In these unprecedented times, Accreate have endeavoured to assess the impact that the global pandemic has had on the life sciences industry for both employers and senior employees alike.
We engaged with over 1,000 senior executives and the results and feedback has been somewhat surprising given that the life science market has been cast as “relatively unaffected” by some commentators. This is certainly not the case.
There are significant challenges with patient engagement due to the lockdown and the ability for salesforces to engage with KOL’s on the front line have ground to a halt. This will have a significant medium-term affect on bottom line revenue growth. What is more, there has been a massive impact to clinical trials, so there will be a longer-term delay on bringing new drugs to market.
Having said this, manufacturing activity is generally still very high, and organisations have been managing to continue with many business as usual activities, albeit in a virtual capacity. Many of the respondents even commented that the lockdown will result in many communications and processes being streamlined, offering greater flexibility to staff and a significant reduction in travel expenses.
We will continue to monitor the trends and effects of the pandemic on the industry over the coming weeks.