Specifically in diagnostics, early on we quickly realized the challenges we were facing in multiple fronts: From R&D to manufacturing, from supply chain, to regulatory, sales and marketing. The world needed affordable and reliable rapid diagnostic testing on a massive scale, testing closer to the consumer (patient) and the need was immediate.
It became obvious that doing things the traditional way was not going to cut it, and we would need to rethink our approach. The typical multi-year detailed planning, developing, validating, strategizing, and marketing was not an option.
Today, as the dust settles, we learned the importance of fast response and adaptability; of owning a robust supply chain of essential laboratory equipment; of bringing testing close to the patients; of expedited regulatory clearance (Emergency Use Authorization); and availability of funds for critical research and development.
The pandemic placed the spotlight on diagnostics, highlighting our shortcomings but we are coming out of it stronger and better prepared for future challenges.
The transformation that happened in the past couple of years was driven by COVID but are now applicable to other diseases. As professor Greg Licholai states in his latest Forbes article, “Covid-19 has helped to show both what was lacking and what is now possible in diagnostic testing”.
As the pandemic slows down, there’s a decline in the use of IVD testing. According to GlobalData, the global IVD market size was valued at $84.27bn last year and is projected to decline at a compound annual growth rate (CAGR) of 4% from 2022 to 2030. However, the category of oncology within the IVD market is projected to grow at a CAGR of 6% within the same period.
Despite the estimated decline in the overall IVD market due to the decreasing use of COVID testing in the next few years, the industry has benefitted from the scrutiny, lessons learned and process improvements resulting from COVID-19.
The advancements in diagnostics brought about by the pandemic, will hopefully help saving lives through early diagnostics of other diseases such as cancer.
Vice President, Strategic Development & Life Sciences
With over 15 years of clinical diagnostics experience in multiple leadership roles, spanning product development, production and manufacturing, technical support, and business development, Fernando acts as the account leader with clients and internal teams.