The coronavirus pandemic has impacted more facets of life than we can imagine. Many have struggled through financial and health-related issues throughout the length of the pandemic. Numerous industries around the world have also been dealt a financial blow over the last year and a half, so far.
One industry, in particular, has taken up an important position within our current situation regarding health. This industry is biotechnology. It’s no surprise that the biotech industry has seen some major attention throughout the entirety of the pandemic, as the biotech industry has been a pivotal part of the overall health market for some decades.
With numerous drugs like antivirals and vaccines being tested and manufactured over time, the biotech and pharmaceutical industries have been steadily advancing. Thousands of companies work year in, year out, to develop cutting-edge drugs/medicines for the treatment of sick individuals. New treatments for kidney stones, for example, are under development currently by leading researchers in the industry. Kidney stones are often regarded as one of the most painful experiences that a person can go through, but with the aid of leading developments through biotechnology, this pain may become a thing of the past. This is an example of why biotechnology was an essential industry, even before the pandemic hit. Researchers and biotech firms are constantly working to better the living conditions and treatment capabilities of those who need it the most.
So then, what sort of growth has the biotechnology industry seen during the pandemic, and what technology is being developed in the aftermath of the initial COVID-19 outbreak? Here is where the biotech industry has been and where it’s going, beyond the recent pandemic:
Impacts on the Biotechnology Industry During COVID-19
The biotechnology industry has been around for many decades and the impacts that it has had on the health of humanity cannot be understated. The development and manufacturing of medicines like antibiotics, vaccines, etc. are all essential for the treatment of diseases around the world.
The biotech industry started in early 2020 as it had for the last decade; it began with slow and steady growth. But, the market was hit incredibly hard during late February and early March with the crash of 2020. The crash had many causes, but the main culprit was found to be a lack of economic stability with lockdowns in place across America due to the coronavirus pandemic. With this, the American people were looking for solutions and treatments to help aid in the relief of those affected by the pandemic.
This brings us to the bolstering of the biotech industry due to the actions taken by the United States government. Operation Warp Speed was an initiative taken by the United States government to facilitate the manufacturing and development of COVID-29 vaccines. Around $10 billion was given to companies through the CARES (Coronavirus Aid, Relief, And Economic Securities) act in March of 2020.
With this, the outbreak of COVID-19 made the biotech industry kick into full gear to help aid in treating and preventing the disease. New life was breathed into the industry and from here it has seen sizable economic growth since the market fall of March 2020. The development, manufacturing, and distribution of vaccines across America made three companies very well known by the public. Johnson & Johnson, Moderna, and Pfizer became heroes of the day because of their continuous efforts to release a COVID-19 vaccine that was safe to use in such a short amount of time.
At the end of the day, the biotech industry in its current form has seen major growth since the beginning of the pandemic. The market size has increased by billions of dollars and continues to grow with every passing day. Even though it may feel like it in some areas of the United States, the fight against COVID-19 is not finished yet. There remains a tremendous amount of work to be done to vaccinate a majority of the population to prevent another massive spread of the virus. So, the biotech industry will continue to see growth for the foreseeable future.
The Future of Biotech Post-COVID
With the current state of the pandemic being a driving force for the biotechnology industry, many wonder what the future of the industry holds. Many predict that biotechnology will continue to flourish with more research and development being initiated as well as the market size increasing.
The extremely long return on investment horizons, deep funding requirements, and extreme uncertainty all combine to make the research and development aspects of biotechnology different from almost any other industry.
Economically, the biotechnology industry has been predicted by most to do what it has done for decades and that is to grow. The market size for the biotechnology industry is estimated to reach around $2.44 trillion by 2028, which is a 15.83% increase from today’s standing. The fact of the matter is that the biotechnology industry is here to stay and is not slowing down any time soon.