I am going a bit out on a limb here and tackle a somewhat different topic than usual because we should be prepared for what may come. Right now, our industry is doing very well. We are coming off successes with the COVID vaccines, and there are major new discoveries in many areas. Employment is at an all-time high. However, there are headwinds ahead. Inflation rates are high. This erodes buying power for individuals and corporations. Central banks are raising interest rates to control inflation. Historically, such increases have often led to recession. In addition, political pressures are pushing to lower drug costs. Whatever side of the debate you are on with respect to this issue, lower revenues could impact future R&D.
Together these factors suggest that some caution and preparation for what may come would be prudent. Some companies are already limiting hiring and the job market may tighten. As in previous slowdowns, many of us will be asked to do more with fewer staff. This is where ABS can help. We are an extension of our clients’ laboratories. We are there to help in both good and challenging times. As always, our biospecimen sourcing, cell culture, and other services let you focus on your core mission while we provide, process, QC, and storage for the biological samples that drive research. This boosts your productivity, which also enhances job security and counteracts the impacts of recession.
Fortunately, because of the critical health services that our industry provides, it is relatively recession proof, but we should also be aware of the real possibility. It is my wish that these predictions are overly cautious and that we will weather this well. Ultimately, the value that we create for society is the best remedy for these concerns, and ABS is there to help you create that value.