B2B Online Marketplaces Don’t Close Because of Pandemics

  Lithuania, Vilniaus - 03/26/2020 (PRESS RELEASE JET)

JSC Vitardus, the trademark owner of Pipelinepharma, says B2B online marketplaces are throwing businesses a lifeline because they do not close during pandemics. Pharmaceutical companies can continue to make connections and discover business opportunities online while working remotely.

The fast-spreading Covid-19 virus is a profound human tragedy and global health crisis that continues to grow. At the time of writing, there have been more than 435,000 confirmed cases and more than 19,000 deaths around the world. Even as the number of cases is falling in China, it is increasing exponentially elsewhere with Europe currently at the epicentre of the pandemic. During this uncertain time, a recession looms as Covid-19 is affecting multiple industries worldwide. The pharma industry is no exception.

Implications for the Pharmaceutical Industry

In the interests of stemming the spread of the virus, many highly anticipated pharma events, conferences, trade shows and expositions have been cancelled or postponed. The Centres for Disease Control and Prevention in the United States recommends the postponement or cancelling of events with more than 50 attendees.

With such a volatile and changing situation, there are doubts over when and if rescheduled events will take place. Executives relying on them to find business leads, stay informed and connect and collaborate with other professionals are left in limbo by the unknown. This is likely to result in missed partnership opportunities.

Pharmaceutical executives wanting to jet off to foreign climes for important business meetings are also having their plans severely curtailed in the wake of the crisis. Measures are continually evolving, but all over the world, airlines are cancelling flights and grounding crews while countries are shutting their borders and considering restricting their air spaces. The worst affected European countries such as Italy, Spain and France have lockdowns in place requiring people to stay at home, prohibiting all but essential outings. 

Some pharma companies are taking precautionary measures. Biogen, an American biotechnology multinational, has told its staff to work from home after several people who attended a management meeting at a hotel tested positive for Covid-19. In this climate, as the world tries to curb the spread of the virus, it is clear that business cannot carry on as usual. The implications for B2B companies, including those in the pharma industry, are widescale and potentially devastating.

The situation is shaking up business behaviour on a massive scale, and the full economic consequences are unclear. The influential Paris-based Organisation for Economic Cooperation and Development has warned that several countries could be plunged into recession this year and global GDP growth could plummet to almost half the rate it forecast before the crisis.

However, with new challenges come new opportunities. Business to business eCommerce and B2B marketplaces were important before the crisis, but even more so now as industries start to address the short, medium and long-term implications of the novel coronavirus.

Business as Usual with B2B Online Marketplaces

B2B marketplaces do not close because of pandemics. Pipelinepharma (https://www.pipelinepharma.com/) is a fast-growing global online B2B marketplace where pharmaceutical distributors are continuing to source pharmaceutical products from manufacturers, negotiate deals, make connections and discover business opportunities without leaving their homes or offices. 

Unable to attend trade shows or travel across country or internationally, which are expensive anyway, companies can achieve similar or greater outcomes by taking advantage of this online innovative platform.

Pharmaceutical manufacturers and dossier owners list their product offers for free for any worldwide markets while pharmaceutical distributors enjoy a consumer-like buying experience in this online B2B environment. They can easily find pharmaceutical products using industry specific search engine and filters, view prices and other commercial terms, negotiate 24/7 online using integrated messaging system, so they can make highly informed choices and buying decisions. Everything is streamlined and transparent. Business deals can be negotiated and 1-page commercial term sheet might be agreed in a matter of weeks or even days.

Is Covid-19 a Black Swan?

The scale of what's currently happening is difficult to comprehend, and the future is unknown. Covid-19 might be a black swan event that fundamentally alters the trajectory of governments, economies and the business environment. Previous black swan events include the Black Death that swept across Europe in the 14th century. It ended the feudal system and eventually led to better conditions and higher wages for workers. 

While we continue to grasp the enormity of what is taking place today, one thing is sure, and that is the increasing dependence on remote interactions and remote ways to do business, which is strengthening their appeal. 

There will always be good reasons for people to come together face to face as well as meet en masse. However, the pandemic is highlighting how B2B online marketplaces make doing business much easier and faster, whatever the global circumstances.