COVID-19 has reintroduced Americans to the value of the Biopharma industry; to save and to improve the quality of human lives. Good things have already come and great things are about to erupt. It seems like everything has changed. In actuality, none of this is anything new for Biopharma.
Do you remember when Merck was Fortune magazine’s Most Admired Company[i] for 7 consecutive years? The company—and industry—had a slew of highly successful new treatments for hypertension, hypercholesterolemia, gastroenterology, anti-infectives, and even prostate health. Therapies were becoming more targeted with less side effects and, for the first time, clinical data were showing that people were living longer, healthier lives when taking these new medications. Clinical data were more robust than ever, and people could quantify the incredible value of so many medications. America cheered on Biopharma and the industry attracted and retained the most intelligent, dedicated, and ethical individuals of any industry bar none.
Then “big pharma” became a political target and often linked alongside with big tobacco—despite Biopharma’s focus on the advancement of human life. This led to pharma and biotech companies to drop from the top spot on Fortune’s Most Admired Company list for about 20 years, until recently. Meanwhile, the industry continued to plug along.
New and innovative science and therapeutic products have poured out year after year, with the goal of improving mankind. A sampling includes:
- An 88% decline in HIV/AIDS death rates since the 1990s[ii]
- A cure for hepatitis C in the 2010s
- An HPV vaccine has led to a 90% decrease in the rates of precancerous cells in young women over the past 10 years[iii]
Yet, the detrimental public perception of the industry as being high-cost, greedy, and politically unwilling to cooperate still lingered. Then came COVID-19. Let’s take a look at what never really changed for Biopharma:
An enduring and unwavering commitment toward innovation. With the global race toward finding therapeutics and a vaccine, Biopharma has been focused on caring for patients while simultaneously aggressively securing strategic partnerships within the pharma industry. No other industry is working harder to solve the health problems of the human race. In research and development (R&D), clinical, manufacturing, marketing, and sales, teams have aligned to combat the COVID-19 virus. Currently, there are 28 vaccines in clinical trials, 145 vaccines in preclinical trials, 477 unique therapies in trial, and a whopping 1449 active clinical trials (www.phrma.org/coronavirus) focused on COVID-19—in an effort to eradicate this disease in the same way pharma has done for other diseases. If one promising product isn’t demonstrated as safe or efficacious, then another one will be right behind it to secure a beacon of hope to those who are suffering from COVID-19 as well as for those who are taking measures toward its prevention. Biopharma has recently developed and commercialized remdesivir, the first therapeutic for treating COVID-19 now used in the United States, European Union, and Japan. Creating healthcare solutions for people, just like always—and this is just the beginning of the steps necessary toward eradicating this pandemic.
Education of healthcare professionals (HCPs) has never ceased—it has just shifted with the times. Pharma and biotech have adopted technologies at an unprecedented rate from R&D to education and product promotion. Without live and face-to-face interactions—the hallmark of biopharma education—the industry had to pivot quickly. Vision2Voice has served our customers by delivering more live virtual broadcast technologies than ever before to ensure that HCPs have convenient access to the latest insights and clinical data to help care for their patients during a time when that critical information can no longer be delivered in person.
Pharma respects that we exist in an interdependent globalized world. While each of us is susceptible to COVID-19, there is a high expectation on western countries to develop the therapeutics, vaccines, and diagnostics. People are rallying behind the scientific communities in the United States and Europe to advance care for people on a global scale. This is an industry committed to improving the lives of the patients we serve through innovation and education. North America is the world leader in pharmaceutical innovation with a leading position in the market share of global pharmaceuticals which is expected to be 45% into 2023; Europe is expected to remain around 20%; and Asia-Pacific countries account for a growing 23% expected in 2023, with the remaining 10% in Latin America and the Middle East (Global Pharmaceuticals Industry Analysis and Trends, 2023, NAVADHI Market Research, March 2019).
To whom much is given, much is expected. With COVID, the expectations within the United States and Europe are higher than ever. The innovative nature of these countries hasn’t changed, but the increased focus will lead to the entire world benefiting from the dogmatic approach to R&D which has been a mainstay of the industry for nearly a century.
No industry has ever been more resilient. For years, politicians looked to point a finger at pharma. With only 10% of total healthcare dollars being spent on pharmaceuticals, the industry has been blamed as the primary reason for increased healthcare costs when this just isn’t true. Pharma has always been made up of great individuals who are laser-focused on developing cures, preventions, and delivering education on its products and services.
Today, Americans are watching Biopharma unite to take an all-out onslaught against COVID-19, just like it has done against cancer, diabetes, heart disease, and hundreds of other ailments that afflict mankind. Now, just maybe, with the increased attention on the extraordinary results of these efforts, Biopharma is showing hope for all, and these companies will soon return to the top of the Most Admired list where they belong.
