Helium Shortage Is Hurting Parties and the Pharma Industry
- Helium is needed for superconducting magnets in MRIs and NMRs
- Party City closes 45 stores, CEO cites helium shortage
Photographer: Miguel Schincaroiol/AFP via Getty Images
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Helium is not only used for balloons. It’s a critical material in the pharmaceutical industry -- a field that’s taking a hit with the ongoing shortage of this non-renewable element.
The shortage has already hurt the party industry. Party City announced last Thursday it was closing 45 stores, citing in part the increasing scarcity of helium. It has “negatively impacted our latex and metallic balloon categories,” CEO James M. Harrison said in a statement. Harrison said his company expects a new source of helium starting this summer.