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Huaya Cooperation International Forum – Chengdu Summit
At Chengdu Paradise Island InterContinental Hotel On July 15, 2021
Co-Organizers:
1. Shenzhen Huaya Regional Economic Development Service Center Secretariat of the Huaya International Cooperation Alliance
2. International Association of Biomedical Sciences (IABS)
Speech:
The challenges and opportunities brought to the medical field by the COVID-19 pandemic
Yongtian (Brandon) Li, President of the IABS Board
As of July 4th, there have been a cumulative total of 184 million confirmed cases of COVID-19 globally, with 3.98 million deaths. The COVID-19 pandemic has seemingly pressed the pause button on various industries worldwide. The rapid spread of the virus has posed significant challenges to human survival and social development, but it has also brought about many opportunities. Today, let’s discuss two opportunities brought to the medical field by the COVID-19 pandemic.
1. The COVID-19 pandemic has pushed many industries towards online platforms.
After the outbreak, many companies swiftly turned challenges into opportunities by developing online conferences, education, and document signing, rapidly expanding online platforms and achieving considerable benefits. The medical field is no exception. The isolation measures due to COVID-19 infections have promoted telemedicine, accelerating the construction of internet-based digital medical platforms. According to CB Insights, the first quarter of 2021 saw 139 telemedicine investments totaling $4.2 billion, nearly twice the $2.2 billion raised during the same period last year when the virus outbreak began. This represents the highest investment in global telemedicine in a single quarter on record. The injection of funds in the first quarter has led to six companies, including Modern Health, becoming “unicorns” in the field of telemedicine, with one company reaching a valuation of $1 billion. Furthermore, Current Health, a remote care management platform, saw a 3000% year-on-year revenue growth during the pandemic, with investment from Northpond, an investment company. Chris McCann, CEO of Current Health, stated in a statement, “In the next five years, we will see most healthcare services provided to patients at home, with hospitals specifically used for intensive care, trauma, and surgery.”
2. The COVID-19 pandemic has propelled the mRNA pharmaceutical industry to new heights.
We all know that Pfizer and Moderna’s mRNA vaccines were the first to receive emergency authorization for use by the US FDA during the COVID-19 pandemic. The large-scale application of mRNA vaccines is unprecedented in human history. It is precisely because of this challenging practice that scientists and investors have accelerated their view of mRNA vaccines as a new opportunity, speeding up the application of mRNA vaccine technology to the treatment of other diseases. In April of this year, Malvern Panalytical and Dr. Copur, a member of the editorial board of the renowned ONCOLOGY magazine, both believed that mRNA vaccine technology had ushered in a new era of vaccinology or cancer immunotherapy. Two weeks ago, the world’s fifth-largest pharmaceutical company, Sanofi, announced a $476 million investment in mRNA vaccine facilities. Shanghai Siwei Microbiological Technology in China also officially completed nearly $200 million in financing on June 1st this year to develop mRNA vaccines with independent intellectual property rights, advancing multiple lines of vaccines for the treatment of COVID-19, tumors, and other rare diseases. The mRNA pharmaceutical industry is poised for development.
In fact, there are many opportunities. The Huaya Cooperation Forum Chengdu Summit has provided a lot of information and projects. I wish all the participants to seize this cooperation opportunity for development and growth. The International Association of Biomedical Sciences is also willing to provide assistance in the medical field.