The last year plus has been a trial by fire for many industries, but COVID-19 has had an especially major impact on the healthcare industry, including in the pharmaceutical space. Drug availability, healthcare infrastructure, and patient behavior have all changed in ways that are predicted to last long after the days of the current pandemic. Hospital pharmacies specifically have noticed an increase in drug shortages and recalls, staffing shortages, tightened budgets, altered pharmacy roadmaps, and increased pressure to focus on patient and staff safety.
What does this mean for cash flow? While COVID-19 has certainly challenged workflows and shifted priorities, it has also opened up new opportunities for pharmacies to capitalize on. The stress test of 2020 has highlighted a clear future for the hospital pharmacy industry and the entire drug supply chain, with a focus on the following:
- The increasing role of pharmacies
- Future-proofing operations
- Increasing patient confidence
- Leveraging data and patient behavior
- Achieving higher returns from reverse distribution
However, you can only take advantage of these opportunities with the right strategies in place. Pharma Logistics new handbook – COVID & Cash Flow covers the impact of the current pandemic on the healthcare system and what that means for the pharmaceutical industry, as well as how to best address these challenges and opportunities in order to maximize your cash flow and secure the long-term success of your business.