24-25 - TOP PHARMA TRENDS IN 2024 - Top pharma trends and predictions for 2024

1. The pharma industry has seen sweeping changes since 2020, with some contradicting trends like stressed bottom lines, attrition and more. What corrections does the industry needs to make on priorities in 2024?

2023 has indeed seen some phenomenal portfolio changes for many biopharmacompanies. Some of them spun off their generics business into separate companies to focus on an innovative products pipeline. As the Inflation Reduction Act (IRA) puts pressure on pricing, biopharma companies will continue to optimise their portfolios and business strategies in 2024. We anticipate that they will focus a lot more on upcoming launches. It is critical they get these launches right. They will make tough decisions on the right go-to-market (GTM) models for their launch products versus those in mature stages and those about to lose exclusivity (LOE). Focus and partnerships will be key to their strategies in 2024 and beyond.

2. Throughout the last year, there was a lot of movement in indications such as Alzheimer’s and also, more recently, the anti-obesity and weight loss categories. What are the guard rails that the industry needs to put in place for commercial success?

Regardless of the product category, we believe five factors are vital for commercial success:

Payer activation and reimbursement
Intelligent and early regulatory engagement
Wide adoption by target healthcare professionals (HCPs)
Much better field force effectiveness and efficiency
Excellent patient engagement and adoption.

We validated these recently in our study on biopharma launch success, with fifteen commercial leaders with deep experience in successful product launches calling out these five factors as a must-have for ensuring commercial success.

3. What role will the biotech industry play for new frontiers in treatments for cancer and rare diseases? Will this increase M&A activity in the biotech category?

About 250 to 275 products could be launched between 2023 and 2027, accounting for $108bn in new drug spending in the US. That is a high number and biotech companies will play a significant role in driving this innovation. The jury is still out on M&A activity in this segment, but biotech companies have far more avenues for growth now. Thanks to changing HCP preferences and growing digital affinity, biotechs can now commercialise their offerings themselves or partner with capable service providers to take their products to market.

4. Will funding for AI-based healthcare startups be an issue?

Funding for AI-based healthcare startups might actually get better. Wearables and digital therapeutics are already gaining widespread adoption, with some of them also securing US FDA approval. While AI is enabling personalisation at scale, AI alone is not enough. When coupled with medical science knowledge, contextualised AI adds far more value and is a huge differentiator in a market that has relatively low entry barriers. Companies with deep domain knowledge, process expertise and access to data in a compliant way, in addition to strong AI capabilities, will be in a strong position to find backers.

5. Why is the remodelling of the pharma launch playbook imminent?

Pharma launch models are still stuck in a pre-COVID-19 world with a digital veneer on it. We swung the pendulum from fully rep-led to fully digital launches and missed the bus on enabling the field force with digital channels and experiences. The future is hybrid. Pharma companies need to evolve their GTM models quickly. Companies that will stay ahead will be those that can seamlessly integrate their Agency of Record (AOR), Contract Sales Organisation (CSO) and Direct-To-Consumer (DTC) partners. This truly omnichannel experience is vital to engage HCPs and patients and ensure launch success in the future.

6. How will Gen AI and sales reps co-exist?

HCP access is now more selective than ever. Most HCPs meet reps from three or fewer biopharma companies and 84% of them prefer to maintain or increase their share of virtual engagements with biopharma companies.

Companies that complement sales reps with digital HCP experiences don’t just improve their reach and frequency; they also improve the effectiveness of each engagement touchpoint. GenAI is a natural enabler to these touchpoints. From creating a large volume of personalised content at scale to advising sales reps with contextualised information to engage individual HCPs, GenAI will play an increasing role in elevating brand experience and driving prescription growth.

7. What is the expected impact of Gen AI and cutting-edge digital platforms on research capabilities in the industry in 2024?

The biopharma research process is notorious for its long lead time and large investment. It takes eight to 12 years and about a billion dollars to commercialise a product. COVID-19 vaccines proved this can be done far more effectively and efficiently. And now GenAI is enabling the next wave of speed and effectiveness in getting to market.

For example, it is helping democratise clinical trial intelligence to give easy access to clinical trial data that is available in the public domain, making it easy and quick to query using natural language. It is helping identify, recruit and engage a diverse set of patients for clinical trials and there are many more use cases where GenAI is accelerating innovation and access.

8. How will the increased use of automation in pharma affect virtual and in-person patient care in 2024?

Virtual and in-person care will co-exist and automation will continue to enable both. While automation drives process productivity, having a human in the loop is important to help patients feel more comfortable. For example, Natural Language Processing (NLP)-based chatbots are already driving a step-change improvement in therapy adherence, and automation is improving quality and compliance in pharmacovigilance processes. However, human empathy and engagement is still an essential part of both processes, to build patients’ trust in the therapy.