It is quite obvious that the pandemic has already affected our economy in a big way – the number of unemployed is rising, businesses are failing and filing for bankruptcy and supply chains are immensely disrupted. Amidst all this turmoil, which is certainly temporary, there is a growing focus on and a change in the way that our society is likely to restructure itself after the pandemic is more under control. Furthermore, this situation has highlighted the weak links in how our global network is structured, through inefficient supply networks, lack of governmental support for businesses and the way we travel. It is quite evident that there are certain industries which have and are likely to continue to grow during and after the pandemic, and these are what I believe to be some key ones.
Biometric Health
We already have been seeing a surge in the use of biometric screening equipment by early adopters interested in biohacking. For example, you have the Oura ring which measures the user’s Heart Rate Variability amongst other metrics. It is likely, after the current situation, such technology not only be willingly used more by everyday people but perhaps even recommended or ordered by Governments and health institutions. As an example, Oura has already teamed up with the University of California, San Francisco to research on whether physiological data collected by the rings can predict COVID-19 symptoms. Such technologies, not only in their current state but in their later versions are likely to help us monitor our health in real-time, anticipating any potential issues that may occur, perhaps helping Governments contain pandemics and also allowing the user to know themselves better and change their habits to prolong their life expectancy.
Healthy Infrastructure
Our infrastructure, especially in big cities, has played a big role in how quickly the COVID-19 situation has unfolded and grew into a pandemic affecting most countries. With public transport where commuters almost quite literally are packed face to face, buildings with poor air circulation as well as the lack of capacity within the healthcare sector, these have been issues that many cities have been facing during the pandemic. The spreading of such diseases is highly effective (for lack of a better term) as a person who may have no symptoms and thus not even know they can easily spread it to others, poses a huge threat to others, be they commuters or work colleagues. Not only with a focus on mitigating any such future pandemic from spreading quickly, but also overall human health and wellbeing (both mental and physical), there are many initiatives which will play a key role on how our future infrastructure is shaped. One such example is the work that Edge Technology is doing by taking a more holistic approach to buildings and workspaces. Dr. Joseph Allen is another great example to take a look at, with his research into creating “healthy buildings” to increase our resilience both in and out of work through our infrastructure. Whether it be in designing workspaces which improve workers’ wellbeing or effective ways of commuting which minimise contact with strangers, this area of our economy is likely to be in the limelight for the foreseeable future.
Delivery & Logistics
A lot of the food delivery services have been doing quite well out of the pandemic with an increase in demand and even testing out some new technology on no-contact deliveries made by self-driving cars. It is likely that some of these habits will remain even after the pandemic. Food delivery and logistics companies have already had a growing demand over time as people become busier and ease of online grocery and food shopping becomes a preferred method over actually physically going to the stores. With a single strike, the pandemic has forced even the least likely users like the elderly to utilise such services, and as many see the benefits it is likely that the demand for such services will continue to grow well after the pandemic has cleared.
Sanitation & Healthcare Supplies
One area of weakness that has been highlighted by the pandemic is the overreliance that many countries place on China for the ingredients used in medicines. The US as an example has had shortages of key medicines because of the disruption in the supply chain due to the pandemic. Perhaps toilet paper is not the main concern here, I think that has been highly the stupidity of people who were panic buying, but it is likely that sanitation and locally sourced medical supplies will be on the Governments’ agenda for restoring our nations to normal and ensuring we are well prepared for any such event ocurring in the future.
Online Education
I think it would be a big oversight if I had not included this one on the list. Not only has the pandemic shown how archaic our education institutions are, it has forced most of them to adopt remote learning systems – which in my opinion should have been done a long time ago… Many of the younger generations have already been seeing a drop in interest to enroll into further education, but there has been a surge in the provision of alternative remote education. It is no longer the norm to attend a 3-4-5-10 year long degree (unless you are becoming a doctor) and in no way must it be done in classrooms. Services like Udemy and EdX have had a growth in usage, as well as more forward thinking institutions such as Open University. If you have a skill that is in demand and you can teach people remotely, you are likely to prosper quite well.
Scientific Research
It would be quite silly to leave out probably one of the most crucial areas where I am certain a lot of money will be flushed into, especially in the closer future. The pandemic has taught us of the fragility of human life and how unprepared we are for a global virus. It is likely that this shadow will loom over us for a while and a lot of advancements will be expected and made within the study of diseases, perhaps even ones unrelated to virology and coronavirus. Companies such as Moderna which has gotten $483 million in federal funding for development of a coronavirus vaccine are likely to come out quite well out of this.
What do you think, are there any industries that I haven’t mentioned that stick out like a sore thumb when it comes to their resilience and growth after the pandemic?
Peace and love
Wiktor