History shows that crisis inspires innovation. For Vikram Khanna writing for The Strait Times, Covid-19 is the new global seismic event creating a tidal wave of creativity across industries. From new robots for disinfecting hospitals and offices, to drones and remote monitoring systems, Khanna counts at least 500 innovations among 100 companies, especially in the medical field.But the changes triggered by Covid-19 also include social and economic behaviors.
Actors around the globe have responded to the pandemic by increasing collaboration and knowledge-sharing. To take an example form the public sector, the government of Singapore has released an app for tracing infection chains. This spirit of cooperation is even apparent in the private sector, with one company releasing design specifications for a portable ventilator and another offering free access to its 3D design tools for creating protective equipment necessary to fight the virus.
The social and economic developments we are now seeing – remote working, diversified sourcing in supply chains, the precedence of quantitative easing in fiscal policy, demand for comprehensive social safety nets, and awareness of the financial cost of illness – may stay with us far into the future.