AmCham-Jordan conducted a virtual roundtable on “COVID-19 Potential Impact on Global Pharmaceutical Market Dynamics: Challenges & Opportunity,” in collaboration with The Jordanian Association of Pharmaceutical Manufacturers (JAPM) and the PhRMA Local Area Working Group (housed by AmCham-Jordan), to discuss COVID-19’s potential impact on the pharmaceutical market dynamic on an international level as well as, its effect on pharmaceutical companies and manufacturers operating in Jordan.
The ripple effect being caused by this pandemic are breaking through the companies’ supply chains, causing disruptions. Experts participated in this session poured in their experiences in how they are mitigating the impact of the COVID–19 on their supply chains, in terms of trade facilitation, price volatility and the availability of raw material. Furthermore, more challenges were being discussed in terms meeting contractual obligations of the pharmaceutical industry, Intellectual Property (IP) rights and compulsory licenses.
From a brighter side, pharmaceuticals are one of the promising and upswing sectors that have opportunity for growth due to the pandemic. During the second leg of the session, discussions changed directions, and focused on the opportunities available resulting from this pandemic, and how the pharmaceutical business community can turn challenges into opportunities for growth in exports to existing markets and new markets.