We read up on the outlook for the life sciences industry in 2024, so you don’t have to.
The stakes are high for the healthcare and life sciences industry as the new year begins. Experts expect 2024 to be a wild ride of M&A activity for biotech and a year of painful transitions for global pharma. To save you time, we’ve put together a quick cheat sheet on the 2024 outlooks for pharma and biotech organizations for your reference as you bravely venture into a new year.
2023 saw a healthy 38% and 45% growth in deal value for biopharma and biotech, respectively, from 2022, despite a slight decline in deal numbers. As financial markets continue to recover, experts predict a busy 2024 for deal markets, with increased competition and evolving drug pricing regulation.
Experts predict a year of painful transition as the pharma industry faces significant shifts and volatility due to regulatory reforms, increased payer influence, diminishing physician decision-making, and shifts in customer engagement. Intensifying changes and pressures have severely impacted the traditional commercial model and the industry must adapt to survive.
In navigating these complex landscapes, the decisions that the life sciences industry make in 2024 will set the tone for the latter half of the decade and beyond. It is becoming increasingly clear that what worked in the past will not work in the future, and new models are needed.
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