COVID-19 Impact on the MTP Sector - New Reports Launched
To better understand the burden of the COVID-19 lockdown on the medical technology, biotechnology and pharmaceutical (MTP) sector in Australia, MTPConnect recently undertook research, in partnership with L.E.K. Consulting, to explore the impacts of the pandemic lockdown on organisations across the different parts of the MTP value chain and how companies have responded to the crisis.
The findings have now been published in the MTPConnect COVID-19 Impact Report, revealing the COVID-19 health crisis has had a significant negative impact across the MTP sector, including startups, SMEs, large local and multinational companies, researchers, universities, service providers, industry organisations and investors.
With insights from 80 senior leaders from the sector, the report details significant hits to company values, the shutdown of critical clinical trials and the drying-up of much needed capital to sustain research and development projects. It highlights that the sector has been dealing with these impacts while simultaneously fast-tracking vaccine, diagnostic, device and therapeutic research to fight COVID-19 and securing vital medical supplies. It also identifies five key factors across the MTP value chain that will affect the growth of the sector over the next six to twelve months.
Additionally, a new supplementary report, in collaboration with the Medical Technology Association of Australia (MTAA), Collaborating in the Public Interest: How Australia's Medical Technology Sector joined with Government to fight COVID-19, details the behind-the-scenes story of a unique industry & government collaboration to support the national interest and the impact this will have on planning for future pandemic planning.
Both reports cover the four-month period from February to May 2020. A follow-up Impact report will be published in Quarter 3 2020 to outline strategies and initiatives to position the MTP sector for future growth.