pip update: Unable to import QtCore (PySide2/Shiboken mismatch)

To reproduce just run a python script with the following line of code:

import PySide2.QtCore

This will give the following error:

File ".\medusa\gui.py", line 4, in <module> 
    import PySide2.QtCore 
ImportError: DLL load failed: The specified procedure could not be found.

This happened after I upgraded my installation of Qt for Python using the following command:

pip install -U pyside2

I am using a virtual environment and was able to reproduce this on python 3.6 and python 3.7