling very conflicted about the right decision. Discussing the role with you gave me chance to clarify what is important to me.
Once again I cannot thank you enough for not only approaching me with this opportunity but also for all the support you’ve given me along the way!
IQVIA Related insights
Teaser
GeneralContent Type
ArticlePublished
08/10/2024
Summary
Recently, we interviewed Corinne Scott, Client Services Manager at IQVIA for her insight into how to decide a career change. Corinne shared her own journey and valuable advice with us to help answer
by
Corinne Scott
Teaser
SalesContent Type
ArticlePublished
04/10/2024
Summary
Virtual Sales has a growing presence in the healthcare and medical solutions industry, especially since the pandemic. Virtual Sales is set to be the new normal, even as we’ve emerged on the other side
Teaser
GeneralContent Type
ArticlePublished
27/09/2024
Summary
Kickstarting or switching your career is only made easier by having solid technical skills under your belt. Technical skills are expertise and specialised knowledge that you enhance throughout your c
by
Ruth Lynn
Teaser
SalesContent Type
ArticlePublished
18/09/2024
Summary
If you’re a recent or soon-to-be graduate of biomedical science, and have realised that a laboratory-based career may not be the right direction for you, you may be wondering what other career opti
by
Tracey Smith
Teaser
Medical Sales & ServicesContent Type
ArticlePublished
17/09/2024
Summary
Stepping into any role in the healthcare sector comes with its challenges, and being a successful medical sales representative is no exception. Whether you’re an experienced sales rep and feel confi
by
Ruth Lynn
Teaser
Medical Affairs & ServicesContent Type
ArticlePublished
13/08/2024
Summary
Medical Affairs is a fast-paced sector and the work is so varied that no two days will look the same. Medical affairs professionals working in the pharmaceutical, biotechnology and medical device in
Teaser
Medical Affairs & ServicesContent Type
ArticlePublished
31/07/2024
Summary
At IQVIA, we recruit for various roles within the MedTech sphere and we’re always looking for professionals keen to move healthcare forward. In this article, we’ll outline the market for MedTech so
by
Tracey Smith
Teaser
MedicalContent Type
ArticlePublished
30/07/2024
Summary
In IQVIA, we support customers in their mission to get drugs to patients. As such, we recognise the value of keeping track of the latest market trends, developments, and insights. Modern healthcare
by
Catherine Scott
Teaser
Clinical OperationsContent Type
ArticlePublished
23/07/2024
Summary
Clinical pharmacology, a specialised branch of biomedical science, holds a pivotal role in developing vital drugs and ensuring their effective use in patients. Clinical pharmacologists bridge the ga
by
Ruth Lynn
Teaser
SalesContent Type
ArticlePublished
23/07/2024
Summary
Oncologists focus on diagnosing and treating cancer while overseeing treatment and managing post-treatment care. The oncology drugs market worldwide is expected to reach a market volume of $268bn by
by
Ruth Lynn
Teaser
GeneralContent Type
ArticlePublished
17/07/2024
Summary
Market access is all about preparing a drug for market entry, and as such it’s a vitally important part of the drug development process and wider pharmaceutical industry. While for pharmaceutical an
Teaser
Medical Affairs & ServicesContent Type
ArticlePublished
04/07/2024
Summary
Becoming a Medical Science Liaison is a popular career choice for many Doctoral-level candidates seeking a meaningful role within the pharmaceutical industry where they can communicate scientifically
by
Tracey Smith
Recently viewed jobs