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.
