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Top 10 Pandemic Billionaires from Healthcare

07:38 PM | 24 Dec, 2020
Top 10 Pandemic Billionaires from Healthcare

It has been almost a year since the first case of highly contagious coronavirus emerged in parts of the world, forcing billions all around the globe to isolate.

Lockdowns were imposed due to which, millions lost their jobs, companies suffered losses and firms filed for bankruptcy. Surpassing the toll of any other pandemic in the past, the new coronavirus has claimed more than 1.7 million lives.

On the other hand, there are a few healthcare entrepreneurs who succeeded in turning the odds to their favour. Scientists and healthcare professionals have been successful in developing the fastest ever vaccine in all of human history.

Due to the breakthrough, a host of new billionaires have emerged during the pandemic. Their fortunes propelled by a stock market surge as investors flocked to companies involved in the development of vaccines, treatments, medical devices, and everything in between.

We have compiled a list of 10 most noteworthy newcomers in Forbes list of pandemic billionaires 2020:

1. Uğur Şahin

Net worth: $4.2 billion

Citizenship: Germany

Source of wealth: BioNTech

The Turkish-born physician cofounded BioNTech in the German city of Mainz in 2008 with his wife, Özlem Türeci, who serves as the firm’s Chief Medical Officer. He owns about 17% of the company’s shares. BioNTech’s stock has risen 160% since January on the back of its successful Covid-19 vaccine developed in partnership with Pfizer, which was declared by the US FDA to be 95% effective in preventing Covid-19.

2. Stéphane Bancel

Net worth: $4.1 billion

Citizenship: France

Source of wealth: Moderna

Bancel, a French citizen, became CEO of Massachusetts-based Moderna in 2011 after leaving his previous job as CEO of French diagnostics firm BioMérieux. He owns about 6% of Moderna, down from about 9% when he first became a billionaire in March, after selling more than a million shares as the firm’s stock surged by more than 550% since the beginning of the year.

3. Yuan Liping

Net worth: $4.1 billion

Citizenship: Canada

Source of wealth: Pharmaceuticals

Yuan owns 24% of one of China’s leading vaccine producers, Shenzhen Kangtai Biological Products, after her divorce from the company’s chairman (and fellow billionaire) Du Weimin in June. The split instantly made the Shenzhen resident Canada’s richest woman. Kangtai’s stock is up 90% since the beginning of 2020.

4. Hu Kun

Net worth: $3.9 billion

Citizenship: China

Source of wealth: Medical equipment

Hu is the chairman of Contec Medical Systems, a manufacturer of medical devices based in the northeastern Chinese port city of Qinhuangdao. He took the company public on the Shenzhen stock exchange in August and owns nearly half of the shares, which are up nearly 150% since the IPO. Contec draws more than 70% of its revenue from overseas and makes a range of medical products for hospitals including nebulizers, stethoscopes, and blood pressure monitors.

5. Carl Hansen

Net worth: $2.9 billion

Citizenship: Canada

Source of wealth: AbCellera

Hansen is the CEO and co-founder of Vancouver-based AbCellera, a biotech firm that uses artificial intelligence and machine learning to identify the most promising antibody treatments for diseases. He founded the company in 2012. Hansen’s 23% stake earned him a spot in the billionaire club after AbCellera’s successful listing on the Nasdaq on December 11.

Timothy Springer

Net worth: $2 billion

Citizenship: United States

Source of wealth: Moderna

An immunologist and professor of biological chemistry and molecular pharmacology at Harvard University, Springer was a founding investor in Moderna in 2010 when he put about $5 million into the fledgling company. A decade later, his 3.5% stake is now worth roughly $1.6 billion.

Sergio Stevanato

Net worth: $1.8 billion

Citizenship: Italy

Source of wealth: Medical packaging

Stevanato is president of Italian medical packaging firm Stevanato Group, the world’s second-largest producer of glass vials and a prominent supplier of vials for more than forty Covid-19 vaccines. The $700 million (sales) company is also the world’s largest producer of insulin pens and makes machines that craft, sterilize and package billions of vials, syringes, and other glass products. In June, Stevanato signed an agreement with the Gates Foundation-backed Coalition for Epidemic Preparedness and Innovations to provide 100 million vials for nine different Covid-19 vaccines.

Robert Langer

Net worth: $1.5 billion

Citizenship: United States

Source of wealth: Moderna

Known as the “Edison of Medicine” for his pioneering work in the field of biomedical engineering, Langer is a professor of chemical engineering at the Massachusetts Institute of Technology. He was a founding investor in Moderna — located just across the street from his office in Cambridge — in 2010 and has never sold a share; his 3% stake is now worth about $1.5 billion.

Premchand Godha

Net worth: $1.4 billion

Citizenship: India

Source of wealth: Pharmaceuticals

Godha started out as a chartered accountant before entering the pharmaceutical sector in 1975, when he acquired Mumbai-based drugmaker Ipca Labs in partnership with the family of Bollywood superstar Amitabh Bachchan. The firm, which manufactures generics and pharmaceutical ingredients, saw its stock price nearly double this year partly due to higher production and sales of the controversial antimalarial drug hydroxychloroquine, which was touted as a potential cure early in the pandemic before its use was discouraged by the World Health Organization for having little to no effect in reducing mortality from Covid-19.

August Troendle

Net worth: $1.3 billion

Citizenship: United States

Source of wealth: Pharmaceutical services

Troendle is the CEO and founder of Cincinnati-based Medpace, which carries out contract work and clinical trials for pharmaceutical firms developing drugs and medical devices. Medpace’s labs handle the gamut of pharmaceutical services, from running swab and antibody tests for Covid-19 for external clinics to running complex clinical trials for drugmakers working on new vaccines and treatments. Forbes estimates that Troendle, who owns about 21% of Medpace shares, is now worth about $1.3 billion, making him the latest healthcare entrepreneur to join the billionaire club in 2020.

Daily Pakistan Global Web Desk

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Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 28 Feb 2024

Pakistani currency remains momentum against US dollar in the open market on February 28, 2024 (Wednesday).

US Dollar rate in Pakistan

In the open market, the US dollar moves up and currently hovers at 282 for buying and 282.25 for selling.

Euro currently stands at 303.1 for buying and 306.1 for selling while British Pound rate stands at 351.6 for buying, and 355.1 for selling.

UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.25.

Today’s currency exchange rates in Pakistan - 28 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 282 282.25
Euro EUR 303.1 306.1
UK Pound Sterling GBP 351.6 355.1
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.25 75.05
Australian Dollar AUD 181.1 183.1
Bahrain Dinar BHD 742.91 750.91
Canadian Dollar CAD 207.1 209.1
China Yuan CNY 38.87 39.27
Danish Krone DKK 40.61 41
Hong Kong Dollar HKD 35.75 36.1
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 905.46 914.46
Malaysian Ringgit MYR 58.5 59.1
New Zealand Dollar NZD 173.05 175.05
Norwegians Krone NOK 26.41 26.71
Omani Riyal OMR 725.54 733.54
Qatari Riyal QAR 76.74 77.44
Singapore Dollar SGD 207.15 209.15
Swedish Korona SEK 27.04 27.34
Swiss Franc CHF 317 319.5
Thai Bhat THB 7.76 7.91

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