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

#WeAreGreenKey: Spotlight on Anthony Agosto
Accounting + Finance General Interest Green Key News Human Resources Leadership + Management Worklife

#WeAreGreenKey: Spotlight on Anthony Agosto

Shop for Jobs this Holiday Weekend
General Interest Green Key News Human Resources Worklife

Shop for Jobs this Holiday Weekend

Thankful for Our Community this Thanksgiving
General Interest Green Key News Leadership + Management Worklife

Thankful for Our Community this Thanksgiving

Green Key Unlocked: Behavioral Interviews in IT
General Interest Green Key News Information Technology Worklife

Green Key Unlocked: Behavioral Interviews in IT

#WeAreGreenKey: Spotlight on Stu Leifer
Accounting + Finance General Interest Green Key News Worklife

#WeAreGreenKey: Spotlight on Stu Leifer

#WeAreGreenKey: Spotlight on Sam Jaberi
General Interest Green Key News Information Technology Worklife

#WeAreGreenKey: Spotlight on Sam Jaberi

Preparing for Different Types of Interviews
General Interest Green Key News Human Resources Worklife

Preparing for Different Types of Interviews

Benefits of Working Hybrid
General Interest Green Key News Worklife

Benefits of Working Hybrid

Green Key Unlocked: How to Succeed in Desktop Support
General Interest Green Key News Information Technology Worklife

Green Key Unlocked: How to Succeed in Desktop Support

#WeAreGreenKey: Spotlight on Andrew List
Financial Services General Interest Green Key News Worklife

#WeAreGreenKey: Spotlight on Andrew List

How to Improve Sleep Hygiene (For a Better Work-Life Balance)
General Interest Green Key News Healthcare Worklife

How to Improve Sleep Hygiene (For a Better Work-Life Balance)

#WeAreGreenKey: Spotlight on Karlina Cordero
General Interest Green Key News Human Resources Worklife

#WeAreGreenKey: Spotlight on Karlina Cordero

How to Ask for a Raise
General Interest Green Key News Worklife

How to Ask for a Raise

#WeAreGreenKey: Spotlight on Brittany Kinsella
General Interest Green Key News Leadership + Management Worklife

#WeAreGreenKey: Spotlight on Brittany Kinsella

Green Key Unlocked: Why Green Key?
Accounting + Finance Architecture + Engineering Financial Services General Interest Green Key News Healthcare Human Resources Information Technology Leadership + Management Legal Support Marketing Technology Pharma Professional Support Worklife

Green Key Unlocked: Why Green Key?

#WeAreGreenKey: Spotlight on Samantha Leveille
Architecture + Engineering General Interest Green Key News Worklife

#WeAreGreenKey: Spotlight on Samantha Leveille

How to Answer Salary Expectations
General Interest Green Key News Worklife

How to Answer Salary Expectations

#WeAreGreenKey: Spotlight on Sean Coyne
Architecture + Engineering General Interest Green Key News Worklife

#WeAreGreenKey: Spotlight on Sean Coyne

Questions to Ask During a Job Interview
General Interest Green Key News Human Resources Worklife

Questions to Ask During a Job Interview

#WeAreGreenKey: Spotlight on Angela Singh
General Interest Green Key News Human Resources Worklife

#WeAreGreenKey: Spotlight on Angela Singh

Latest Blog Posts
View All Posts
#WeAreGreenKey: Spotlight on Anthony Agosto

#WeAreGreenKey: Spotlight on Anthony Agosto

Anthony has been with Green Key for over eight years and has played an integral role in the success of...
Read More
Shop for Jobs this Holiday Weekend

Shop for Jobs this Holiday Weekend

This coming weekend may call for hearty food, crazy sales, and some quality down time to unwind. But while you're...
Read More
Thankful for Our Community this Thanksgiving

Thankful for Our Community this Thanksgiving

As Thanksgiving approaches, we'd like to take the time to thank our amazing Green Key community! This includes all of...
Read More