While inflationary pressures started to ease in 2023, economies continue to face uncertainty. In this Inflation in the Healthcare Sector - Physician Perspective report-tracker, the publisher continues to examine the impact of inflation on healthcare systems, patients, and HCPs. The report provides an overview of the current and future outlook of the healthcare sector, government policies, innovative technologies, and initiatives that are expected to help combat inflation in the healthcare sector.
- Despite inflation receding, post-COVID-19 recovery is challenged by a range of macroeconomic and geopolitical challenges.
- Inflation will be tamed in 2024, but its impact on the healthcare will still be elevated.
- Although the situation has improved in most of the countries, risings costs still triggered patients to postpone or stop treatments in H2 2023.
- Despite some improvement, out-of-pocket costs were an important factor for patients when choosing a treatment in H2 2023.
- Surveyed HCPs expected drug prices to grow with the inflation rate.
- Despite the pharma industry’s skepticism, US HCPs believed that the IRA could lead to lower drug prices.
- Physicians agreed that biosimilars could provide cost savings for the patients and healthcare systems and their use should be encouraged.
- Drug pricing control and movement towards preventive care were highlighted as the top solutions to reduce inflation in the healthcare sector.
- Despite decreasing inflation rates, the healthcare sector will face turbulent times in 2024.
- Despite some improvement, rising costs are forcing patients to postpone or stop treatments; it will take years for the backlogs to clear.
- Drug pricing control and movement towards preventive care may be reliable methods to reduce inflation in the healthcare sector.
Scope
- Assess the impact of inflation on the healthcare sector
- Highlight the impact of inflation on patient treatment
- 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 mean to provide cost savings
- Compare results with previous, 2022 and 2023 H1 survey findings
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 healthcare industry.
Table of Contents
1. Executive Summary2. Study Design
3. Economic Outlook
4. Inflation in the US, 5EU and Japan
5. Inflation - Impact on Patient Treatment
6. Inflation - Drug Prices and Treatment Costs
7. Future Considerations
8. Summary of Key Findings
9. Appendix 1
10. Appendix 2
11. Contact the Publisher
List of Tables
Table 1a: Abbreviations
Table 1b: Abbreviations
Table 1c: Abbreviations
Table 2a: Related reports
Table 2b: Upcoming reports
Table 3: Estimated discounts generated by medicare drug negotiations
List of Figures
Figure 1: Respondent Mix
Figure 2a: Respondent Mix by specialty
Figure 2b: Respondent Mix by country
Figure 3: Rating of anticipated impact of emerging regulatory and macroeconomic trends on the pharmaceutical industry in 2024
Figure 4: Optimism about the industry’s growth, 2021-2024
Figure 5: Global economy projections
Figure 6: Health spending value measured as a share of GDP
Figure 7: Retail pharmaceutical spending value measured as a share of GDP
Figure 8: Consumer price inflation - France
Figure 9: Consumer price inflation - US
Figure 10: Consumer price inflation - Germany
Figure 11: Consumer price inflation - Italy
Figure 12: Consumer price inflation - Spain
Figure 13: Gas prices for household consumers: France, Germany, Italy, and Spain
Figure 14: Electricity prices for household consumers: France, Germany, Italy, and Spain
Figure 15: Consumer price inflation - UK
Figure 16: Consumer price inflation - Japan
Figure 17a: Number of patients stopping or postponing treatment increased due to rising costs of healthcare in the US
Figure 17b: Number of patients stopping or postponing treatment increased due to rising costs of healthcare will stabilize in US
Figure 18a: Number of patients stopping or postponing treatment increased due to rising costs of healthcare in the France
Figure 18b: Number of patients stopping or postponing treatment increased due to rising costs of healthcare will stabilize in France
Figure 19a: Number of patients stopping or postponing treatment increased due to rising costs of healthcare in the Germany
Figure 19b: Number of patients stopping or postponing treatment increased due to rising costs of healthcare will stabilize in Germany
Figure 20a: Number of patients stopping or postponing treatment increased due to rising costs of healthcare in the Italy
Figure 20b: Number of patients stopping or postponing treatment increased due to rising costs of healthcare will stabilize in Italy
Figure 21a: Number of patients stopping or postponing treatment increased due to rising costs of healthcare in the Spain
Figure 21b: Number of patients stopping or postponing treatment increased due to rising costs of healthcare will stabilize in Spain
Figure 22a: Number of patients stopping or postponing treatment increased due to rising costs of healthcare in the UK
Figure 22b: Number of patients stopping or postponing treatment increased due to rising costs of healthcare will stabilize in UK
Figure 23a: Number of patients stopping or postponing treatment increased due to rising costs of healthcare in the Japan
Figure 23b: Number of patients stopping or postponing treatment increased due to rising costs of healthcare will stabilize in Japan
Figure 24: Inflation impact on patient treatment: 2022 vs 2023 H1 vs 2023 H2 data
Figure 25a: Number of patients considering “out of pocket” costs as a more important factor when choosing a treatment plan increased in the US
Figure 25b: Drug prices will grow with the inflation rate in the US
Figure 26: HCPs’ thoughts on the IRA’s ability to reduce drug prices
Figure 27a: Number of patients considering “out of pocket” costs as a more important factor when choosing a treatment plan increased in the France
Figure 27b: Drug prices will grow with the inflation rate in the France
Figure 28a: Number of patients considering “out of pocket” costs as a more important factor when choosing a treatment plan increased in the Germany
Figure 28b: Drug prices will grow with the inflation rate in the Germany
Figure 29a: Number of patients considering “out of pocket” costs as a more important factor when choosing a treatment plan increased in the Italy
Figure 29b: Drug prices will grow with the inflation rate in the Italy
Figure 30a: Number of patients considering “out of pocket” costs as a more important factor when choosing a treatment plan increased in the Spain
Figure 30b: Drug prices will grow with the inflation rate in the Spain
Figure 31a: Number of patients considering “out of pocket” costs as a more important factor when choosing a treatment plan increased in the UK
Figure 31b: Drug prices will grow with the inflation rate in the UK
Figure 32: Number of people on NHS waiting lists for consultant-led elective care
Figure 33a: Number of patients considering “out of pocket” costs as a more important factor when choosing a treatment plan increased in the Japan
Figure 33b: Drug prices will grow with the inflation rate in the Japan
Figure 34: Inflation - treatment cost: 2022 vs 2023 H1 data
Figure 35: Inflation - sentiment change
Figure 36: Main cause of inflation and rising costs in healthcare
Figure 37: Initiatives that could help to reduce inflation in healthcare
Figure 38: Initiatives that could help to reduce inflation in healthcare, by country
Figure 39: Physician comfort level with using AI
Figure 40: Percentage of physicians and patients who felt comfortable with AI use in various patient care-related tasks
Figure 41a: Use of biosimilars can provide cost savings for the patients and healthcare systems in the US
Figure 41b: Use of biosimilars should be encouraged in the US
Figure 42a: Use of biosimilars can provide cost savings for the patients and healthcare systems in the France
Figure 42b: Use of biosimilars should be encouraged in the France
Figure 43a: Use of biosimilars can provide cost savings for the patients and healthcare systems in the Germany
Figure 43b: Use of biosimilars should be encouraged in the Germany
Figure 44a: Use of biosimilars can provide cost savings for the patients and healthcare systems in the Italy
Figure 44b: Use of biosimilars should be encouraged in the Italy
Figure 45a: Use of biosimilars can provide cost savings for the patients and healthcare systems in the Spain
Figure 45b: Use of biosimilars should be encouraged in the Spain
Figure 46a: Use of biosimilars can provide cost savings for the patients and healthcare systems in the UK
Figure 46b: Use of biosimilars should be encouraged in the UK
Figure 47a: Use of biosimilars can provide cost savings for the patients and healthcare systems in the Japan
Figure 47b: Use of biosimilars should be encouraged in the Japan
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- AbbVie
- Amgen
- Astellas
- AstraZeneca
- BMS
- Boehringer Ingelheim
- Eli Lilly
- J&J
- Merck
- Novartis
- Novo Nordisk
- Pfizer
