The pandemic has taken the world by surprise and left a trail of destruction in its wake. From mass job losses to delays in routine medical procedures, the detrimental effects have been felt far and wide.
As the impact of Coronavirus continues to be felt on high streets and economies around the world, and the race to find a vaccine speeds ahead, it is important to remember just how vital continued investment in medical and pharmaceutical research and development is.
The speed of progress in creating and testing a suitable vaccine is unprecedented. It is also testament to the foresight of the pharmaceutical industry’s sustained investment in research and development as it utilises knowledge and insights gained from previous trials and studies to help combat Covid with safe, efficient vaccines.
This commitment to developing and improving medicines and medical devices is essential, as are the sustained financial investments behind them.
The longsightedness and recognition of the need for speculation within our industry ensure we are now much better prepared when it comes to mitigating the impact of future unknowns like Covid-19.
Throughout this year, the drive for increased drug production amid the Covid-10 pandemic has seen a huge wave of investment in Contract Development and Manufacturing Organization (CDMO) throughout 2020.
This month alone has seen millions of dollars invested by companies keen to increase their manufacturing reach.
Baxter’s CDMO division, Baxter Biopharma Solutions, most recently entered the fray with a $50m investment at its Indiana site to expand its fill-finish manufacturing plant. It is hoped the expansion will create 100 new jobs.
Earlier this month, Celltrion revealed plans to inject $453m into its R&D and manufacturing centres in South Korea and increase the workforce by a further 3,000 by 2024.
Meanwhile, Pfizer has announced it will invest $350m to upgrade its three sites in Ireland over the next two years to add new manufacturing capacity and lab space.
This willingness and recognition of this need to invest in the future of healthcare by so many companies is encouraging and will be vital in ensuring the sustained health and wellbeing of all for generations to come.
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