Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s.
R 967, Promas Engineers, TTC Industrial Area, M.I.D.C. Rabale, Navi Mumbai - 400072
Home / Blog
Blog
Impact of 2020 on the manufacturing industry
It won’t be a surprise to say that 2020 has been a disaster so far. The outburst of the Pandemic has had an adverse effect on nearly every possible sector. Surprisingly, even the Pharmaceutical Sector had its own share of effect. India is among the leading countries in drugs and pharmaceutical equipment manufacturers. Likewise, the effect of the pandemic affected the manufacturers in India as well. The COVID–19 pandemic has destroyed worldwide supply chains. Each industry, including the pharmaceutical sector, suffered from supply chains that came to a grinding halt. Raw material prices are up for reduced supplies, manufacturing schedules have been delayed, plants have been shut down and the freight rates are sky-high. Several Indian pharmacy plants had to be shut down, as COVID–19 was vigorously spreading among the employees. Operating plants went down with production due to a lack of manpower and social distancing. The deadlines for production changed drastically.
The pandemic closely turned the demand change which was a result of induced demand and panic buying. Social distancing affected the local market to a great extent.
Among the metropolitan cities in the country, the pandemic has adversely affected the economic capital i.e. Mumbai. Since the city observed a maximum number of virus-positive patients, the city was locked down for a longer time as compared to the other cities.
Various pharmaceutical machine manufacturers in Mumbai had to be shut down ever since. This has impacted the supply chain to a great extent.
However, among all the adversities, the pandemic has also impacted in a positive way, since the increasing demand for medical devices has created various opportunities for the manufacturing sector. Nearly every country has been looking for a substitute for every product manufactured in China. China has been a leading producer in the electronic and pharmaceutical sectors. But, post-Covid, this picture has taken a tool. In a recent public address, Prime Minister Narendra Modi emphasized the need to intensify the ‘Made in India’ campaign and urged “Indians should become vocal for local goods.” The government has already put its foot down into this campaign by approving an investment package for the same. Hence, India has a wide scope of becoming the leading manufacturers in the world by utilizing such facilities.
In the race to cure the affected patients, the demand for drugs has gradually increased. Accordingly, the pandemic has also increased the demand for pharmaceutical equipment needed in the production of drugs. Being the third largest manufacturer of drugs in the world, the need for the equipment is relatively high. These equipment are often outsourced from other countries. However, now this can be changed. The population and the economy is an asset to our country. India can easily streamline the manpower into the manufacturing of equipment and earn business globally. There are various manufacturers and pharmaceutical equipment suppliers who can plan a strategy and make use of this opportunity in an effective way. There is a need for an effective mode of communication between the manufacturer and the supplier. Hence, the impact of 2020 on the manufacturing industry remains biased.
Please share this
Recommended
Read Our Latest Blog On Linkedin
Contact Us
R 967, Promas Engineers, TTC Industrial Area, M.I.D.C. Rabale, Navi Mumbai - 400072
