COVID-19 – Unprecedented Times
We are facing unprecedented times with a world-wide coronavirus pandemic. The Life Science Industry is front and center of the impact. COVID-19 is forcing Life Science companies to adjust and refocus. Life Science companies refocus to save patients and healthcare workers lives. Biopharmaceutical companies are facing the need to adjust and postpone clinical trials (several for life saving therapies), medical device companies are suffering the lost revenue from the postponement of non-essential medical procedures.
At the same time, Life Science companies are in the spotlight assisting the coronavirus pandemic. Moderna a biotech company is leveraging their mRNA technology to create a COVID-19 vaccine they hope to have available for healthcare workers in the fall. Competitors in vaccines GSK and Sanofi are working together to create a COVID-19 vaccine.
Cepheid a SAP diagnostic company is leveraging their science to deliver a COVID-19 patient test with a result in 45 minutes, Abbott Labs announced a COVID-19 Test with a 5 minute result and Rutgers University scientists developed non-invasive salvia test.
Medical device companies are scrambling to get healthcare workers critical supplies like gloves, masks, caps, gowns. Medical Device companies are looking to other industries to build much needed equipment like ventilators. The entire situation has presented problems which need to be solved in the long term. Life Science customers will need to update supply chain solutions for the future as during the crisis current supply chain solutions can not provide fast immediate answers to current supply chain problems. Furthermore, the crisis has identified global supply change sourcing issues which will result in new regulations and or tariffs forcing Life Science companies to further digitize and automate processes. The science discovered during the COVID-19 pandemic will drive the emergences of new companies providing new drugs and devices that will improve and save patient’s lives.