Opportunities in pharmaceutical and medical manufacturing during and post COVID-19
With the world currently undergoing a health emergency, many economies are suffering from the impact of Covid-19, with businesses experiencing losses and employees facing the challenge of a complete upheaval of lifestyle. However, one sector that is experiencing significant growth and an increase in demand is the pharmaceutical and medical manufacturers.
Companies in this sector are experiencing positive growth on the stock market and even struggling to keep up with customer demand for products, such as face masks, sanitisers, protective medical equipment and medications.
It is during times such as these, that manufacturers in the pharmaceutical and medical space play an important role in providing people with the medical supplies they need to protect themselves from potential infection. It also establishes the sector as a strong area in which to find work, given the current increase in jobs as a result of heightened demand.
Expanded operations in Australia
Several pharmaceutical manufacturers are expanding their operations across the country in order to meet, not just the demand from Australian consumers, but also increase exports. Such expansions of operations will see an increase in the manufacturing and packaging of their products. For example:
- Australian manufacturer ResMed has ramped up its ventilator production and has delivered more than 3000 ventilators to the Australian Government.
- Melbourne-based manufacturer of Aquium hand sanitiser, are increasing their production of sanitiser products and hiring more staff to ensure round the clock production.
- Victorian company Med-Con, Australia’s only medical mask manufacturing company, are working to boost medical mask production to help meet demand.
While this rapid increase in demand for pharmaceutical and medical products certainly places pressure on the industry, it also presents opportunities for those looking for work in such areas. Furthermore, the Australian government has announced that it is dedicated to increasing funding for medical manufacturing within Australia through its Manufacturing Modernisation Fund. This fund is set to support more than 200 projects across the country, resulting in the creation of an expected 2,600 new jobs at this critical time.
Non-medical manufacturers are now pivoting
As the need for specific medical and pharmaceutical products grow, a range of Australian non-medical equipment manufacturers have pivoted to the production of personal protective equipment and ventilators for national and state stockpiles, allowing them to better suit the needs of the current market.
For example, Victorian company Clets Linen, which usually specialises in linen and garments for hospitality and other industries, was the first Australian manufacturer to pivot and produce thousands of medical grade surgical gowns for frontline workers in the fight against the pandemic. The company provided 3,750 disposable isolation gowns to the National medical stockpile in their first production run. In South Australia, food packaging manufacturer Detmold has announced plans to produce 145 million surgical and respirator masks over the next year.
The ability of these companies to adapt not only allows them to continue to be profitable during a financially difficult period, but also demonstrates the resilience of the manufacturing space and the opportunity for those seeking employment in such areas.
“This is a big win for Australian manufacturing and contributes to building sovereign capability in the supply chains most affected by COVID-19,” Minister for Industry, Science and Technology, Karen Andrews said in a statement.
“By pivoting from traditional manufacturing capability to produce much needed medical equipment and supplies, the new domestic supply chain will support skilled workers beyond the short term.”
If you are searching for a job within the manufacturing sector, contact Baytech and speak with one of our specialist Consultants today.