Industrial giant 3M played a critical role in supplying needed medical supplies and personal protective equipment during the COVID-19 pandemic.
Now the manufacturer is urging the federal government to take steps to improve and diversify its national stockpile, so that next time the country is better prepared.
"We learned a ton through the COVID-19 pandemic, but we also had a lot of expertise dealing with pandemics before," John Banovetz, chief technology officer at 3M, told Cheddar. "H1N1, SARS, all helped us prepare. We've learned a lot. We learned a lot about the importance of collaboration. We learned a lot about the importance of just being prepared."
In preparing for future pandemics, Banovetz said the U.S. should focus on "management, manufacturing, and mobility." Specifically, a recent report from 3M recommended making sure a national stockpile is "mandated and funded," working with law enforcement to fight fraud and price gouging, and establishing emergency budgets and use authorizations.
He also stressed that the government should strive for supply chain flexibility.
"As a company, for instance, we've prepared our supply chains," he said. "We went to a regional kind of manufacturing model, in which we were able to respond anywhere in the word around PPE requirements or demand for N95s."
3M has also prioritized partnerships, such as those with the Department of Defense, which worked with the company to boost production of needed supplies for the pandemic.
Banovetz explained that 3M did have "some surge capacity" built into its global and U.S. supply chains during the early days of the outbreak, but "nothing prepared [us] for the COVID-19 pandemic that hit and the high demands that you saw in such a short time."
Over the span of the pandemic, the company has supplied over a billion respirators to the U.S. and is currently making 95 million more per month after a significant ramp-up.
"We've quadrupled our production in that short time frame, but demand continues to outstrip supply across the entire industry," he said. "But we're doing everything we can to close that gap and supply the PPE, particularly to the frontline workers and the healthcare workers around the country."
Lukas Alpert of MarketWatch explores how networks, brands, and ad buyers absorb the shockwaves when late‑night show hosts are suddenly cut — and brought back.
A new poll finds U.S. adults are more likely than they were a year ago to think immigrants in the country legally benefit the economy. That comes as President Donald Trump's administration imposes new restrictions targeting legal pathways into the country. The Associated Press-NORC Center for Public Affairs Research survey finds Americans are more likely than they were in March 2024 to say it’s a “major benefit” that people who come to the U.S. legally contribute to the economy and help American companies get the expertise of skilled workers. At the same time, perceptions of illegal immigration haven’t shifted meaningfully. Americans still see fewer benefits from people who come to the U.S. illegally.
Shares of Tylenol maker Kenvue are bouncing back sharply before the opening bell a day after President Donald Trump promoted unproven and in some cases discredited ties between Tylenol, vaccines and autism. Trump told pregnant women not to use the painkiller around a dozen times during the White House news conference Monday. The drugmaker tumbled 7.5%. Shares have regained most of those losses early Tuesday in premarket trading.
Scott Trench, host of the BiggerPockets Money Podcast, explores how recent rate cuts, high borrowing costs, and mortgage rates are reshaping U.S. real estate.
A look into how disruption, AI, and global economic trends are transforming the modern supply chain with Jeremy Jansen, Head of Supply Chain at Wells Fargo.
Delta CSO Amelia DeLuca reveals at the Fast Co. Innovation Festival how tech, sustainable aviation fuel, and smart operations are revolutionizing air travel.
