Why The COVID-19 Recession Is Different And More Dangerous Than The Great Recession

The U.S. and much of the global economy is experiencing the most severe recession since the Great Depression, as witnessed by the dramatic and historic downturn in Q2 2020 U.S. GDP. It would also be justified in saying this is the most unusual recession the U.S. has experienced, and maybe, the most difficult to resolve. Moreover, it is likely the most dangerous recession since the Great Depression. The future economic environment for the U.S. economy remains uncertain. The economic recovery from the COVID-19 recession seems elusive with no clear end in sight.

Recent economic evidence suggests the economy is losing steam and even reversing on gains made earlier. This recession illustrates the growing importance of understanding, measuring, and forecasting how changes in economic dynamics affect pharma business decision-making. The need for empirical analysis of these dynamics is critical to the successful operation of pharma companies. Pharma executives need to take note and accordingly make plans not only to mitigate adverse effects on their business but also and more importantly, for the patients they serve.

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