Life Sciences Industry: Shortages and Outlook

The COVID-19 resurgence in China, labor shortages, and other supply chain challenges have caused several disruptions to the pharmaceutical drug supply, medical device shortages, and product discontinuations. The medical technology industry is troubled by the ongoing semiconductor shortage, which is impacting access to devices such as dialysis-related products, testing supplies, and ventilation products, among others. The recent COVID-19 lockdowns in China have also led to several drug shortages such as sodium chloride solution, sodium bicarbonate, phosphate injection products, and more, essential to delivering medications. Furthermore, the US has been dependent on Asia for over three decades in the supply of essential medicines, generic drugs, and or active pharmaceutical ingredients (APIs), putting the country in a vulnerable position due to shortages, price hikes, and other disruptions.