Plotting a Course to Success in the Age of Price Controls

Axendia’s 2024 Life Sciences Industry Radar

Axendia unveiled its fifth annual Life Science Industry Radar on February 15, 2024, during a live “Straight from the Source” event.  

They also discussed trends that were on our radar last year but have since been broadly adopted or those that must be normalized as constants in the age of continuous disruption.

Members of our analyst team shared key business, regulatory, and technology trends disrupting the Life Sciences industry based on our research.

These include:

  • Connected/Virtual Care
  • Virtual Component in Business
  • Skills Gap/Workforce Transformation
  • Digital Transformation
  • Digital Currency
  • Brand Protection
  • Emerging Technologies
  • Advanced Manufacturing

Largest Life Sciences Disruptor for 2024?

The largest disruptor for 2024 is Price Controls.  The Inflation Reduction Act gives CMS (Centers for Medicare & Medicaid Services) the ability to negotiate prescription drug prices, starting with 10 drugs in 2026 and reaching 100 drugs by 2031. These negotiations will save Medicare $98.5 billion over the next 10 years according to the Congressional Budget Office. 

So how can companies make up $100B over 10 years? They must accelerate time to market, minimize quality issues, and shortages to optimize revenue under extended patent protection.

Missed the Event?

Watch this “Straight from the Source” event on demand to learn how to plot a course to success in 2024 and beyond.

To discuss how any of these initiatives impact your organization, click on this link to schedule an Analyst Inquiry on this topic.

We know the industry has a lot of questions and we are here to address them.  Cookie-cutter frameworks do not work because each company has its unique ecosystems.  

As a Life Science analyst firm, we understand our industry’s unique challenges, we do the research and provide you with actionable advice tailored to meet your needs, goals, and aims.

Here are a few sources to get you started:

    The opinions and analysis expressed in this post reflect the judgment of Axendia at the time of publication and are subject to change without notice. Information contained in this post is current as of publication date. Information cited is not warranted by Axendia but has been obtained through a valid research methodology. This post is not intended to endorse any company or product and should not be attributed as such.

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