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COVID-19 impact: life sciences industry | Netscribes

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The impact of COVID-19 on the life sciences industry has been extremely disruptive. Take a look at how the industry has changed over the past six months.

https://www.netscribes.com/insights/covid-19-impact-life-sciences-industry/

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COVID-19 impact: life sciences industry | Netscribes

  1. 1. COVID-19, which emerged as an unknown pneumonia-like disease in December 2019, gained the status of a global health crisis by March 2020. Lockdowns caused temporary shutdown of labs and production facilities. The industry’s attention shifted towards developing a pandemic cure, which dampened the demand for non-COVID-19 products and trials. Companies had to ultimately find ways to respond to the challenges being posed and adapt to the new normal. VID-19 response - Life Sciences sector Here is a list of five major developments across the life sciences industry over the past six months Move towards patient-centric supply chain due to the increased adoption of digital health Industry leaders coming up with creative ways to deal with lack of raw materials. E.g- Italian engineers turning snorkelling masks to ventilators Wearables and nanotechnology are gaining attention for pandemic tracking and drug delivery Regulations made flexible for facilitating COVID-19 trials Industry wide collaboration for finding a cure. E.g- Novartis partnered with a life sciences consortium Reorganising the supply chain Creative solutions to overcome surge in demand Accelerated digital transformation and technology adoption Regulatory reforms Industry collaborations and government initiatives Disruption caused by COVID-19 has revealed vulnerabilities in the supply chain due to over-reliance on outsourcing APIs from other countries. This has led to: Due to COVID-19 safety measures, the demand for hygiene products, medical devices and protective equipment kits rose significantly. This has led to: Due to pandemic regulations, digital technologies, including AI, have been brought to the forefront of the life sciences industry. According to Rock Health, digital health received USD 5.4B in funding for H1 2020 due to surge in usage of telehealth. In response to the pandemic, UK, US and EU regulators have revised, updated and formed guidelines, to support R&D for a cure. This has led to: COVID-19 has put serious financial strain on life sciences companies. Healthcare providers have also been facing decrease in revenue. This has led to: Incentivisation by government for supply chain repatriation Companies partaking in cross-industry partnerships and manufacturing deals Surge in usage of telehealth solutions e.g. Mobile apps, remote monitoring tools Priority being given to COVID-19 clinical trials and medical devices Governments allocating stimulus packages and financial support to the industry Shifting of production locations closer to end markets or low-risk countries Regulatory changes to support quicker approval of new manufacturing lines or sites Life sciences companies and government organizations have entered into partnerships with digital health and AI companies Emergency Use Authorizations and fast-track approvals for devices with high demand Fundraising initiatives taken worldwide, for vaccine development. E.g- A global fundraising meeting raised EUR 6.15B 1 3 5 2 4 Once you start to understand that COVID-19 could last for one year or more, you need to change the way of working. We’re in the process of getting organized to work in a totally different way, for a very long time and potentially forever.” The world has never seen the (biopharma) industry as more important. We have a chance to improve our reputation if we deliver on our purpose to find solutions responsibly. But we also need to explain better why it’s in everyone’s interests that we continue to do it profitably.” Christophe Weber CEO of Takeda Pharmaceutical (mckinsey) Emma Walmsley CEO of GlaxoSmithKline (fiercepharma) Proprietary and Confidential, Copyright © Netscribes, Inc. All Rights Reserved. The content of this document is confidential and meant for the review of the recipient only. www.netscribes.com

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