Skip to main content
SEARCH

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
List #1

IQVIA Related insights

Diana Heres - Service Development Executive at IQVIA Interface
What does career growth mean at IQVIA? Q&A with Diana Heres

Teaser

Medical Sales & Services

Content Type

Article

Published

24/10/2024

Summary

We caught up with Diana Heres, a Service Development Executive at IQVIA Interface, on her career development journey with us so far.  Diana shares her journey to help answer questions such as “How do

Teaser

Diana shares her journey to help answer questions such as “How do I build up my career?”

Read more
Ruth Lynn

by

Ruth Lynn

Ruth Lynn

by

Ruth Lynn

Corinne Scott, Client Services Manager at IQVIA
Client Services Manager Corinne Scott shares her career change advice

Teaser

General

Content Type

Article

Published

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

Teaser

We interviewed Corinne Scott, Client Services Manager, for her insight on changing careers.

Read more
Corinne  Scott

by

Corinne Scott

Corinne  Scott

by

Corinne Scott

man typing at a laptop with a coffee next to his laptop.
What is a Virtual Sales Representative and how can you become one?

Teaser

Sales

Content Type

Article

Published

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

Virtual Sales is set to be the new normal, even as we’ve emerged on the other side of COVID.

Read more
A clipboard on a table while two peoples arms are visible resting over it.
How do I explain my technical skills in an interview?

Teaser

General

Content Type

Article

Published

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

Teaser

Kickstarting or switching your career is only made easier by having solid technical skills.

Read more
Ruth Lynn

by

Ruth Lynn

Ruth Lynn

by

Ruth Lynn

A laptop, notebook, and phone on a desk with a virtual image of Biological molecules.
What can you do with a biomedical science degree at IQVIA?

Teaser

Sales

Content Type

Article

Published

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

Teaser

Working in medical sales (or an allied role) could be a great choice to consider after graduating.

Read more
Tracey Smith

by

Tracey Smith

Tracey Smith

by

Tracey Smith

four hands, each holding a piece of a jigsaw, placing the pieces together.
The top 4 medical sales rep challenges and how to overcome them

Teaser

Medical Sales & Services

Content Type

Article

Published

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

Teaser

Stepping into any role in the healthcare sector comes with its challenges

Read more
Ruth Lynn

by

Ruth Lynn

Ruth Lynn

by

Ruth Lynn

A man and a woman sat at a computer, both are wearing business-wear.
How to kickstart your medical affairs career

Teaser

Medical Affairs & Services

Content Type

Article

Published

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 is a fast-paced sector and the work is so varied that no two days will look the same.

Read more
Medical technology concept - a virtual screen with med tech symbols.
The roles IQVIA offers in MedTech

Teaser

Medical Affairs & Services

Content Type

Article

Published

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

Teaser

We’ve outlined just some of the field-based roles IQVIA has to offer in MedTech.

Read more
Tracey Smith

by

Tracey Smith

Tracey Smith

by

Tracey Smith

Some hands at a laptop with a virtual screen popping out of it showing data and trends.
What is the outlook for the global oncology market in 2024?

Teaser

Medical

Content Type

Article

Published

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

Teaser

Oncology is just one example of a rapidly advancing field in 2024.

Read more
Catherine Scott

by

Catherine Scott

Catherine Scott

by

Catherine Scott

A lab setting with a clinician looking at a tablet.
What is clinical pharmacology?

Teaser

Clinical Operations

Content Type

Article

Published

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

Teaser

Clinical pharmacology holds a pivotal role in developing vital drugs and ensuring their effective use in patients.

Read more
Ruth Lynn

by

Ruth Lynn

Ruth Lynn

by

Ruth Lynn

Smiling female executive making successful deal with partner shaking hand at work.
How to specialise in oncology sales

Teaser

Sales

Content Type

Article

Published

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

Teaser

When it comes to medical sales, we dive into how you can specialise in oncology.

Read more
Ruth Lynn

by

Ruth Lynn

Ruth Lynn

by

Ruth Lynn

Group of three young coworkers working together in a sunny office.Man typing on computer keyboard. Woman pointing hand to desktop screen. Horizontal image, blurred background
What does a market access manager do and why should you become one?

Teaser

General

Content Type

Article

Published

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

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.

Read more