- ECONOMIC IMPACT -

Latest update: 21 December

Swift development of COVID-19 vaccines and strong capital markets continue to drive Pharma growth

Hiring prospects for Pharma continue to improve in 2021 with the Pharma Jobs index growing by 86.2% to date

5.9%

GDP estimates for many countries have turned positive and the global economy is projected to grow 5.9 percent in 2021.

$5.6trn

A prolonged pandemic due to vaccine inequity and hesitancy could reduce global GDP by a cumulative $5.6 trillion over five years.

Global Economy to Revive in 2021 Due to Mass Vaccine Rollout

- SECTOR IMPACT: PHARMA -

Latest update: 3 December

industry development

1077

The number of disrupted trials continues to plateau, but 733 trials are experiencing overall slow enrolment

255

The downward trend of trials that had suspended enrolment continues after it peaked with 790 trials in May 2020.

Decentralized Trials

Remote patient monitoring, site initiation and movement towards decentralized trials are the top mitigation strategies for addressing trial disruptions.


As per data from GlobalData’s 2020 and 2021 Surveys on Decentralized/Virtual Clinical Trials, 60% of pharma respondents said the COVID-19 pandemic accelerated the move towards decentralized and virtual clinical trials. Compared to the 15% who did remote monitoring through patient portals, email, phone in response to disruptions due to the pandemic in 2020, 18% said they used these tools in 2021.

Key trends due to Covid-19

Payers


Currently, payers are experiencing pressure to reimburse ICU care and eventually this could expand to include potentially expensive and unproven drugs if there is a suggestion that they might be effective in treating Covid-19. In addition, payer plans have evolved to include reimbursement of telemedicine as providers began to rely on this service during the pandemic. Reimbursement of telemedicine is likely here to stay.


Providers


Hospitals are being forced to operate with a shortage of proper personal protection equipment, complicating the health and safety of both patients and staff, while outpatient healthcare providers will have to rely on telemedicine and remote methods of treating patients which may be less effective than face to face patient management.

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