Purpose

This paper aims to determine new-normal uncertainty considerations stemming from the COVID-19 pandemic to consider within transaction-cost analysis for pharmaceuticals. It also aims to propose new-normal market entry strategies to address the uncertainty as a result of COVID-19's implications and provide for lack of knowledge and information in an uncertain business environment by way of Internet of Things (IoT) ecosystem for pharmaceutical market entry.

Design/methodology/approach

In this paper, we focus on the uncertainty facet within transaction-cost analysis consideration and utilise a descriptive three-case study approach taking in Johnson and Johnson (J&J), GlaxoSmithKline (GSK) and Novartis to present an ADO (Antecedent-Decisions-Outcomes) understanding of their usual market entry approach, the approach undertaken during the pandemic and the outcomes thereafter facilitating new-normal uncertainty considerations to factor in. Further with this insight, we develop a conceptual framework addressing the transaction-cost analysis implications of uncertainties toward lack of knowledge and information for a new-normal market entry approach and operating strategy for pharmaceuticals applicable due to IoT (Internet of Things).

Findings

Uncertainty (external and internal) is different now in the new-normal business environment for pharmaceuticals and boils down to acute shortage of knowledge and information impact to make an appropriately informed decision. Therefore, considering the changed factors to consider, pharmaceuticals need to be able to undertake market entry with vaccines and medicines by way of IoT thereby enabling, the filling of the gap via real-time data access and sharing, including enhancing predictive analysis for sustenance.

Research limitations/implications

The paper's findings have many theoretical implications highlighted in the manuscript.

Practical implications

The paper's findings have many practical implications highlighted in the manuscript.

Originality/value

This is the first study to our knowledge that throws light on transaction-cost analysis theory's uncertainty facet for pharmaceuticals. It is also the first study that provides a new-normal market entry strategy for pharmaceutical companies built on interoperability of real-time IoT.

中文翻译：

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药品新常态市场准入模式：源自 COVID-19 的物​​联网 (IoT) 市场准入框架

目的

本文旨在确定源自 COVID-19 大流行的新常态不确定性考虑因素，以便在药品交易成本分析中考虑。它还旨在提出新常态的市场进入策略，以解决因 COVID-19 影响而导致的不确定性，并通过物联网 (IoT) 生态系统为药品市场进入提供在不确定的商业环境中缺乏知识和信息的情况.

设计/方法/方法

在本文中，我们专注于交易成本分析考虑中的不确定性方面，并利用强生公司 (J&J)、葛兰素史克 (GSK) 和诺华公司的描述性三个案例研究方法来展示 ADO（先例-决策-结果） ) 了解他们通常的市场进入方法、大流行期间采取的方法以及随后的结果，从而有助于将新常态的不确定性考虑因素考虑在内。进一步利用这一见解，我们开发了一个概念框架，解决不确定性对缺乏的交易成本分析的影响适用于 IoT（物联网）的药品的新常态市场进入方法和运营策略的知识和信息。

发现

现在，在制药业新常态的商业环境中，不确定性（外部和内部）有所不同，归结为知识和信息严重短缺，影响做出适当明智的决定。因此，考虑到要考虑的变化因素，制药企业需要能够通过物联网进入疫苗和药物市场，从而能够通过实时数据访问和共享来填补空白，包括加强对生计的预测分析。

研究限制/影响

该论文的研究结果在手稿中强调了许多理论意义。

实际影响

这篇论文的研究结果在手稿中强调了许多实际意义。

原创性/价值

这是我们所知的第一项研究，阐明了交易成本分析理论对药品的不确定性。这也是第一项为制药公司提供基于实时物联网互操作性的新常态市场进入策略的研究。