As the impact of the pandemic is still very much affecting everybody throughout the globe, it has generated profound disruption across the digital health sector. Although COVID-19 has created change in almost every industry, life sciences happen to be at the epicenter.
Throughout it all, Medtech and pharma companies have been a robust support system as we battle the virus each day. They are the source of all the vitally critical medical products to assist patients during this challenging time, but while they're busy saving us, what's happening to them?
Let's discuss four ways the impact of the pandemic has changed the life sciences industry.
Four Ways Covid-19 Impacted Life Sciences
1. There is Now more Emphasis on National Drug Supply
Governments around the world are now reassessing their manufacturing and supply footprint. They are placing a significant emphasis on the national production and supply of drugs, and are now considering their over-reliance in certain parts of the world - ultimately gaining a unique opportunity to build on the ESG agenda.
2. A Spike in Telemedicine
Telemedicine takes center stage in the era of COVID-19. From the beginning of the pandemic to now, we have seen a tremendous spike in telemedicine, virtual healthcare response, and digital health as a whole.
Telemedicine varies in size and shape, but all offer a wide range of advantages over traditional healthcare visits. It used to be largely underutilized - that is until the coronavirus pandemic quickly transformed everything. Now, only time will tell us whether or not telemedicine is just a one-hit-wonder, or it’s something that’s here to stay.
3. Virtual drug discovery
The life sciences development of the vaccine happened at an unparalleled skill and pace. This opened the doors to many questions: ''can we develop drugs much more efficiently than our current pace?''
In short, the answer is yes, we can! There have been huge improvements in technology since the start of the pandemic with so many gadgets like wearables being adopted. The benefits of digital health can no longer be ignored, as the constant call to action leans towards more virtual innovation.
4. The Necessity Toward Intentional Action
Impacts of the pandemic jolted business leaders into action, mobilizing life science organizations in record time. However, this mobilization also upended business normals that set the bar for how and where people do their job.
Some companies plan for a ''back to normal'' way of work when everybody eventually receives the vaccine; whilst others, are thinking about what they need to do in order to implement positive change.
Life Science Language Solutions
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