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COVID-19’s Impact on Medical Companies

By Snap Agency May 30, 2020

It goes without saying that the COVID-19 pandemic has had a significant impact on all aspects of the medical field. Pharmaceutical companies, medical device suppliers, PPE manufacturers, and others in the healthcare industry are being stretched thin in the race to develop a vaccine and keep hospitals and pharmacies alike stocked. Here’s a closer look at how medical companies are functioning during COVID-19.

Pharmaceutical Orgs

In China, various pharmaceutical industries have resumed work since late February. However, that is hardly the status quo—the U.S., for example, is 1-2 months behind that, even though many U.S. pharmaceutical products are sourced from China to begin with. In fact, the FDA states that 72 percent of pharmaceutical ingredients are outsourced. Complicating matters even further is that countries like India are restricting the exportation of pharmaceutical ingredients, placing further strain on overseas companies. These regulations are well-intentioned—protecting the safety of workers and curbing the spread of the illness is a must. But the downside is that the supply of a number of drugs may not be able to keep up with the demand.

Not only is production slowing down, but pharmaceutical companies have also seen revenue plummet. Walgreens saw sales drop after the first “stay at home” orders were issued across the U.S. In some ways, this is the last thing you’d expect, especially given the mad rush to stock up on household supplies and medicine during the pandemic’s initial spread…and yet, some things are impossible to foresee.

How Are Pharmaceutical Companies Coping?

2020 has been a period of innovation for all of us, and pharmaceutical companies certainly adhere to that statement. Thankfully, companies are getting creative; ScriptDrop, a prescription-delivery service, has had seven times greater success in a mere six weeks. Through companies like this, patients can ensure they’ll get needed medication while reducing the risk of infection to themselves and those essential pharmaceutical workers. 

There are some definite lessons to be learned from ScriptDrop’s online presence during these tumultuous times. Sleek web design, reliable customer testimonies, and repeated emphasis on the service’s convenience reinforce the company’s authority and reliability. If there’s anything pharmaceutical companies should incorporate into their brand identity and presentation right now, it’s that sense of comfort, safety, and stability.

Medical Device Providers

It’s a popular belief that medical device companies are somewhat immune to economic shifts because there will always be a need for life-saving medical devices—especially now, in the midst of a global pandemic.

Unfortunately, it’s not quite that simple. In our home state of Minnesota, for example, there are a mere 243 ICU beds with ventilators, and the rising number of COVID-19 cases reported in Minnesota have called for the development of even more ventilators on short notice. And with a number of states poised to reopen, virus cases, hospitalizations, and the need for more ICU beds and ventilators are likely to increase.

How Are Medical Device Manufacturers and Suppliers Working Around COVID-19?

Naturally, medical device providers can’t exactly continue on as usual—supply chain difficulties, social distancing guidelines, and the pressing needs of hospitals and health professionals have led many manufacturers to develop curated response plans for both the long and short term. Ventilators, respirators, PPE, and related equipment are being manufactured faster than ever, while flexible work schedules remain in place to protect workers. Companies like Abbott and Thermo Fisher are taking it one step further, producing millions of COVID-19 tests weekly.

At this point, companies that aren’t putting all of their resources into manufacturing essential medical devices and PPE may be turning inwards to assess their current research, production, and sales processes. What does an effective marketing strategy for medical device providers look like during this time? 

We suggest collaborating with experienced strategists and content writers who can craft compelling narratives while remaining sensitive to the fact that these stories are happening to real people in real time. Humanizing your brand story will go a long way towards getting your products into the right hands.

Snap Agency: Your Ally in Medtech and Medical Company Marketing

Snap is ready to support medical device providers with a variety of marketing services during this challenging time. Whether you need help polishing your supply chain brand identity, connecting with other medical companies through B2B marketing, or developing robust and clear communication with your distributors, we know just how to help. The COVID-19 medical company impact is strong, but so are you. Start a conversation with us today.