The drive to research and eliminate COVID-19 has accelerated pre-existing trends in the life sciences sector, which in recent years has been buoyed by scientific advancements and technological innovation.

The COVID-19 pandemic provides a stark illustration of the importance of the life sciences industry to the economy as a whole, according to Tim Wright, senior managing director in the capital markets group at JLL, and Greg LaBine, managing director in the capital markets group at JLL.

In November, several pharmaceutical groups announced credible progress on developing a vaccine for COVID-19. Pfizer and BioNTech have developed a vaccine candidate that was reportedly 90 percent successful in Phase 3 trials, while Moderna announced a vaccine candidate that was reportedly 95 percent successful in Phase 3 trials.

“The first interim analysis of our global Phase 3 study provides evidence that a vaccine may effectively prevent COVID-19. This is a victory for innovati