COVID-19's Impact On German OTC Companies
INFOGRAPHIC: OTC firms should start thinking about post-COVID-19 business strategy, SEMPORA Consulting GmbH suggests, based on a recent survey on the impact of the coronavirus on German OTC companies.
Planning for after COVID-19 is one of many key insights coming out of SEMPORA Consulting GmbH's latest survey, which asks German OTC firms about the impact the coronavirus has had on their business so far.
"The corona crisis is a catalyst for change in the OTC market," SEMPORA managing partner Tobias Brodtkorb told HBW Insight. "Now is the right time to develop post-corona market strategies to prevent decline and foster growth."
Respondents to the survey also anticipated a future collapse of COVID-related sales boosts of essential OTC medicines and food supplements, and reported that the virus had already forced companies to adapt in the way they operated, for example scaling down marketing and shifting sales processes online.
"We will see a shift to more digital solutions in marketing and sales," Brodtkorb predicted, based on the survey results. "This will change budget allocation and other internal structures in these areas, both in terms of business-to-business and business-to-consumer operations."