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

How Wellness Initiatives Can Strengthen Your Workforce
General Interest Green Key News Leadership + Management Worklife

How Wellness Initiatives Can Strengthen Your Workforce

#WeAreGreenKey: Spotlight on Alexis Schumacher
Accounting + Finance General Interest Green Key News Worklife

#WeAreGreenKey: Spotlight on Alexis Schumacher

Women in Leadership at GKR
General Interest Green Key News Leadership + Management Worklife

Women in Leadership at GKR

Spain Becomes First European Country to Offer Paid Menstrual Leave
General Interest Green Key News Human Resources Worklife

Spain Becomes First European Country to Offer Paid Menstrual Leave

Green Key Unlocked: Benefits of Travel Nursing
General Interest Green Key News Healthcare Worklife

Green Key Unlocked: Benefits of Travel Nursing

How to Maintain Culture in Remote Environments
Architecture + Engineering General Interest Green Key News Worklife

How to Maintain Culture in Remote Environments

Tips to Strengthen Time Management
General Interest Green Key News Leadership + Management Worklife

Tips to Strengthen Time Management

#WeAreGreenKey: Spotlight on Katie Kressel
General Interest Green Key News Human Resources Leadership + Management Professional Support Worklife

#WeAreGreenKey: Spotlight on Katie Kressel

Workplace Trends 2023
General Interest Green Key News Human Resources Leadership + Management Worklife

Workplace Trends 2023

#WeAreGreenKey: Spotlight on Jason Kien
Accounting + Finance General Interest Green Key News Leadership + Management Worklife

#WeAreGreenKey: Spotlight on Jason Kien

How to Use ChatGPT to Build a Resume
General Interest Green Key News Information Technology Marketing Technology Worklife

How to Use ChatGPT to Build a Resume

Green Key Unlocked: Data Roles in IT
General Interest Green Key News Information Technology Worklife

Green Key Unlocked: Data Roles in IT

The New Marketing & Sales Team
Marketing Technology

The New Marketing & Sales Team

#WeAreGreenKey: Spotlight on Matt Schirano
General Interest Green Key News Information Technology Leadership + Management Worklife

#WeAreGreenKey: Spotlight on Matt Schirano

Green Key Unlocked: The Effect of Tech Layoffs
General Interest Green Key News Information Technology Leadership + Management Worklife

Green Key Unlocked: The Effect of Tech Layoffs

How to Prepare for a Recruiter Interview with a Staffing Agency
General Interest Green Key News Human Resources Leadership + Management Worklife

How to Prepare for a Recruiter Interview with a Staffing Agency

5 Ways to Make Your Job More Meaningful
General Interest Green Key News Worklife

5 Ways to Make Your Job More Meaningful

Minimum Wage Increases in 2023
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

Minimum Wage Increases in 2023

2023 Recruitment Trends
General Interest Green Key News Human Resources Leadership + Management Worklife

2023 Recruitment Trends

#WeAreGreenKey: Spotlight on Carissa Iacona
General Interest Green Key News Marketing Technology Worklife

#WeAreGreenKey: Spotlight on Carissa Iacona

Latest Blog Posts
View All Posts
How Wellness Initiatives Can Strengthen Your Workforce

How Wellness Initiatives Can Strengthen Your Workforce

Establishing an inclusive culture and focusing on employee health can boost productivity, encourage teamwork, and increase better communication.
Read More
#WeAreGreenKey: Spotlight on Alexis Schumacher

#WeAreGreenKey: Spotlight on Alexis Schumacher

Her natural ability to communicate, along with some professional experience in public relations and outreach, has allowed her to flourish...
Read More
Women in Leadership at GKR

Women in Leadership at GKR

Although being a woman in a leadership role comes with its challenges, those at Green Key also note the feelings...
Read More