Since the World Health Organisation declared the virus a pandemic, many countries went into lockdowns creating a complete shutdown of economic activity.
One of the sectors feeling the squeeze is the pharmaceutical industry. Industry watchers say that many ongoing drug trials and ingredients required to manufacture drugs will face shortages as productions are stopped or cut down.
A survey conducted in April by Pharmaceutical Technology on 3,617 people found that 24% were extremely confident that medicines wouldn’t be disrupted, a nearly equal number (22%)were extremely doubtful. Clearly, there was no united view as to what long-term impact the pandemic would have.
GLOBAL OVERDEPENDENCE ON CHINA AND INDIA
A continual source of concern is the global pharmaceutical supply chain’s dependence on China and India for the key starting materials, intermediates, and active pharmaceutical ingredients or APIs used to produce generic drugs and many branded products. It is believed that 60 percent of the world’s API is made in China, and if the COVID-19 virus continues unabated, it is not sure when the manufacturers will be back in business fully.
In the Chinese region of Wuhan, 500 world drug trials are ongoing, according to reports, and facing disruptions. About 20% of global trials are now conducted in China, up from about 10% just five years ago, according to Global Data Plc.
With the resurgence of the disease this winter season, the question of supply chain disruption still holds true. It is apparent that the virus will continue to wreak havoc until a vaccine is developed, widely distributed,and administered to the bulk of the global population.
This story is from the December 2020 edition of Industry Leaders.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 2020 edition of Industry Leaders.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Architects Pick Their Favorite Building Material
Henry Ford, the father of assembly-line manufacturing, had a saying: “Any customer can have a car painted any color that he wants so long as it is black.”
POWERFUL WOMEN IN FINANCE
The coronavirus is not only a public health crisis of magnitude – it’s also a looming reshuffle of the global economic order. Leading through the pandemic and economic crisis is not a minor accomplishment, but the events of this past year haven’t stopped the 10 trailblazers who make up Industry Leaders’ Most Powerful Women in Finance list.
GERMANY ADOPTS NEW LAW TO HASTEN THE END OF COAL PLANTS
A new climate law adopted by Germany requires that all coal-fired power plants be shut down before the promulgated 2038 deadline. In January 2020, the German government had negotiated a deal worth €40 billion to phase out coal power by 2038, but now it seems the country is in a hurry to end its dependence on coal power due to urgent climate concerns.
IRS AND JUSTICE DEPARTMENT INVESTIGATING CRYPTO EXCHANGE BINANCE
Singapore-based Binance was co-founded in 2017 by Changpeng Zhao, and is the largest cryptocurrency exchange in the world. The US Commodity Futures Trading Commission (CFTC) is probing money laundering and tax-related offenses on the platform by any US citizen. They are investigating whether any illegal trading of derivatives linked to digital tokens was done. The United States residents can only purchase these kinds of products from firms registered with the CFTC.
GEN Z ANGELS
INVESTORS SEEM TO BE GETTING YOUNGER AND YOUNGER.
Biggest AI Talent Grab of the Year
In a post-COVID-19 world, the role of Mergers and Acquisitions (M&A) will be redefined. Companies striving to defend their existing markets and accelerate recovery are looking at a wide range of strategies such as alliances and partnerships. In addition, deal-makings now have to reflect the new environmental and societal priorities of the post-crisis world, which include making organic changes like going virtual, remote collaborations, and potentially less inperson networking.
POSTWAR BOOM
PANDEMIC BRINGS GOOD SALES GROWTH FOR LUXURY CAR BRANDS
GOOGLE PLANS TO BUILD A COMMERCIAL QUANTUM COMPUTER BY 2029
Google is confident it can build a commercial-grade quantum computer by 2029. The search engine giant’s chief executive Sundar Pichai announced the plan to build a quantum computer during the Google I/O stream. To follow through on this ambitious journey is an important milestone in the form of a new Quantum AI campus in Santa Barbara, California, where Google engineers and scientists will be hard to work to build the world’s first commercial quantum computer.
BEYOND THE STARS
The dream of space tourism is alive and well.
2021 SEMICONDUCTOR CHIP SHORTAGE
The semiconductor chip shortage is far from over but this hasn’t stopped governments around the globe from getting creative to move production ahead. The impact of the chip crisis on the automotive market has been debilitating, resulting in competition between automakers and electronics manufacturers.
