Physical and mental health measure declines are two factors likely to impact the healthcare industry as they move forward in 2024 and beyond. Not surprisingly, concerns over rising healthcare costs and how to best control them continue to dominate in significance.
TREND 3 - The rising cost of healthcare management
Three elements related to healthcare costs are likely to exert influence on manufacturer direction in healthcare:
- The projected rise in Medicare premiums is greater than consumer pricing in general. Medicare Part B premiums are expected to rise by 5.9% for 2024. Part D premiums are expected to rise substantially with an average increase of 42% for high-end plans from 3 large payers serving the highly populated states of California, Florida, Texas, New York, and Pennsylvania.1
- Administrative costs are being scrutinized. Thirty percent of estimated excess spending is attributed to administrative costs.2
- Pharmacy benefit managers (PBMs) are the target of new transparency requirements to bring costs down. Current legislation is focused on the practice of “spread pricing.” The spread between list price and actual price after rebates, incentives, and returns has grown and is believed to be responsible for part of the rising cost in healthcare.3
Common pricing practices are coming under greater scrutiny. If unprepared, drug manufacturers may have their profitability negatively impacted from direct or indirect actions taken by regulators or other healthcare suppliers.
In our research, two other factors weigh into the significant impacts, to be covered in our upcoming blog posts.
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The triad of trust: Navigating real-world healthcare data integration
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Clinical strategies to optimise SaMD for treating mental health
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Understanding the Periodic Benefit-Risk Evaluation Report
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A guide to safety data migrations
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Reimagining Patient-Centricity with the Internet of Medical Things (IoMT)
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Using longitudinal qualitative research to capture the patient voice
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Increasing Complexity and Declining ROI in Drug Development
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