2021 beckons MAJOR investments IN R&D

The life sciences industry in Asia Pacific (APAC) region entered the year 2020 with companies entering into new agreements for expansion and focusing on applied research to develop new drugs that are affordable. During 2020, the industry, which acted timely, as covered in the January 2020 issue of BioSpectrum Asia, witnessed unprecedented collaborations with the governments due to the unexpected spread of coronavirus since December 2019. COVID-19 is expected to remain a defining issue for the life sciences industry across the globe in 2021, compelling companies to invest heavily in research and development.

- Dr Manbeena Chawla

2020 began with the industry expecting a buoyant uptick in medtech, biopharma and start-up space, focusing on applied research, new technologies, affordability and manageability. However, the pandemic proved to be an unexpected dampner on an international scale.

While most industries have been struggling with the impact of COVID-19 and the slow-moving economy, the life sciences industry has quickly adapted itself to control the situation.

Since the virus was first identified in Wuhan, China, in December 2019, the life sciences industry has played a major role in disease management. From prevention - by manufacturing hand sanitisers and personal protective gear, diagnosis - by developing numerous testing kits, to treatment - by designing low cost, yet effective ventilators and the discovery of an efficient vaccine, the industry rose to the occasion.

As a result, in 2020 there were a maximum number of innovations reaching from lab to market in the shortest possible time frame. It is likely that COVID-19 will continue to be a defining issue for the life sciences industry across the globe in 2021 that will see companies working on robust investment plans in research and development.

Home to nearly 60 per cent of the world’s population, the Asia Pacific (APAC) region with its diverse demography and economies, needs urgent intervention from the respective governments and industry to invest further. Innovative medical research, availability of rapid and flexible supply and access to medicines are the need of the hour to ensure continuity of care to people who might need it in case of a future pandemic.