COVID-19 Impact on the MTP Sector - Second Edition Launched
With Australia confirming its first case of the coronavirus on 25 January 2020, it wasn’t long before COVID-19, the disease caused by SARS-CoV-2, emerged as a public health and economic crisis.
The medical technology, biotechnology and pharmaceutical (MTP) sector in Australia has not been immune to the impacts of the COVID-19 pandemic.
To better understand the burden of the pandemic and lockdown restrictions - and how MTP companies and researchers have responded to the crisis - MTPConnect has undertaken research, in partnership with L.E.K. Consulting.
In June, we reported on the initial impacts in our first MTPConnect COVID-19 Impact Report. With insights from 80 senior leaders from the sector, the report detailed 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 highlighted that the sector was dealing with these impacts while simultaneously fast-tracking vaccine, diagnostic, device and therapeutic research to fight COVID-19 and securing vital medical supplies.
We also released a supplementary report, prepared 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. It detailed the behind-the-scenes story of a unique industry and government collaboration that ensured Australia secured its fair share of essential medical equipment, including ventilators, test kits, Personal Protective Equipment (PPE) and other ICU supplies.
Both reports (and an Executive Summary) cover the four-month period from February to May 2020.
In October 2020, a second edition of the MTPConnect COVID-19 Impact Report has been published, including additional data and new insights since May 2020. This new report also explores strategies to spur recovery and discusses trends and opportunities for growth. The report makes it clear that the MTP sector has a critical and ongoing role to play in pandemic response, future preparedness and economic recovery.