By Mike Graney
April 30, 2020
Everyone is concerned about the COVID-19 crisis and its impact on public health and our economy. We face difficult decisions today and tomorrow. But what about the day after tomorrow? We will go back to work and the global economy will crank up again. The COVID-19 crisis will exact a toll. Things will be different. But there will be opportunity.
CRDA staff have talked to national site selection consultants and global lead generators. We have read predictions from multiple economists. The consensus is that the industry that will recover and grow in the aftermath of the crisis is the life science industry, which weathered our past two recessions better than most. The COVID-19 crisis has thrust life science researchers and executives and healthcare officials into the forefront of our fight against the virus. Daily news stories highlight issues of insufficient test kits and PPE and supply chain hiccups slowing the delivery of needed materials to the U.S.
Therein lies opportunity. South Carolina companies have already pivoted to innovate, prototype and manufacture critical components, as Sam Konduros, CEO of SC BIO, pointed out in a recent interview in CRDA’s Resources for Resiliency series. The U.S. remains the world’s largest life science, medical device and healthcare market. Companies will tighten supply chains to serve our market, onshoring manufacturing. International firms who want a slice of our market will research, develop and manufacture products here instead of exporting.
CRDA recognized this opportunity and created our Life Science Rapid Response Team. The team believes Charleston can capture some of these opportunities. Chris Fraser, Managing Principal of Avison Young for South Carolina and Chair of the Rapid Response Team, described some early work by the Team in his Resources for Resiliency comments. Chris will share the results of the Team’s efforts with the CRDA Board of Directors and other stakeholders, including local life science firms, in June. These will provide the road map for CRDA’s activity in attracting new life science companies and talent to Charleston “the day after tomorrow.”
Michael J. Graney
Vice President, Global Business Development
843.697.5917 | Michael Graney