Casting call: How is the Healthcare sector preparing for the leading role in our society?
Is 2020 a year to forget? Most people may consider so.
The Coronavirus pandemic was responsible for igniting one of the most sudden worldwide crises in history, with pressured healthcare systems and broken economies translating into a lot of suffering, both mentally and financially, for all of us (you’re not alone in this…). For businesses worldwide, this scenario was often fatal, resulting in a quick death to investments and growth. However, as bad as it may seem, this wrecking-ball of a year has not shattered dreams and hopes for all sectors of the economy just yet.
Among the few sectors that are showing signs of a surprising growth, the Life Science’s is shining brighter. The Covid-19 breakout brought the healthcare field under the spotlights and renewed investment interests globally. Pharmaceuticals, medical devices producers and biotechnology-related companies have been outperforming other markets, with the medical technology segment being the fastest-growing among healthcare.
The fear of death and the urge to put an end to the “virus of the year” do play a part in guiding investment towards the sector, there is no denying, but they are far from being the only reasons behind it. When research on demographic trends began to point out that there is a lot a of money to be made in the field for the upcoming decades, investors started coming by the thousands.
In a nutshell, people are having less children and living longer. Is that bad? Not necessarily, but it obviously requires the healthcare sector to step up and take the leading role in our future society.
Inevitably, this panorama produces challenges to the companies in the Life Science’s industry. We are depending more on medical devices and that naturally leads to heavy pressures for safety measures, volatile regulatory environments, and growing competitiveness. It’s a jungle out there, and MedTech or Biopharmaceutical companies lacking in pace or innovative tools are not succeeding in their way out of it. In fact, studies in the sector confirm that growth is not only highly correlated, but mainly driven by R&D expenditure. Another important driver is the rising demand in emerging regions, notably Latin America, Middle East, Asia Pacific and Africa.
In other words, to achieve success in the sector, Life Science companies are required to broaden their horizons and expand their action to different geographies and fields of knowledge, often not well known to them. It’s an adventure that involves arranging the right crew, carefully assessing the set of skills that will be needed and committing to a route before sailing… or so many business owners thought. What if you had continuous access to industry leaders in any area of expertise along your research and development process? What if you could investigate ever-changing market trends through the lenses of well-established professionals with years of expertise in any market of your choice?
Having access to an expert network such as Knowledge Gate Group can mean the difference between flexibility and rigidity, fast responsiveness to demand changes and slow adaptiveness, or better yet, between having a steering wheel along your journey and not having one. With us on your side you’re always equipped with the right crew and the appropriate tools to take a different course of action if, for instance, regulatory obstacles are faced, geographical opportunities appear in sight or even in the very unlikely event of a worldwide pandemic breaking out (who would have guessed, right?). We are proud to be empowering the Life Science sector across such challenges and contributing to 2020 as a year to remember for the better.