The life sciences industry is forward-thinking and needs to be agile enough to adapt to drastic changes at a moment’s notice. This is especially the case in the face of the COVID-19 pandemic, and all the changes it has caused in virtually every industry. With that in mind, here is our latest industry update for 2021.
Advances Attributed to the Life Science Industry
Like any industry, the life science industry has had some missteps and has been seen in a bad light by some. However, there have also been many major successes that have completely transformed the world for the better. Here are some examples of the advances made by the pharmaceutical industry:
- Penicillin
- Insulin
- Polio Vaccines
- Smallpox Vaccines
- Aspirin
- COVID-19 Vaccine
The impact of COVID-19 has had on the pharma industry has been substantial. COVID caused many problems, but also left room for the medical industry to create solutions.
Thanks to modern medicine, life expectancy has increased from 48 years old to 80 years old. Research and development are the lifeblood of the industry. The pharma industry is always creating and testing new products to be released on the market to provide us with medical solutions for ailments and diseases of all kinds. The pharma industry is currently number two in terms of research and development spending, investing roughly 25 percent of all income on much-needed research, which allows them to invent new medications, vaccines, and more.
The COVID-19 Vaccine
It’s almost impossible to discuss pharma without discussing vaccines. Despite the fact that vaccines have been around for quite some time, many people are apprehensive about getting the vaccines because they believe they make you sick, give you the virus or otherwise cause injury. While the COVID-19 vaccine has been embraced by many people, there are also those who are very skeptical of the pharma industry as a whole.
Pricing Woes
Another major reason some people distrust the pharma industry is that they feel their products are astronomically priced. This has led to people seeking out alternative forms of medicine to address their health issues. In other words, since people believe that the pharma industry purposely overcharges for their medications, some people view pharma companies as heartless, money-hungry entities. However, given that the industry is aware of its less than stellar reputation, initiatives are being created to reduce prices across the board.
Key Takeaways
- The pharmaceutical industry has come a long way and introduced many life-saving drugs and vaccines. The industry is taking steps to continue to innovate and evolve.
- The COVID-19 vaccine has helped make companies gain the public’s trust.
- Pricing has been a major issue with pharma and new initiatives have been introduced to reduce prices.
Overall, the COVID-19 pandemic has caused a wide array of changes. The pharma industry has been affected in various ways. If you have a life science-related company and need assistance navigating forward, your friends at Synergistix are here to help. Contact us today to schedule a consultation.
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