In an interview with leading news agency, Dr. Sachin Saini, Managing Director of Beaufond PLC replies to various initiatives to counter COVID-19 Pandemic & ensure safety of its employees & customers.
How do you look at the present Covid 19 pandemic & its ramifications in the world wide trade?
Let me present you first the global scanario in this unprecedented COVID 19 pandemic. As per various industry reports, the cumulative loss to global GDP over 2020 and 2021 from the pandemic crisis could be around 9.0 trillion dollars, greater than the economies of Japan and Germany, combined. The global economy is expected to lose nearly $8.5 trillion in output over the next two years due to the Covid-19 pandemic, wiping out nearly all gains of the previous four years. I believe that We are now facing the grim reality of a severe recession of a magnitude not seen since the Great Depression. After the health crisis brought the economy of China, where the virus surfaced in December, to a virtual halt in the first quarter, several countries and territories have reported a rise in infections and deaths, leading to widespread travel bans and stay-at-home orders. Measures to contain the spread could inflict $1.7 trillion to $2.5 trillion in economic losses in Asia, and between $1.1 trillion and $1.6 trillion in China.
United Nations report Global trade is expected to decline 27 per cent in the second quarter of 2020, compared to the previous three months, as global production falls due to the coronavirus pandemic. World merchandise trade value is forecast to fall about 27 per cent in the second quarter as global production and manufacturing output are set to decline 9 per cent year-on-year.
How BEAUFOND is confronting this global pandemic & the impact on your business?
it would be fair to say that Beaufond has been relatively lucky not to suffer significantly due to corona virus as 80% of our total gross income is developed from pharma and related industries & our overall trade has not been much affected in this pendamic as every decision made at beaufond is taken with utmost care in line with our safety standards guidelines. Beaufond Board being a responsible corporate entity look at quality parameters quite stringently be it our employees, staff, clients & other stakeholders. I strogly believe that while the full impact of the global pandemic is still unknown, pharma companies need to respond, recover and thrive.
During these unprecedented times, pharmaceutical companies are responding to the rapid challenges arising from disruption in supply chains and the need to change business processes. If the current COVID-19 pandemic lasts for a medium/long span of time, it may impact the supply of active material and ingredients (mainly from China), as well as the import and export of pharmaceuticals.
What are the Measures Beaufond as initiated in this current testing time?
At Beaufond PLC, we are working hard to maintain our service to our customers and our complex global supply chains of commodities, while continuing to prioritise the health of our employees and contractors during these challenging times. We are following the outbreak of the coronavirus closely. We have a well-established business continuity plan that has been adapted by site and/or business line. We are taking guidance from advice issued by governments and international organisations. Each day, our coronavirus working group is reviewing whether we should take additional actions. We have implemented stringent measures in our beaufond family to control the spead .Most of our employees are working from home apart from few very essential staff who have to come to the office which is not more than the guidelines given by the government .we have implemented social distancing norms in line with who guidelines in office as well as for conference meeting by taking help of latest technologies. Beaufond PLC does extensive precautionary measures to reduce the risk of infection within and around our working environment. Following our business continuity plan and advice from governments, many locations worldwide are applying a social-spacing policy including some office-based employees working from home, or offsite at business continuity facilities.
Our overriding priority is to maintain safe operations and critical tasks that need to be continued. Through leveraging our logistics expertise and by keeping in close contact with our diversified supplier and customer base, we are well-placed to adapt fast to changing circumstances and disruptions. We wish to thank our employees, those we work alongside, as well as the customers and countries that we serve, for their continued commitment, resourcefulness and resilience.
Any specific measures Beaufond has taken to ensure smooth running of the business?
We understand the concerns of the employees & we still have not done any paycuts for our employees except for our top office bearers who have mutually agreed to take the paycuts. I am happy to inform you that Beaufond has taken various awareness programs ,online health seminars also forging partnerships & collaborations with the government bodies to distribute the testing kits ,mask sanitizers and simultaneously our team is doing research work with our partners for COVID-19 pandemic.
How do you look at the future going forward?
There are significant global efforts underway to diagnose, treat and prevent infections from the virus. Pharmaceutical companies are working globally to combat COVID-19. We have responded quite positively with this global outbreak & the key areas of our operations has been in this Crisis management situation is to have strong People management, Compensation to casual labour due to temporary layoffs,Remote work and cyber security concerns,Plant and warehousing operations,Supply chain management, Research and development (R&D),Insurance & strong Finance management
What is your Message to your employees, customers, and partners?
Our top priority is the health and safety of our employees, customers, and partners. We have adapted to the changing environment very quickly, and our services will continue to be usable and accessible without interruption. We have a robust action plan in place, And we want to do more! We know that listening to your people is critical right now. Therefore, in line with our core values, In the current situation, it is vital to stay digitally connected – connected to your customers, your employees, and your communities. What are they experiencing, and how can they best be supported. We are confident that Beaufond will pass through this current phase & we hope to present breakthrough research of the products that are in pipeline.