COVID-19's Impact on Business

Data at a Glance

During the time since COVID-19 was declared a pandemic, 36% developed a new product or service, 22% accelerated development of an already planned product and 38% introduced initiatives to better connect with consumers.

15% of those surveyed say things will be "radically different" at their organizations due to COVID-19, while 72% see things return to normal however "with some change in the way things are done".

Our survey shows that this pandemic has resulted in organizations becoming more convinced of the value and necessity of digital transformation, with 62% saying its effects will have long-term impact. 22% say it will have just short-term impact, while only 16% believe it will have no impact at all.

45% see a future where some of their staff work from home, while 44% feel that it would be sustainable for their organization to allow large numbers of staff to work from home in the longer term.

57% of respondents have felt a negative financial impact from the crisis, with 23% having significant negative impact. 14% of our respondents saw positive financial impact for their businesses due to COVID-19.

Only 10% of life sciences professionals surveyed had a crisis response team at their organizations, while 53% put one in place for the COVID-19 crisis. 20% of those surveyed do not have a crisis response team in place.

In contrast to the lack of crisis response preparedness, almost three quarters of organizations (66%) had technology in place to respond to the pandemic, while 24% invested in new technology. Just 4% have no remote working technology in place.

6% of those surveyed say their organizations have retained all of their on site employees at their offices/labs or other sites during this pandemic, while 11% have a majority on site and 18% have about half in the workplace. 33% of those surveyed have everyone working at home and for 33% of organizations, a majority of their teams are working from home.

Hand sanitizing stations are by far the most common safety measure being taken at organizations, with 85% responding they have been implemented. Additional cleaning (71%), protective clothing (70%), restricted access to communal spaces (59%) and changes in location (57%) are being implemented by over half of organizations.

The most common cost saving measures at life science organizations during this pandemic have been "cutting expenses such as travel and social activities" (62%), 31% have cut budgets, 29% have put hiring freezes in place while 19% have reduced working hours. 20% of respondees say that their organizations have not put any cost-cutting measures in place.