Covid Impact on Life Sciences

The global pandemic, novel coronavirus has been devastating for the world economy at large. Besides the loss of millions of lives, the pandemic has brought enormous strain on the global economy due to business disruptions and shutdowns from social distancing norms. The global growth contracted in 2020 but IMF is now projecting a stronger recovery in 2021. The growth is projected at 6 percent for the global economy in 2021 and 4.4 percent in 2022. U.S. economy will witness a 6.4 percent growth in 2021, the report added. The recent vaccine approvals have raised hopes for a faster economic recovery amid exceptional uncertainty. The 2021 forecast for the global economy is revised up 0.5 percentage points relative to the previous forecast, expecting a faster recovery due to partial resumption of economic activities and fiscal policy support including economic stimulus packages announced in major economies.

The life sciences sector responded to the unforeseen challenges created by the pandemic and took the center stage in the fight against Covid-19. The need for convergence between different life science sectors (R&D, pharma, biotech, start-ups and digital platforms) has been the highlight of the pandemic. The life sciences sector has been at the forefront of the Covid response and has witnessed a surge in demand for its products (vaccines, general labware, active pharmaceutical ingredient, testing kits, etc.) since the outbreak. The opportunities created by the pandemic have also brought some unprecedented challenges along with it for those operating in the field of life sciences.