The Coronavirus’ Effect on the Biotech, Pharmaceuticals & Genetics Industry

The Coronavirus pandemic created immense demand for preventative vaccines, and also for treatment therapies for patients suffering from the virus. Billions of dollars are being invested in research. A new drug therapy traditionally takes from 10 to 15 years to research, develop, put through clinical trials and get into the hands of doctors. Historically, new vaccines have also taken as many as 10 years to get to market.

Continuing mutations of the virus will keep Coronavirus research and vaccines at the forefront of the biotech industry for an extended period. With amazing speed, global demand and unprecedented levels of investment resulted in the production of a Coronavirus vaccine in less than 12 months. In the U.S., the Trump administration launched “Operation Warp Speed,” making an historic push to bring vaccines and therapies to market quickly. Billions of federal dollars were made available for research and development at private companies. Manufacturing capabilities had to be boosted at the same time.

Meanwhile, cooperation by and between federal agencies and private companies soared in an effort to remove all unnecessary obstacles to new drug and vaccine development. A number of existing drugs received emergency FDA approval as possible treatments for patients infected with the Coronavirus.

U.S. biotech company Moderna was the first to begin human trials in March 2020, followed by another conducted by Pfizer in partnership with BioNTech SE. Both the Moderna and the Pfizer two-dose vaccines were authorized for emergency use in December 2020 in the U.S. This was followed by the February 2021 authorization of a single-dose vaccine by Janssen Biotech, Inc., a unit of Johnson & Johnson.

The SII/Covishield vaccine, developed and manufactured by the State Institute of India and SK Bio, received WHO approval in February 2021. AstraZeneca/AZD1222, developed by the University of Oxford, its spin-off firm Vaccitech and AstraZeneca, was approved in February 2021 also. In China, the Sinopharm vaccine was developed by Beijing Bio-Institute of Biological Products Co. Ltd., a subsidiary of China National Biotech Group (CNBG). It was approved by the World Health Organization (WHO) in May 2021. Another Chinese vaccine, Sinovac-Cornavac, developed by Sinovac Biotech Ltd., was approved by WHO in June 2021.

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