Each week we highlight five things affecting the life sciences industry. Here’s the latest.
Global health care’s push for climate resilience
- Following NHS England’s 2020 commitment to net zero emissions by 2045, over 20 countries are adopting similar goals, aiming to create climate-resilient health care systems. The sector faces increased pressure from climate change impacts like disease spread and water scarcity necessitating comprehensive sustainability measures across energy, agriculture, pharmaceuticals and transport.
- Collaborative efforts, including standardized emission calculations and supplier engagement towards sustainability, are crucial for significant progress.
Judge dismisses PhRMA lawsuit on Medicare price negotiations
- A federal judge in Texas dismissed a lawsuit by the Pharmaceutical Research and Manufacturers of America, challenging Medicare price negotiations under the Inflation Reduction Act, due to jurisdictional issues. This decision is seen as a positive step for the Biden administration’s efforts to control drug prices.
- Fierce Pharma reports that the case’s dismissal was based on the lack of jurisdiction as the involved parties did not have a sufficient connection to Texas. This development is significant as it maintains the momentum of government efforts to negotiate drug prices, a critical aspect of health care reform aiming to make medications more affordable.
Pharma industry’s strategic shift to generative AI
- A Bain & Company survey reveals a significant shift in the pharmaceutical industry’s approach to generative artificial intelligence, with 40% of executives incorporating expected savings from AI into their 2024 budgets. The focus is on scaling AI across organizations rather than just experimenting, with a considerable number already developing use cases and expecting to showcase multiple proofs of concept.
- The industry sees generative AI as crucial for enhancing productivity, automating research and identifying disease targets, marking it as a priority for both leadership and investment.
Pfizer leads in Super Bowl pharma advertising impact
- Pfizer’s advertisement during the Super Bowl was deemed the most successful among pharmaceutical companies, according to the analysis by EDO, which measures the impact of TV advertising. Pfizer’s ad ranked 36th among all ads in generating online activity, reports Fierce Pharma.
- This recognition underscores the impact of strategic advertising to boost brand visibility.
Investigating generic drug shortages: A joint effort by FTC and HHS
- The Federal Trade Commission and the Department of Health and Human Services are jointly examining the underlying factors contributing to generic drug shortages. This collaborative effort aims to dissect the complex market dynamics and specific industry practices that may hinder the supply of essential medications.
- By identifying and addressing these root causes, the initiative seeks to bolster drug availability, ensuring that essential generic medications remain accessible and affordable to those in need.
For more insights in life sciences, check out RSM’s industry outlook.
