Each week we highlight five things affecting the life sciences industry. Here’s the latest.
Possible tariffs could affect prescription drug costs and availability
- Pharmaceutical groups warn that recent proposed tariffs on imports from China, Canada and Mexico could lead to higher prices and potential shortages of prescription medications, Fortune reports.
- The proposed tariffs could disrupt the supply chain for essential drugs as many active pharmaceutical ingredients are sourced from these countries.
Pharma and medical device companies invest in telemedicine to enhance patient access
- Healthcare IT News reports that pharmaceutical and medical device companies are increasingly investing in telehealth to overcome health care access barriers, such as long wait times and limited provider availability, to streamline administrative processes and improving patient follow-up care.
- Telehealth advancements now support treatments for complex and rare diseases, enabling remote risk assessments, test prescriptions and result deliveries, expanding patient access to specialized care.
Advamed seeks exemption from proposed tariffs on medical devices
- Advamed CEO Scott Whitaker has expressed concerns that proposed tariffs could disrupt the medical technology supply chain, potentially leading to reduced research and development, layoffs and higher costs for patients.
- According to MedTech Dive, Whitaker emphasized that relocating manufacturing to the U.S. is challenging due to the need for U.S. Food and Drug Administration approval, making it difficult to ease the impact of tariffs in the short term.
Pharmaceutical CDMO market projected to reach $315+ billion by 2034
- The global pharmaceutical contract development and manufacturing organization (CDMO) market is expected to grow from $156.62 billion in 2024 to approximately $315.08 billion by 2034, reflecting a compound annual growth rate of 7.24%.
- Biospace reports that this growth is driven by increased demand for biologics, biosimilars, vaccines and personalized medicines, leading pharmaceutical companies to outsource manufacturing to CDMOs to focus on core areas and conserve resources.
Pharmaceutical sector adapts to market pressures
- Major drugmakers are shifting strategies by pursuing smaller acquisitions and emphasizing new treatments to counter revenue declines, reports PharmaVoice.
- Industry leaders have significantly increased research investments, allocating billions to strengthen their pipelines.
For more insights in life sciences, check out RSM’s industry outlook.
