Henry Newkirk Explains How the Pharmaceutical Market has Expanded Via COVID-19

Nearly every industry has been impacted by COVID-19, but few more so than the pharmaceutical industry. From an initial soar in demand for medication to a renewed focus on research and development to find a vaccine, the pharmaceutical market shows no signs of slowing down.

Henry Newkirk is a pharmaceutical salesperson from Valparaiso, Indiana. Throughout his career, he has continued to consistently grow sales quickly and effectively at each job. With his most recent role as an executive sales specialist in the neurology department with Shire and his years of experience in big pharma, Newkirk explains how the pharmaceutical market has expanded due to COVID-19.

Increase in Demand for Pharmaceuticals

One huge impact of COVID-19 on the pharmaceutical industry was the rapid rise in demand for oral medications. Demand changes, coupled with panic buying and stocking, have had both a short and long-term impact on big pharma in the United States. In the very short-term, when the pandemic first began, this sudden increase in demand was so fast that it temporarily led to shortages. Specifically, the demand for home medications for chronic disease soared, as people were stockpiling medicine to avoid having to leave their home for any reason. For example, a study found that between March 13 and March 20, 2020, the demand for asthma medications increased by 65% and the demand for type 2 diabetes medications went up by 25% in the United States. While Henry Newkirk claims that this initially led to periodic shortages, the industry responded to the crisis and recovered quickly.

Another aspect of this increase in demand for medicine caused by COVID-19 was in regards to the medications required to treat those who had been infected with the virus. An increase in hospital patients, the many cases of COVID-related pneumonia, and the increased need to assign patients to ventilators all played a large part in the expansion of the pharmaceutical industry in America. Worldwide, the medicines used in hospitals to treat COVID-19, which includes everything from sedatives and pain treatments to respiratory treatments, has grown by up to 700% since January 2020.

Henry Newkirk on the Expansion of Research and Development in the Pharmaceutical Industry

Another aspect of the pharmaceutical industry to be affected by COVID-19 is the research and development sector. Never has there been a time when so many different countries have been working to find a solution to the same problem. The result has been huge for the pharmaceutical industry.

Globally since the start of the pandemic, over 113 medicines and 53 vaccines are in the research and development stages, with some having advanced further to the clinical trial stage. Further, as of April 2020, there were nearly 1,000 (924, to be exact) ongoing trials happening around the world regarding the treatment of COVID-19. This number has only grown since. In addition, making it easier for pharmaceutical companies to test out their findings are fast track approval processes set up in many countries around the world. COVID-19 related treatments are moving to the top of the list of approval in every country, as the globe strives to find a solution to the pandemic. Overall, Henry “Hank” Newkirk believes that one silver lining of the pandemic is a renewed focus on and prioritization of the research and development aspect of pharmaceuticals.

Pharmaceutical Sales | From Valparaiso, Indiana | www.henry-newkirk.com |