At this point, it’s clear that victory in the fight against COVID-19 in the U.S. Will require a concerted effort across the country. While individuals, medical professionals, first responders, and government agencies are on the frontlines of this battle, corporations have an important role to play in supporting efforts to flatten the curve.
Initiatives by individual companies are gaining well-deserved attention. However, it’s far too easy to miss the magnitude and breadth of the combined corporate response.
The mobilization of corporations in this pandemic is in some ways reminiscent of industries coming together during World War II, retooling production lines to assemble the armaments needed to fight a common enemy. To battle today’s enemy, companies are making vaccines, developing therapies, and manufacturing protective equipment and ventilators. They are also working to support individuals, families, and communities in need, including millions who are unemployed as large segments of the economy have been virtually shut down.
The efforts of health care companies are perhaps most directly tied to addressing the COVID-19 pandemic. A number are racing to develop vaccines. Johnson & Johnson, for example, recently announced the selection of “a lead vaccine candidate” and expects to initiate human clinical studies by September. The company is also ramping up manufacturing capacity to be able to supply one billion doses of an eventual vaccine.
In other areas, Novartis has pledged to donate nearly 130 million doses of generic hydroxychloroquine, which is currently in clinical trials as a potential treatment for COVID-19. Abbott Laboratories has received emergency use authorization from the FDA for a test that the company says could provide positive COVID-19 results “in as little as five minutes.”
Manufacturers are also playing their part to support medical professionals and individuals as they fight against the virus. General Motors and Ford have announced they will begin building ventilators, which are in desperately short supply as the number of patients with severe symptoms continues to grow. 3M, which since the COVID-19 outbreak began has doubled production of N95 respirators to more than one billion per year globally, recently announced it plans to nearly double that again to two billion annually. And AB InBev, the maker of Budweiser, is now manufacturing more than one million bottles of hand sanitizer and donating them to hospitals and frontline workers worldwide.
The technology sector is also taking up the call. The IBM Summit supercomputer was used by researchers at the Oak Ridge National Laboratory to study 77 compounds that might stop the coronavirus from infecting host cells. Slack has offered non-profit organizations a free three months of its paid plans, helping them adapt to the new norm of collaborating remotely. And Uber has announced it will provide 10 million free rides and food deliveries for frontline health care workers, seniors, and people in need.
Many companies—and CEOs themselves—are also making donations to relief efforts. For example, Wal-Mart, together with the Wal-Mart Foundation, is offering support to local communities, which includes donations to food banks and school meal programs. Twitter and Square CEO Jack Dorsey is donating $1 billion of his Square shares to the fight against COVID-19.
There are many other examples—far too many to present here—of programs that companies have launched to combat the impact of COVID-19. As has happened in the past during national crises, these organizations are offering up their skills, resources, and capital for the greater good. Let’s hope that all the efforts, taken together—from the brave medical professionals and other frontline workers to those practicing social distancing—will get us through this period, back to life as we know it, and then on to a brighter future.
Stacey Cunningham is president of the New York Stock Exchange.
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