Are the war in Ukraine and growing inflation an obstacle to pharmaceutical market recovery?
Being informed and having the latest information on the industry is vital for us at Norameda. Analysis of pharmaceutical market, impacts by pandemic, politics, economy, the war in Ukraine or digital innovations all have an effect.
We want to share some insights based on a recent meeting of Health care experts.
First, we have witnessed a value growth recovery since 2021, i.e. global pharma growth has returned post-pandemic. Specialty biologics and traditional small molecules are the most significant drivers.
Though COVID-19 is still having an impact as fatality rates remain high in some countries and disruptions to healthcare delivery are prevalent. The highest rate of disruption is accounted in elective surgeries (59%), community care (54%), primary care (53%), and rehabilitative services (52%).
As well as that, the war in Ukraine has exacerbated inequalities. Also, it has been reported disruption of clinical trials, increasing costs & claw backs to manufacturers, and rising costs to surrounding countries.
Finally, inflation is rising sharply across most major markets, and the impact of inflationary pressures will be felt across the industry.
The good news is that innovation is at an all-time high and is increasingly complex. However, it does not spread evenly across Europe. For example, until the end of 2021, Serbia had a minimal number (1%) of new innovative molecules available for the patients.
If forecasting the future, digital health will take a central role. For example, digital innovations diagnose, track, augment, support and, in some cases, be standalone therapeutics.
It is also clear that oncology; cell, gene and RNA therapies will be the significant growth drivers in 2030. It is also a big demand for new ways of addressing Alzheimer’s, Parkinson’s, and mental health disorders.
Based on IQVIA.