Pharma Braces for Challenges from Inflation, Drug Pricing Reform, and Reimbursement Changes

Although the pharma industry was bolstered by the successful rapid development and deployment of COVID-19 vaccines, it was still beset by challenges that are following it into the new year. High inflation rates and an employee-friendly labor market are driving up operational costs, all while supply chain issues are impeding production and distribution efforts.

According to GlobalData Healthcare, “The outlook for global growth continues to deteriorate as inflation continues to significantly exceed the target of 2% in most developed markets. According to GlobalData’s survey on “The State of the Biopharmaceutical Industry – 2023”, fielded from October 26, 2022, to November 23, 2022, approximately 40% of surveyed industry professionals believed that among regulatory and macroeconomic trends, inflation will have the most negative impact on the pharmaceutical sector in 2023”

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(Source: Pharmaceutical Technology, January 5^th, 2022)