Panasonic enters a $22 billion vaccine storage race with ultracold carrier

Panasonic received several requests from European and American logistics companies to cure test ultra-cold freezer box. This freezer container was developed for transporting Covid-19 vaccines

The Japanese government is preparing to roll out the Covid-19 inoculation program towards February-end. This drew massive criticism from the Japanese public over the slow growth of the program. “There is a severe shortage of the vaccine freezer boxes even as the medicine vaccine rollout started around the globe,” Shinya Kojima, the chief engineer of Panasonic’s home appliances unit, stated. “We received so many inquiries from around the world, including the countries of Japan, the United States, Singapore, France, South Korea, and China.”

Mr. Kojima adopted the energy-saving technology of Panasonic in refrigerators to develop a portable freezer box. This box will be used to transport vaccines, and other medical materials at a temperature of -70 ° C. There are two types of freezer boxes. The larger 120-liter box can store 5,000 doses of vaccine efficiently at ultra-cold temperature for 18 days. The box packs 34 kg of dry ice in the package.

The company earlier developed a similar product in 2019. However, Mr. Kojima recently launched a new project around December that improves the vaccine storage conditions and meets the specific requirements of the Covid-19 vaccines that are in the under-development phase. With specific upgrades, the freezer boxes can now store the vaccine developed by Pfizer and Germany’s BioNTech. The vaccines should be transported at – 70 ° C. Last week, the Japanese government engaged in a deal agreed with US pharmaceutical company Pfizer to incorporate 144 million doses of its injection. Such a massive count is enough to inoculate a total of half of the country’s population.

Panasonic plans to distribute developed samples of its freezer boxes. These are named Vixell and will be transported to pharmaceutical and logistics companies from March-end. However, though the company didn’t disclose any prices and production plans for the freezer boxes, Mr. Kojima stated that several thousand freezer boxes would start soon. The capacity would also increase.

 The shares of Panasonic rose 8.4% since the company unveiled the freezer-box storage technology. It also portrayed a tremendous investor interest in the growth potential of the company’s vaccine storage business. Considering the scale of production and investment that Panasonic holds, the freezer storage boxes are unlikely to impact the revenue part in the short term significantly. Panasonic has a long history in refrigeration and freezing technology and holds a minority stake in PHC Holdings. PHC Holdings is a former healthcare unit and a ruling player in vaccine storage, now controlled by the private equity group.

The vaccine storage and packaging business market is predicted to grow extensively from $ 22.3 billion in 2020 to a staggering $ 43.3 billion by 2027. American market research entity Grand View Research stated that the storage process would generate the most considerable revenue. Other notable players of the medical freezer market include Thermo Fisher Scientific in the United States and Chinese home appliance maker Haier. Mr. Kojima also stated that the freezer storage boxes could also store several medical drugs and semiconductor materials that need strict temperature control methods beyond vaccines. “We will conduct a thorough research study of the market reaction and then look on to ways to develop the business,” he stated.

Anna Domanska
Anna Domanska is an Industry Leaders Magazine author possessing wide-range of knowledge for Business News. She is an avid reader and writer of Business and CEO Magazines and a rigorous follower of Business Leaders.

Recent Posts

Bay Area Businesses Brace for New COVID-19 Omicron Variant

Bay Area Businesses Brace for New COVID-19 Omicron Variant

San Francisco braces for the likely arrival of the new Covid-19 variant known as Omicron. The latest variant has a reproduction rate of two.
5 hours ago
Omicron Variant Pushes Markets into Panic Selling

Omicron Variant Pushes Markets into Panic Selling

Markets across the globe rush to safer havens as the resurgence of the Omicron variant spells fear of economic suffering due to potential lockdown orders.
6 hours ago
Loeb’s Third Point rakes in $300m from Rivian’s IPO

Loeb’s Third Point rakes in $300m from Rivian’s IPO

Dan Loeb’s hedge fund Third Point made a profit of about $300 million from its stake in electric car maker Rivian’s blockbuster US IPO earlier this month.
2 days ago
Best Electric Bikes for Any Budget & Terrain (2022)

Best Electric Bikes for Any Budget & Terrain (2022)

Industry Leaders has curated details and insights on the five best electric bikes that will be available by 2022.
3 days ago
3 Invaluable Leadership Lessons from Jeff Bezos

3 Invaluable Leadership Lessons from Jeff Bezos

Jeff Bezos is an American entrepreneur with so much experience in leadership and business. We can learn a lot from the New Mexico-born billionaire.
3 days ago
Payhawk raises $112 million in round 2

Payhawk raises $112 million in round 2

Payhawk, the expenses and spend management startup with a focus on European customers, has raised a $112 million Series B round at a $570 million valuation.
4 days ago