Lessons and insights from managing crisis: Evidence from EU pharmaceutical sector

Abstract

Crisis management for the Covid-19 epidemic is unquestionably an emergent issue. It also taught us several lessons about how to prepare for future crises. When it comes to the healthcare industry, the need for urgent discussion as well as innovation to address the issue takes precedence. Over the last two years, there has been a high crisis in emergency drugs, scarcity of drug ingredients, and patients have become helpless in the fight against the coronavirus disease all over the world. The European Union (EU) was the central hub of this tragedy, and the EU is mobilizing all available resources to assist member states in coordinating their national responses, which includes providing objective information about the virus's spread, effective containment efforts, and measures taken to repair the pandemic's economic and social damage. The research explains pharmaceutical business models and tools that can help businesses respond to emergency situations. A systematic literature review was conducted, and a list of bibliographic notes is mentioned in the reference section of the paper, where future research ideas can be found.