Global crises fundamentally change life, impose new models of behavior, communication and, above all, business. And while the material economy was seriously shaken by the Covid 19 pandemic, since then a new, digital economy has been growing rapidly.
Considering the complex interaction of geopolitical events and financial markets, commodity prices and current crisis events in the world have serious implications for the global economy, especially for developing countries.
‘Analysts announce a global recession, but what is already dramatic from the economic point of view is a kind of global paralysis. Namely, for the first time we are witnessing the literal standstill of the world's leading economies, as well as a longer blockade of important economic branches. Economists warn that the banking system is shaken, and the currencies of numerous countries are falling against the US dollar, which is itself weakened. All of the above, through the jump in the prices of input raw materials and materials, directly affects the prices of production and goods for export. In the economy, you can't press the 'pause' button and continue from the same point,’ says Dr. Saša Perović, Government Relations Manager from Hemofarm.
Digital revolution and pharmaceutical industry
And while the material economy has been seriously shaken, another one, the digital economy and all areas of digitized business have flourished. There is also a lot of talk about digital currency. What exactly does the digital revolution mean for pharmaceutical companies?
‘Digitalization imposes a culture of close collaboration, a culture of sharing and disseminating information, so even pharmaceutical companies are breaking out of traditional closed frameworks in the era of digitalization. We are living in a century that will primarily be the century of data exchange. By uniting partial discoveries and new innovative solutions in important projects, the digital era expands the possibilities of faster scientific progress. For example, the results of clinical research and treatment outcomes will be much more transparent and accessible to all participants in the system,’ our interlocutor points out.
However, digital innovations in healthcare are not limited to the technological or scientific dimension. In the coming era of personalized medicine, networking and data integration are of crucial importance.
‘The digital revolution will fundamentally change the health system and the relationship of all participants, and it will lead to changes in the entire approach to treatment. With increasing access to knowledge, infrastructure and personalized innovative services, it is easier for patients to take care of their health and the importance of prevention is put in the foreground. Thanks to the digital revolution that opens up endless resources of available information, the patient will seek more and more clear, relevant, timely information about the effectiveness of certain drugs, look for data on parallels, and want to choose between several offered therapeutic and price options. Digitization brings profound shifts, setting pharmaceutical companies new tasks, new challenges, new adjustments’, explains Dr. Perović.
Strengthen domestic resources
World crises simultaneously erase and raise new borders on the planet, clearly indicating the importance of strengthening one's own resources. For example, in its latest recommendations, the World Health Organization requires member countries to allocate additional funds in order to strengthen the system's readiness for possible biological disasters, and the pharmaceutical industry is required to make an additional effort to prevent possible drug shortages.
‘The task of the domestic industry is to provide efficient and safe pharmaceutical products of the latest generation at more affordable prices. It is a contribution to the quality of treatment, but also support for the stability and material sustainability of the health system. Namely, the average life expectancy has increased significantly, and with the aging of the population, expenses for the treatment of chronic diseases are growing rapidly, so generic drugs, as high-quality but cheaper therapeutic alternatives, enable greater availability of drugs to all patients who need them. Thanks to the domestic industry, regular supply of high-quality generic drugs to the market is ensured in Serbia’, our interlocutor points out.
Hemofarm, as the leader of the domestic industry, has the highest world quality standards in production for all production plants, so Hemofarm's medicines are present in 31 countries of the world on three continents.
‘In the past three crisis years, we at Hemofarm have proven that we are capable of coping with all challenges and ensuring a regular market supply of our drugs, and even mobilizing production resources to cover the increased demand for drugs, especially in the field of hospital drugs and antibiotics therapy. The domestic industry is definitely a reliable partner for the healthcare system, and patients and doctors should not worry’, says Dr. Saša Perović, Ph.D., Government Relations Manager from Hemofarm.
