Coming out of 2020, biotechnology and biopharmaceutical businesses should be prepared for one thing – growth. Effects from the COVID-19 pandemic resulting in an increased demand for pandemic preparedness has industries in this sector poised for opportunity. According to Centers for Medicare and Medicaid Services, U.S. national health spending is expected to grow by 5.4% per year, reaching $6.2 trillion by 2028.
With predicted growth in the medical industry, biotechnology, pharmaceutical, and biopharmaceutical companies should look to take advantage of the momentum.
Be on the lookout and prepare for these most common threats and opportunities for biotechnology and related industries:
- Technology transfer from processing to manufacturing.
- Investing in a strong supply chain.
- Knowledge and experience in regulations.
- Create and define target product profiles.
- Large competitors taking more than their fair share of the market.
Your financial institution plays a strategic role in helping to address the risks to your company.
Access to Capital
Most importantly, access to adequate working capital through tailored commercial lines of credit will provide the resources you need to stay ahead when it comes to technology. Others in the biotechnology and biopharma industries have used specific term-loan options to fund equipment purchases. As a result, this gives their companies an advantage against competitors.
Additionally, to facilitate transactions between your clients and your supply chain, a robust payments and wiring system is critical. Invest in a secure Cash Management system that allows your office manager or finance department to wire funds, collect payments, and pay vendors easily.
Resources for Growth
Finally, your organization should seek to learn and grow constantly. Research information that not only pertains to the biotechnology and pharmaceutical industries, but addresses leadership, employee engagement, and strategic planning. The most successful companies focus on increasing employee engagement, leading to a boost to their bottom line. Find more information about how to foster team engagement in a remote-work environment in this article on “5 Effective Ways to Keep Your Remote Workers Engaged.”