Biotechnology plays a crucial role in medicine. Covid19 has affected the biotechnology industry both positively and negatively. Biotechnology Innovation Organization (BIO) is the most prominent organization in the biotechnology landscape. They are working relentlessly with several stakeholders, including the government. The collaboration is to promote its growth, education analytics, and innovation. Here are the negative and positive impacts Covid-19 has shaped the biotechnology landscape.
The biotechnology landscape has suffered a lot of disruptions during this pandemic. The scene has incurred huge losses. This is because hospitals had exceeded the maximum patient capacity. There is also a high demand for medical resources to take care of the patients.
Most projects that were underway are on pause. Some clinical trials which used considerable amounts of resources are on hiatus to leave space for coronavirus research. Some of the data from those trials could have been compromised in terms of quality. Preclinical operations had also been affected, and several labs were closed because of Covid-19.
The pandemic has also brought some good in the industry. Several inefficiencies have been realized in biotechnology. There was no fast recognition of the initial outbreak of the pandemic. There is also a global failure to produce the cure and come up with a vaccine. Repurposing an existing treatment has also been a challenge in the industry. The noted insufficiencies will be addressed, which will prevent inadequacies in the future.
The future of biotechnology after Covid-19
The biotechnology industry should focus on the lessons learned from the pandemic and ensure such a problem doesn’t happen again. They have proposed to take concrete steps towards being ready for any future pandemic.
The industry understands its role to care for society and is willing to fight harder to avert diseases. There is also a need for more cooperation, collaboration, and coordination in the biotechnology industry. There is a need for companies to staff labs globally and ensure all materials are available.
Constructive trade agreements are also essential and ensuring integrity in the supply chain. There is a need to improve the capabilities of health agencies nationally and internationally to be well prepared. The biotechnology industry needs to enhance its abilities to detect, prevent, and even destroy viruses before they become rampant.