Hurdles to bringing a COVID-19 vaccine to market

Kevin Sneader, Global Managing Partner of McKinsey, looks at the challenges around a COVID-19 vaccine from the corporate business leadership perspective on Business In 60 Seconds.

What will it take to bring a COVID-19 vaccine to market?

Now, there are reasons to believe that a COVID-19 vaccine can indeed be developed faster than any other in history. For a start, the characteristics of this virus, unlike some families of viruses, coronaviruses overall have been shown to mutate at relatively low to moderate rates. Moreover, the sheer number of development efforts mean that over 275 vaccine candidates in development, with over 45 already in clinical trials. This is coupled with unprecedented access to funding, given over $17 billion has been committed to vaccine development and supply. That said, there are multiple hurdles to overcome. They start with getting the science right, including validating the platform technologies and demonstrating both safety and efficacy. But let's not forget that we also need enough capacity to manufacture and supply in place to reach patient populations now, and over time. And last, but by no means least, people need to be willing to be vaccinated. In the US in May, 72% of Americans said they would get vaccinated. That number has fallen to 51% in September.

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Most world leaders hope for Biden victory; Amy Coney Barrett sworn in

Ian Bremmer discusses the World In (more than) 60 Seconds:

One week before the US election. What do other world leaders want to happen?

Well, I mean, let's face it. Outside the United States, most of the world's leaders would prefer to see the back of Trump. An America first policy was not exactly made for non-Americans. That was not the intended demographic audience. Trump doesn't really care. In fact, to a degree, it's kind of a selling point that a lot of foreign leaders don't want Trump. It's showing that Trump is strong in negotiations and indeed is doing better for the American people.

That's largely BS, but occasionally it's true. I mean, his willingness to use American power to force the Mexican government to actually tighten up on Mexico's Southern border and stop immigration from coming through. AMLO would have much rather that not have happened, but the fact that it did was an America first policy, that rebounded to the benefits of the United States. And there are other examples of that. But generally speaking, it would be better for the US long-term, and for the world, if we had more harmonious, smoother relations with other countries around the world, certainly pretty much all the Europeans would much rather see Trump lose. The United Kingdom is the significant exception given the nature of Brexit, and the fact that Trump has been in favor of that, like being called Mr. Brexit by five or six Brits or however many did.

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DOJ antitrust case against Google; why Quibi failed

Nicholas Thompson, editor-in-chief of WIRED, helps us make sense of today's stories in technology:

Why is the Department of Justice suing Google?

Well, they are suing Google because Google is a giant, massive company that has a dominant position in search. In fact, on your phone, you almost can't use any other search engine or at least your phone is preloaded with Google as a search engine and you probably don't know how to change it. The Department of Justice alleges that Google has used its power and its muscle to maintain its position, and that violates the antitrust laws.

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Europe's rising COVID cases require new action; tragedy in France

Carl Bildt, former Prime Minister and Foreign Minister of Sweden, with the view from Europe:

What is happening with COVID in Europe?

Well, we see infections on the rise virtually everywhere. It looks particularly bad at the moment in Czech Republic, in Belgium. Doesn't look good in France and Spain. Neither does it in the United Kingdom, by the way. But it has to be said, it's all over the place. So, we'll see new advice of a rather strong nature by authorities. We see regulation sometimes, we see restaurants closing down earlier, and things like that. Let's just hope for the best. So far, deaths are fairly limited so far.

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Thailand's monarchy, Nigeria protests, Bolivia's new president & COVID latest

Watch Ian Bremmer discuss the World In (more than) 60 Seconds:

With Thailand's anti-government movement growing, is the monarchy in danger?

No, the monarchy is not in danger. The prime minister, Prayut, is in massive danger. These people want him out. That could lead to, yet another, military coup. By the way, markets don't tend to move because it happens a lot in Thailand all the time. This is a lot of demands for economic reform. A lot of demands for incompetence in the country. The economy has been hit massively. Thailand is massively dependent on tourism and something that is certainly not happening with coronavirus going on. It's extraordinary. There has been a fair amount of anti-monarchy sentiment and willingness to go after them in the demonstrations, which is illegal to do in Thailand, but there's still a lot of support. The royalist at military coordination is very high. That's not going to change the resources they have that they're able to spread around the country for patronage is massive. It is nowhere near the popularity that the former very long-lasting king had, but the monarchy in Thailand, no, is not in danger.

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FCC wants to change Section 230 regulating tech companies & censorship

Nicholas Thompson, editor-in-chief of WIRED, shares his perspective on technology news in Tech In (a little over) 60 Seconds:

What is the deal with Twitter and Facebook censoring a New York Post story on Hunter Biden?

The New York Post ran a story on Hunter Biden. It may have been entirely false. It may have been hacked. Both of those things are problems. But the complicated thing is when the story ran, nobody at Facebook and nobody at Twitter knew whether it was false or whether it had been hacked. The two companies responded in different ways. Facebook said, we're just going to down-rank it. Twitter initially said, "we just won't let it be shared." Twitter then backtracked. Basically, there is a really hard problem of what you do with false information and what you do with hacked information. Neither company has totally clear policies and both got caught in the slipstream.

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Kevin Sneader, Global Managing Partner at McKinsey & Company, provides perspective on what corporate business leaders are thinking during the global coronavirus crisis:

What are the opportunities and threats on the horizon for 2021?

Now, given the pandemic is still raging, it's hard to narrow the threats and opportunities down, but here are three threats and three opportunities. One, a growing likelihood of increased inequality on several fronts. Gender, since a quarter of women in work we recently did with LeanIn.org were either contemplating leaving or taking time out of the workforce. This reached 40% for those with young children. Race, since Black Americans have seen their jobs disappear at a far greater rate than their white counterparts. And income, since COVID deaths are 4 to 5 times higher among the unemployed and are concentrated in jobs that have been hardest hit. The second threat, mental health. The signs are increasing that this is the other side of the health threat that the virus poses. And three, the environment. They need to ensure a green rather than brown recovery at a time when money is tight.

On the opportunities, first off, flexibility in working through remote and other forms of working that are now happening. Secondly, innovation; we've seen more startups this year being started than in any year before. And lastly, the environment; for all that I said there is a risk of a brown recovery, policy makers and businesses alike in much of the world assuring they're prepared to invest behind the business case for a green recovery.

Kevin Sneader, global managing partner for McKinsey & Company, provides perspective on how corporate business leaders think in response to the coronavirus crisis:

Why is managing for the long term difficult?

Well, we know from earlier research that companies that are oriented towards long-term performance, rather than short-term targets, generate more shareholder value, create more jobs, and contribute more economic growth. But we are seeing short-term behaviors, like cutting costs to boost quarterly earnings, have become more common in the past few years. Executives say they face heavy pressure from investors, and even fellow directors, to meet quarterly targets. And recently, disruptions from COVID-19 give executives more short-term issues to deal with. Now let me be clear, short-term results do matter. They're needed to stay credible. However, trouble happens when short-termism ensures focus in quarterly earnings, which have little to do with long-term value creation. It's far more important to pursue steady improvements, and fundamentals like growth, and return on invested capital.

Kevin Sneader, global managing partner for McKinsey & Company, provides perspective on how corporate business leaders think in response to the coronavirus crisis:

How can business leaders approach budget planning for 2021 when the environment is so uncertain?

In short, I believe that the planning process for 2021 presents an opportunity to turn hard earned lessons from the COVID-19 pandemic. It's an enduring exercise that links strategy to value. Now, five steps are needed for this to happen.

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Kevin Sneader, global managing partner for McKinsey & Company, provides perspective on how the pandemic has influenced climate action:

Has the pandemic helped or harmed efforts to tackle climate change?

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Kevin Sneader, global managing partner for McKinsey & Company, provides perspective on how corporate business leaders think in response to the coronavirus crisis:

What does the next normal consumer look like?

COVID-19 is changing how consumers behave across every aspect of their lives. A few examples. Overall, consumption is declining. 12% drop in private consumption is anticipated in the US over the next two years. 35% of Netflix subscribers now use Netflix for educational content. And over 40% of consumers are watching more TV, 40% more social media. But beneath these broad shifts, new behaviors are hiding significant variation. One example, for all the excitement around online shopping, not everyone liked the experience. 60% of Italian consumers shopped online during the crisis, a dramatic increase, but less than 10% said that they found the experience satisfying.

The result? Companies need to rethink their engagement with consumers and specifically reflect on the following, how consumers get their information, meet them where they are, not where they used to be, where consumers purchase, given a rebalancing of the channels that they use, and understand what they value in the shopping experience. Online shopping can certainly be efficient. And when there are no other alternatives, it can even be exciting. But it can also be deadly dull and often frustrating. Reengineering that experience is therefore key.

Kevin Sneader, global managing partner for McKinsey & Company, provides perspective on how corporate business leaders think in response to the coronavirus crisis:

How do we get remote and hybrid learning right?

For many, this is the back to school season. But this year's preparations are fraught with added anxiety as educators, public health officials, and parents try to balance the need to reduce the spread of the virus with a desire to get students into more productive learning environments. For many students, a full time return to the classroom will not be safe for some time. It's important to understand three lessons in order to get remote and hybrid learning right.

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Kevin Sneader, global managing partner for McKinsey & Company, provides perspective on how corporate business leaders think in response to the coronavirus crisis:

What is the role of HR going into the next normal?

Well, this is a time of reset and one big reset that I see is around the role of HR. I think it's time for HR to shift from being a transactional partner around compensation, organization charts, and benefits to being a truly integral architect of change. Now, that's been happening for years in the best performing HR departments. It Involves rethinking talent requirements, capturing what was learned about individuals and organizations during the course of this pandemic, and even learning and growing in a world in which remote working has to be combined with working back in the office or the manufacturing facility. A world where incentives needs to be rethought. And where employee experiences need to reflect a very different reality. So, there's a big reset going on and I think that reset needs to embrace HR both in terms of what HR can do, the role of the CHR role, and indeed the way in which together HR becomes a true architect for change, just as it has done for many years, perhaps unnoticed, and not give enough credit by those who really should know better.

Kevin Sneader, Global Managing Partner at McKinsey, shares his perspective on corporate business leadership on Business In 60 Seconds:

How can technology be a force for good?

Well, we've been living through a pandemic where in many ways, technology has come to the rescue. Imagine how society, business, and communities would have fared if technology had not been up to the challenge that we've all been facing. In health, artificial intelligence is accelerating the development of vaccines. Analytics are providing us new ways to set about all tasks that confront us in this next normal. Education, while remote schooling is far from perfect, but it has helped millions of children get an education when otherwise they would have not been able to gain one. And even in inclusion, technology has enabled flexibility for those desperately in need of it, when they cannot go to the office, they cannot go to the manufacturing facility. And in the environments case, emissions have been reduced by applying technology to bring people together, where airlines no longer travel. So, the challenge now, how to bridge the divide between those who have access to technology and those who do not. That is really the challenge and one to which I will return, because the answer to the question of can technology be a force for good has been resoundingly answered. The question now is how to ensure everyone has access to it.