Crisis management in the pharmaceutical industry during the COVID-19 pandemic

S. Latonen, S. Pussila, H. Seeck, M. Airaksinen and A. M. Juppo

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

Abstract: Despite the vulnerabilities of the pharmaceutical industry and its critical role in functioning healthcare systems, no previous crisis management theory–based empirical studies focusing on this field during the COVID-19 pandemic has been published. The present study aims to fill this gap and identify areas for development to improve future crisis preparedness. Organisational crisis management process models provided a theoretical framework. A cross-sectional survey study was conducted during the second wave of the pandemic (October–November 2020). This online survey was developed based on the crisis management process models and sent to managing directors working in the pharmaceutical and wholesale companies (n = 73) in Finland. Descriptive statistics were calculated, and open-field responses were analysed qualitatively using content analysis. Nine semi-structured interviews with industry leaders and managers conducted in March–May 2021 were utilised in data triangulation. The results revealed that crisis preparedness improved concurrently during the pandemic due to increased risk perception, updated preparedness plans and operational changes. Crisis decision-making was made via teams or shared efforts between key persons. Anticipation of and responses to increased demand and stocking, coordination and collaboration among pharmaceutical supply chain stakeholders were identified as key challenges. The study extends crisis management process models to the pharmaceutical industry context and advances this research field by drawing on a novel approach for data collection utilising crisis management process models for survey development. Practical implications for improving future preparedness are suggested.

Keywords: Covid-19; crisis management; Finland; pandemic preparedness; pharmaceutical industry; coronavirus (search for similar items in EconPapers)
JEL-codes: J50 (search for similar items in EconPapers)
Pages: 13 pages
Date: 2025-07-31
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Published in International Journal of Disaster Risk Reduction, 31, July, 2025, 125. ISSN: 2212-4209

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