Can Biotech Sustain the Changes of the Last Year?

The COVID pandemic has changed the biotech industry in a positive way, demonstrating it can act quickly and decisively to develop vaccines against the SARS-CoV-2 virus.

“We have seen the transformative power of science,” said Dr. Michelle McMurry-Heath, PhD, president and CEO of the Biotechnology Innovation Organization (BIO).

She, and other speakers presenting in advance of last week’s virtual Biotech Showcase, predicted the impact of the pandemic on the industry will be long-lasting.

An account of the presentation on The Science Advisory Board website pointed to the “massive pivot of biotechnology companies to pursue infectious disease research.” Though not all the companies will achieve funding or success, McMurry-Heath said the pandemic created opportunities to pursue new classes of therapeutics and novel areas of research.

“If companies are innovative and are willing to reinvent their science, there is hope for even more transformative solutions in the future,” the article says.

However, sustaining the transformation and the speed of biotech innovation is challenged by efforts to control healthcare costs, said speakers at a second advance session of the Biotech Showcase.

“Prescription drug prices in the U.S. continually rank among the highest in the world, and it’s no secret that the biotech industry relies heavily on the U.S. market to fund research and development,” the article about the session reports.

The panel of speakers agreed the goal of the federal government and the pharmaceutical industry should be to make innovative, but affordable drugs. Complicating that is the business model. “With high R&D costs, companies (and investors) must have a way to recoup costs, years after the product goes to market,” the article explains.

There are some alternatives, said Dr. Julie Gerberding, Merck EVP and chief patient officer and former head of the CDC. She cited the Department of Defense model, which is built on a public-private partnership incentivizing productivity and innovation. Another is the way the Department of Health and Human Services partnered with the private sector to combat COVID-19.

“With future pandemics a near certainty,” the article reported, “it seems critical that the government should invest more innovation to help avoid or mitigate anticipated crises, [Gerberding] believes.”

“We are all part of the problem and the solution,” Gerberding said. “We have to apply ourselves to find contemporary solutions. We’ve got a lot of work to do.”

Photo by National Cancer Institute

Is Covid-19 Back or Are We Just Seeing a Surge in Cases?
General Interest Healthcare Pharma

Is Covid-19 Back or Are We Just Seeing a Surge in Cases?

Strategic Networking: A Secret Weapon in Job Searching
Accounting + Finance Architecture + Engineering Financial Services General Interest Healthcare Human Resources Information Technology Legal Support Marketing Technology Pharma Professional Support

Strategic Networking: A Secret Weapon in Job Searching

#WeAreGreenKey: Spotlight on Justin Nadelman
General Interest Green Key News Information Technology Leadership + Management

#WeAreGreenKey: Spotlight on Justin Nadelman

Navigating the Tech Interview Maze: A Guide to Success
General Interest Information Technology

Navigating the Tech Interview Maze: A Guide to Success

Green Key Unlocked: How to Succeed in Payroll Management
Accounting + Finance General Interest Human Resources Leadership + Management

Green Key Unlocked: How to Succeed in Payroll Management

#WeAreGreenKey: Spotlight on Jenny Rehkugler
Accounting + Finance General Interest

#WeAreGreenKey: Spotlight on Jenny Rehkugler

Handling Mistakes & Failure in the Workplace
General Interest Worklife

Handling Mistakes & Failure in the Workplace

How to Support Those Affected by Hawai’i Wildfires 
Green Key News

How to Support Those Affected by Hawai’i Wildfires 

#WeAreGreenKey: Spotlight on Halle Sarfin
Green Key News Professional Support

#WeAreGreenKey: Spotlight on Halle Sarfin

Advantages of Offering Exit Interviews
General Interest Human Resources

Advantages of Offering Exit Interviews

Tracking Metrics: Learning & Development
General Interest Leadership + Management Worklife

Tracking Metrics: Learning & Development

#WeAreGreenKey: Spotlight on Leanna Gallagher
Green Key News Human Resources

#WeAreGreenKey: Spotlight on Leanna Gallagher

How to Beat the Summer Productivity Slump
General Interest Leadership + Management Worklife

How to Beat the Summer Productivity Slump

Questions to Ask When Hiring a Recruiter
General Interest Leadership + Management Worklife

Questions to Ask When Hiring a Recruiter

#WeAreGreenKey: Spotlight on Chianté Vidal
Architecture + Engineering Green Key News

#WeAreGreenKey: Spotlight on Chianté Vidal

Celebrating 10 Years of GKR in Rockville
Green Key News Leadership + Management Professional Support

Celebrating 10 Years of GKR in Rockville

Internal Mobility: Retaining Top Talent
General Interest

Internal Mobility: Retaining Top Talent

Green Key Unlocked: The Future of Telemedicine & Virtual Healthcare
General Interest Healthcare Information Technology

Green Key Unlocked: The Future of Telemedicine & Virtual Healthcare

#WeAreGreenKey: Spotlight on Melissa Sanchez
General Interest Green Key News Healthcare Leadership + Management

#WeAreGreenKey: Spotlight on Melissa Sanchez

#WeAreGreenKey: Spotlight on Rory Valan
General Interest Green Key News Information Technology Worklife

#WeAreGreenKey: Spotlight on Rory Valan

Latest Blog Posts
View All Posts
Is Covid-19 Back or Are We Just Seeing a Surge in Cases?

Is Covid-19 Back or Are We Just Seeing a Surge in Cases?

With the recent increase in hospitalizations and Covid-19 cases across the U.S. the question of How to protect ourselves and...
Read More
Strategic Networking: A Secret Weapon in Job Searching

Strategic Networking: A Secret Weapon in Job Searching

Networking is more than connecting with other professionals on LinkedIn or collecting contacts; it's about building relationships that can lead...
Read More
#WeAreGreenKey: Spotlight on Justin Nadelman

#WeAreGreenKey: Spotlight on Justin Nadelman

Almost seven years since he first joined Green Key, Justin has seized many growth opportunities in his role and truly...
Read More