The COVID 19 pandemic has dramatically impacted many aspects of our lives and will continue to do so at least for the better part of 2021 While the full extent of the effects still needs to be understood many of the consequences can already be seen Due to worldwide restrictions of elective procedures healthcare providers have suffered which will drive further consolidation of providers The first few months of 2020 saw an almost complete stop of M A transactions followed by an unexpected recovery of M A activity in the second half Governments across the world expanded their controlling power over M A activity to secure medical resources The German government for example has vetoed against non EU bids for German manufacturers of vaccines ventilators protective equipment and other supplies of emergency and intensive care The acceleration of digitalization due to the pandemic is expected to lead to more cross sector deals We have already seen large tech companies entering the Life Sciences space and now the pharmaceutical sector is acquiring digital companies to modernize their development processes The social distancing rules during the pandemic led to a significantly improved acceptance of remote healthcare increasing the need for digital tools COVID 19 has instantly changed patient and consumer behavior towards accepting and adopting telemedicine Valuations for digital companies are expected therefore to remain high Artificial Intelligence will play a major role in drug discovery and device development While prior to 2020 concerns about data privacy had slowed down big data and AI driven business models the pandemic has accelerated this process Pharma companies used AI to crunch clinical trial data to test whether their medicines were effective against COVID 19 and thus sped up the approval process AI is likely to revolutionize diagnostics by analysing data generated by wearables and apps Long before the pandemic wearables have begun to play an increasing role in healthcare Smart health products are now offering analytical data way beyond the standard fitness trackers including the detection of cardiac arrythmia and nocturnal breathing disorders Wearables are becoming an important part of telemedicine as they help to monitor patients remotely Disruptions of manufacturing processes and supply chains have also impacted medical device and pharma industries The pandemic has caused many players to re evaluate their value chains Closer proximity of suppliers more flexibility and less dependence will lead to higher valuations for European contract manufacturers Government spending and market support measures of central banks to fight the economic recession has left financial markets with high liquidity pushing up asset prices in sectors which have shown to be resilient or even winners of the structural changes induced by the current crisis COVID 19 and the Life Sciences industry 9

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