Industry Changes Due to Covid-19
To determine any changes that are occurring in the life sciences, clean tech, oil/petroleum, cyber/homeland security, and tech/electronics industries due to Covid-19.
- McKinsey published a report on the life sciences sector post-Covid and some immediate disruptions being seen are more attention on the industry as vaccines are developed, a reduction in lab capacity, more remote eorking, and negative impacts on both enrolling and keeping patients in clinical trials.
- The immediate focus of many companies in this sector is on protecting employees who must work on-site, protecting patients involved in clinical trials, determining how to move forward with current and upcoming trials.
- One report from Ashurst indicated that interest and investment in clean tech such as electric vehicles and battery storage is not expected to decline as a result of Covid-19.
- However, Smart Energy International reported that Covid-19 "poses dire threat to clean tech companies, climate action."
- With competing reporting on the industry, more research is needed to determine what the expert consensus is.
- McKinsey reports that they believe the industry may not return to historically attractive performance without fundamental changes. The key impacts on companies will be "intense competition, technology-led rapid supply response, flat to declining demand, investor sc[k]epticism, and increasing public and government pressure regarding impact on climate and the environment."
- An article in IT Supply Chain states that companies will need to adopt more technology driven solutions in order to keep the industry, and individual companies, healthy.
- Due to challenges being faced by airlines and airports during the pandemic, the industry could see the need for technological investments that can help with identifying customers without using devices that require people to physically touch them. This may be facial recognition technology.
- Other areas in homeland security that may see increased growth are thermal imaging, AI-based solution, and blockchain.
- The consumer electronics industry was impacted by Covid-19 due to the slowdown of supplies being delivered, as well as less staff available to work due to shutdowns. Additionally, many e-commerce companies slowed the delivery of non-essentials, which directly impacted the industry.
- Major companies that have been impacted by the pandemic include, Apple, Canon, GoPro, Hitachi, and Samsung.
Summary of Findings
- In our initial research we were able to find that there is reporting available on the impact of Covid-19 in all the verticals of interest, and provide some limited information for each.
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