Supply Chain Risk, Rising Drug Prices and Growth of Start-ups Among Key Trends to Watch in 2021 – Five Key Factors Impacting the Life Science Sector
The COVID-19 pandemic has put the spotlight on the life sciences sector like never before and cast a new level of respect on healthcare professionals, medical researchers and other scientists. And, even within the pharma industry, which has often been tainted with a broad stroke of mistrust and skepticism, it too is being admired for its ability to bring new hope to the world through innovative vaccines.
Yet, even when vaccines are broadly rolled out, COVID-19 will continue to impact the life sciences sector. The impact of the supply chain challenges will continue throughout 2021, and the sober reality of our dependence on far-flung supply chain partners will require new approaches and streamlined processes. According to an article from National Public Radio (NPR) in the U.S. (1), “nearly three-quarters of the active ingredient manufacturing facilities for medicines sold in the U.S. are located in other countries, and only 28 percent are domestic, according to the FDA.” Based on lessons learned last year, we may see this begin to change, with more manufacturing coming back to the U.S.
Perhaps what will be forever altered is how d ...