Impact of Coronavirus (Covid-19) Pandemic on the Biotechnology Industry

Biotechnology is one of the best platforms to meet the demand for better healthcare infrastructure for the diagnosis and treatment of COVID-19 infection and lower its sero-prevalence rate, during the Coronavirus (COVID-19) pandemic. Biotech companies are collaborating with government bodies, and are majorly focusing on research and development activities to develop a drug and vaccine to cure, and prevent this disease, respectively. For instance, in April 22, 2020, Biotechnology Industry Research Assistance Council (BIRAC), based in India, funded 16 companies for the development of COVID-19 therapeutics, vaccines, and devices.

Several companies such as Regeneron Pharmaceuticals and Incyt, CytoDyn are competing to develop new innovative technologies such as monoclonal technologies targeting SARS-CoV-2 virus. Currently, existing biotechnology technologies such as monoclonal antibodies (Mabs), Cell therapies and many more are utilized to identify different viruses to develop antibodies against COVID-19. For instance, in March 2020, Regeneron identified hundreds of virus-neutralizing antibodies to create an antibody cocktail therapy.

Few of the developments in this industry are as follows:

• On May 8, 2020, Bharat Biotech working with the Council of Scientific and Industrial Research (CSIR) for the development of monoclonal antibodies for COVID-19
• On March 11, 2020, Tiziana Life Sciences plc entered into a global license for composition of TZLS-501, a fully human mAb targeting IL-6R, with a Switzerland-based pharmaceuticals, Novimmune, SA for the development of TZLS-501,a monoclonal antibody (mAb) for treatment of COVID-19 infections
• On March 12, 2020, Biogen partnered with Vir Biotechnology for the development of Vir’s human monoclonal antibodies as a potential treatment for COVID-19
• On March 11, 2020, BeyondSpring Inc. submitted the US Patent application for BPI-002, a T-cell co-stimulator for the treatment of COVID-19

All these initiatives are expected to aid bring positive traction in the biotechnology industry. The reports from Coherent Market Insights considers and evaluates the impact of the COVID-19, and anticipated change on the future outlook of this industry, by taking into the account the political, economic, social, and technological parameters.