Impact of Inflation on the Healthcare Sector, H2 2023 – Thematic Intelligence
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Impact of Inflation on the Healthcare Sector Overview
The wide availability of COVID-19 vaccines allowed economies and societies to safely reopen. However, factors such as supply-demand imbalance, inflation, and recession prospects hamper economic recovery, growth prospects, and healthcare services in 2024. The following are some of the key highlights of the impact of inflation on the healthcare sector:
- Rising costs are forcing patients to postpone or stop treatments despite some improvement in the sector.
- The Federal Reserve undertakes monetary policy in the US.
- Across all geographies, the majority of physicians thought that the use of biosimilars could provide cost savings for patients and healthcare systems and should be encouraged.
The Impact of Inflation on the Healthcare Sector, H2 2023 report assesses inflation’s impact on the treatment of patients and identifies possible inflation reduction measures in the healthcare sector. The report also captures physicians’ opinions on drug price growth that will help develop impactful business strategies and gain an edge in the market.
Key Regions | · The US
· France · Germany · The EU · Italy · Spain · The UK · Japan |
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Inflation in the Major Regions
The key regions for which inflation is analyzed in the report are the US, France, Germany, the EU, Italy, Spain, the UK, and Japan.
The US: The Federal Reserve influences the availability and cost of money and credit to control economic conditions in the country. The Federal Open Market Committee (FOMC) is the branch of the Federal Reserve System that is responsible for directing monetary policy in the US. The FOMC raised the interest rates quite aggressively intending to bring inflation levels down to its target of around 2% in 2023. In addition, in November 2023, the committee decided to maintain the target range for the federal funds rate since the last increase in May 2023.
Consumer Price Inflation – The US
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Inflation – Impact on Patient Treatment
The key regions for which the impact of inflation on patient treatment is analyzed in the report are the US, France, Germany, Italy, Spain, the UK, and Japan.
France: In 2022, most French physicians reported the second lowest percentage of patients postponing or stopping treatments due to the rising costs. This number declined significantly in H1 2023. This is attributed to the generous drug-reimbursement system of the country, compared to the other European markets.
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Inflation – Drug Prices and Treatment Costs
The US: The Inflation Reduction Act (IRA) has made significant changes to pricing and reimbursement policies in the US. The law has also caused massive controversy since its approval in 2022. Industry groups such as Pharmaceutical Research and Manufacturers of America (PhRMA) and the Biotechnology Innovation Organization (BIO) have expressed concerns over this act. However, influential advocacy groups, such as AARP and the Campaign for Sustainable Rx Pricing (CSRxP) have supported the new legislation.
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Scope
- Assess the impact of inflation on patient treatment and overall healthcare sector.
- Capture physicians’ opinions on drug price growth.
- Identify possible inflation reduction measures in the healthcare sector.
- Explore physicians’ views on inflation reduction acts such as the IRA.
- Assess physicians’ opinions on biosimilar use as a means to provide cost savings.
- Compare results with previous 2022 and 2023 H1 survey findings.
Key Highlights
- Despite decreasing inflation rates, the healthcare sector will face turbulent times in 2024.
- Drug pricing control and movement toward preventive care may be reliable methods to reduce inflation in the healthcare sector.
Reasons to Buy
- Develop and design your corporate strategies through an in-house expert analysis of the key factors to impact the healthcare industry.
- Develop business strategies by understanding the key factors to impact healthcare research and manufacturing due to inflation.
- Stay up to date on the industry’s changing sentiment during inflation within the healthcare industry.
- Identify emerging industry trends to gain a competitive advantage.
- Understand current macro events impacting the healthcare industry.
Amgen
Astellas
AstraZeneca
BMS
Boehringer Ingelheim
Eli Lilly
J&J
Merck
Novartis
Novo Nordisk
Pfizer
Table of Contents
Frequently asked questions
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What are the key regions for which inflation is analyzed in the report?
The key regions for which inflation is analyzed in the report are the US, France, Germany, the EU, Italy, Spain, the UK, and Japan.
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Which organization is responsible for monetary policy in the US?
Monetary policy in the US is undertaken by the Federal Reserve.
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Which act has made changes to pricing and reimbursement policies in the US?
The Inflation Reduction Act (IRA) has made significant changes to pricing and reimbursement policies in the US, approved in 2022.
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