Deloitte – Global Life Science Outlook, 2024

In the current global outlook for the life sciences industry, key trends are shaping the future growth of companies. These trends include increasing pricing pressures, changes in US regulation, the adoption of Generative AI (GenAI), geopolitical environments, and advancements in science. Companies are focusing on how GenAI can impact their operations, improve patient outcomes, and inform research and development decisions. The integration of AI technologies and digital tools are expected to increase efficiency and innovation throughout the life sciences value chain. Top biopharma companies can potentially capture significant value by scaling the use of AI. Partnerships and collaborations, along with AI technologies, are driving new trends in accelerating R&D processes. The pharmaceutical trade is expected to rise, reaching almost US$1.2 trillion in 2024. However, trade and supply chains have become more concentrated and geopolitically closed, leading to pricing pressures and concerns over the affordability and accessibility of medicines. Governments are expected to play an increased role in regulating drug pricing and access in the coming year.