While everyone will be glad to see 2020 in their rearview mirror, the biopharmaceutical sector can count its blessings, as it emerges from a period where it has surprisingly received record public and private financings and enjoyed strong investor support. This is in sharp contrast to most of the global economy, which has been decimated by the ongoing pandemic.
Thanks to the pandemic caused by the SARS-CoV-2 coronavirus identified in late December 2019, 2020 was the year of COVID-19. It was a year of lockdowns and social distancing, a year of Zoom meetings and virtual conferences, and a year when donning a face mask sometimes came to signify a political rather than health decision. For the biopharma sector, the impact of COVID-19 was wide-ranging, in many cases showing the industry at its best, with the speedy mobilization of scientific efforts that spawned vaccine approvals at record rates and a host of therapeutics making their way through development. But biopharma suffered COVID-19-related setbacks as well, from a negative impact on clinical trials to the increasing politicization of science that could make the industry’s job harder as the world moves hopefully to end the pandemic in 2021. In looking back over the past year, BioWorld has compiled the biggest trends and lessons from the year of COVID-19.
It might be difficult to view the past year through anything other than a COVID-shaped hole. But 2020 brought some remarkable and impactful news for the biopharma sector that had little to do with the novel coronavirus. In this end-of-year recap, BioWorld takes a look at some of achievements and trends affecting the industry that were completely unrelated to – or, in some cases, in spite of – the COVID-19 pandemic.
The amount of money flowing into the biopharma industry via grants and collaborations with nonprofit and government entities is a 272% increase over last year, with efforts to fight the COVID-19 pandemic accounting for 84% of the total for 2020.
PERTH, Australia – Although Australians pay less for their drugs than patients in many other countries, Australia is falling behind when it comes to reimbursement for newer, targeted therapies, according to a report launched by Medicines Australia that assessed the timelines for registration and reimbursement of new medicines in Australia compared to 10 other Organisation for Economic Co-operation and Development (OECD) countries.
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