Hotel California moment for COVID-19
COVID-19 has left a substantial dent in the world economies, businesses, and industries for which the recovery period to cope with losses and regain the market position seems to be a long distant battle. This crisis has left everyone dumbfounded, forced start-ups and established industries to reorganize, restructure, and revisit their organizational and business goals. No one would have estimated the power of an undruggable virus to that extent where millions of innocent lives were lost to fight the invincible virus, something totally uncalled for and unimaginable. Not only humans but the environment also has responded to this crisis in an unusual way across the globe. Some positive news to feel great in between the lockdown and information overload for COVID-19. Suddenly, clear blue skies are visible, less traffic on roads, and the best air quality has been recorded in the last few decades. On the contrary, this is not a sustainable situation to celebrate once the life regains normalcy.
The world may have adapted quickly to this abrupt change, but it throws a new perspective for corporates and organizations to reassess the future of work. Despite the cabin fever, the concept of home-based office has found a new connotation on the Cloud from live streaming to taking strategic decisions in a non-ergonomic setting. After consecutive months of the lockdown, employees are no longer worried about their hour-long traveling commutes and endless excuses to stay at home for some odd reason. There are some trade-offs in working remotely that aggravate the isolation level for some and cut off the human interaction in a social distancing scenario. Therefore, companies have started to care about the mental well-being of their employees amidst crazy back to back virtual meetings with families and children locked up together with limited space and resources. As many employees manage their work in casual settings, the work from home model seems to offset overhead costs of running offices from commercial premises for the short term.
Like many other industries, the Pharmaceutical industry is standing on the cusp of digital revolution and COVID-19 has pulled the trigger to bring much-needed reforms in the industry. Companies are already using Machine Learning and Artificial Intelligence to screen the potential candidates for treatment, develop gene and cell therapies in addition to classical medicines. The current scenario is tough for the pharma industry, which is waiting to end as soon as the COVID-19 vaccine hits the market.
Drug development is a lengthy process and scientists are trying numerous methods to inhibit the virus with next-generation technologies and molecular glue therapies. The road map to the market may seem to be lengthy and daunting, but pharma companies stand a great chance to prove their stance on various research programs, improve drug pricing models while simultaneously developing cost-effective vaccines and new generation therapies.
In recent years, drug development has never witnessed revolutionary trends and technologies like this before to bring out next-generation therapies. New medical procedures, New therapeutic concepts, New mode of delivery to the patients, personalized medication for each one of them is what the pharmaceutical industry upholds for the pre or post COVID-19 era.
All the world is waiting for a Eureka moment that may either happen in a flash or typically follow 10-15 years development cycle. Finding a cure to the virus may be the need of the hour that forced pharma companies to reprioritize their product pipelines and R&D efforts. Simultaneously, reimagining the entire process of manufacturing drugs with the appropriate clinical investigation will continue to make the drug development a robust process and resilient industry.
On a lighter note, this crisis reminds of a classic song by The Eagles: Hotel California that seems to sound a little different to me.
Did I hear Hotel Corona..... ? 'You can check out anytime you like but you can never leave.'
Please feel free to share your thoughts and views.
This content is provided for informational purposes only, and should not be relied upon as legal, business, and consulting advice. Certain information contained here has been obtained from third-party sources. While taken from sources believed to be reliable, the author has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.