Annual Industry Ranking And Forecast
As the biopharma and medtech industries return to some form of normality after the Covid-19 pandemic, challenges hanging over from that time are coming to the fore and will emerge more forcibly in 2023.
While combined pharmaceutical revenues for the companies in Scrip 100 grew 20.5% in fiscal year 2021 to reach $1.1tn, buoyed by sales of vaccines against the virus, the challenges of the industry are not over yet.
Ramifications from the US Inflation Reduction Act, signed into law by President Biden in August 2022, mean that the Department of Health and Human Services have the authority to negotiate prices in Medicare for the first time, with the initial drugs up for debate in September 2023.
Couple this with the macro-economic climate of high inflation and a closed IPO window that could cause some smaller companies to face tough decisions about the viability of their businesses, as well as geopolitical uncertainty in the East, and there may be a gathering storm for the biopharma industry in 2023.
While some important changes are being made, such as diversity issues gaining momentum in clinical trials, and the new normal levels of clinical trials resuming, the global pharma and medtech industries may have to endure some gloomy weather before its post-pandemic potential can fully shine.
Use the buttons above to navigate through Outlook 2023 for exclusive interviews and features on topics that reach across the life sciences. Outlook 2023 also includes industry league tables for Scrip 100, Medtech 100 and Generics Bulletin’s Top 50.
Executive Editor, In Vivo
What will 2023 bring as the industry faces one of the toughest periods in the last decade? In Vivo asked three industry experts for their views.
The integration of smart connected care, broadening of diagnosis and therapy into new settings and improvement of chronic disease outcomes will continue to shape the market for devices and diagnostics companies for years to come. But there is also a maze of short-term macroeconomic issues for medtechs to work through.
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