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Global Marine Biotechnology Industry – GlobeNewswire


New York, Sept. 04, 2020 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Marine Biotechnology Industry” – https://www.reportlinker.com/p05817690/?utm_source=GNW
The COVID-19 induced recession has now cast serious questions on the ability of governments and companies to earmark financial commitments in times of crisis. Academic and industrial research is expected to come under the yoke as immediate focus on surviving the downturn lowers the appetite for both indigenous innovation and international collaboration. Lockdowns imposed in countries worldwide has shutdown laboratories, stifled supply chains and slowed down R&D projects in companies. The modern innovation ecosystem is tightly integrated and interconnected with multiple players in the industry. This close R&D cooperation is expected to emerge into the Achilles Heel of the R&D industry during this recession. In addition to temporary inability to connect with partners, longer-term financing tightness will be the bigger blow to the industry. Under this backdrop, the market for marine biotechnology, which is heavily dependent on R&D, is expected to come under immense pressure. A revised analysis puts the global market size at US$5. 4 billion for the year 2027. With the current recession expected to be the worst ever recession since the Great Recession of 2009, companies have already begun to rethink their strategies and the departments which face cuts most often in times of crisis are R&D departments. The only hope for the market in successfully mitigating the short
and long-term damage of the crisis, is securing fiscal stimulus from governments. However, the commitment of pandemic scarred deficit widened governments in funding innovation ecosystems is yet to be seen.
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