In the spring of 2020, Covid-19 essentially shut down the U.S. as well as most of the rest of the world. It was terrifying to hear the news reports of hospitals being overwhelmed with those suffering from the virus and seeing tragic pictures of refrigerator trucks filled with those who succumbed. It was hard to envision how the world was going to survive the pandemic.
It must also be noted that many other companies advanced research programs to treat those already infected with Covid-19, such as Regeneron whose Covid-19 antibody saved many lives including, in all likelihood, that of President Donald Trump. Other companies produced important antivirals such as Amgen , Merck and Pfizer . When Covid-19 hit, the biopharmaceutical industry devoted tremendous resources trying to come up with treatments that would save lives.
The poster child for this is Pfizer. Despite having generated sales of its Covid-19 vaccine of over $75 billion in its first two years on the market, Pfizer’s stock price has declined 32% since the start of the pandemic. As a result, Pfizer is in the midst of a $4 billion cost cutting program. As Herper states: “Directing an entire 83,000-person company to take on a global catastrophe may not have been without consequences to the rest of the business.” Contrast this with Merck’s experience.
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