The Status of Post-COVID ERM and BCP at Biopharma Firms

This work identifies and assesses post-COVID risk management practices in the biopharma industry. The focus includes enterprise risk management (ERM), business continuity planning (BCP), technology resilience, and crisis management. Previous work in 2020-2021 surveyed 320 biopharma professionals to study the impacts of COVID on activities within their firms. The survey identified similarities by region and type of firm, but significant differences were noted when comparing startups to transitioning and mature firms. Recommendations were made for improving ERM and BCP programs at smaller firms because they were less likely to have a preparedness plan and plans that existed were less effective. The new work leverages previous knowledge to evaluate the current state of ERM and BCP at biopharma firms five years post-COVID.

The analysis focuses on lessons learned and if substantive changes have been made to better prepare biopharma firms for future pandemics or other significant disruptive events. These new vulnerabilities may be caused by climate change, political upheaval, cyber security data breaches, and financial uncertainties, among others. Impacts on the extended enterprise (e.g., supply chain partners, public emergency management, external support services) will also be addressed. The research will include background information along with new survey details, the statistical analysis and visualizations of survey results, and a point-by-point gap analysis of ERM and BCP constructs. The study methodology will also be useful for analysts seeking to study post-COVID preparedness in other industries.