Global macroeconomic trends
Though inflation is expected to ease in 2023, the price increases of the past 12 months will still affect purchasing decisions.
- The likelihood of global recession means that slowing economies in the region will have lower tax revenues available for drug budgets.
- In many countries in the region, most imported drugs are priced in USD which has strengthened against nearly all regional currencies in the past year.
- We will continue to see the increasing availability of new lower cost options such as biosimilars and Chinese biotech products in areas like immuno-oncology.
The impact of these headwinds on payers will be a greater focus on cost containment and reduced budget impact. This will likely drive lower net prices as payers seek to claw back more from both previously and newly reimbursed products. In South Korea, for example, the method for calculating the foreign average drug price for referencing will be revised in 2023 to consider ex-manufacturer prices, exchange rates, value added tax, and distribution channels in each comparator country. In some markets we are also likely to see increased switching to lower cost alternatives such as generics and local/ regional products. Ultimately, there will be significant financial pressures that arise and continue into 2023 as a result of macroeconomic trends regionally and across the globe.
Health technology assessments
Overall governments are increasingly looking at and learning from each other in terms of health technology assessments HTAs).
In the mature markets, in which decisions are largely driven through established systems for HTAs, we see several continuing trends:
Denne historien er fra January 2023-utgaven av BioSpectrum Asia.
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