Impact of Inflation on the Healthcare Sector - Analyzing Trends by Key Countries, Physicians and Healthcare Professionals (HCPs) Perspective, Patient Treatment and Treatment Costs
Summary
In 2022, many developed countries worldwide faced record-breaking inflation levels not seen for several decades. Post-COVID-19 supply chain disruptions, strong consumer demand, and Russia's ongoing conflict with Ukraine are among the main factors contributing to increasing financial constraints on consumers and businesses, as well as a prolonged gloomy economic outlook.
In this “Inflation in the Healthcare - Physician Perspective” report, GlobalData examines the impact of inflation on healthcare systems, patients, and HCPs. The report provides an overview of the current and future outlook of the healthcare sector, government policies, innovative technologies, and initiatives that are expected to help combat inflation in the healthcare.
Key findings from this report include the following:
- The healthcare industry is set to face new challenges such as inflation in a post-COVID-19 world
- Even though inflation is decreasing, it will remain elevated in 2023, continuing to pressure the healthcare sector
- Risings costs triggered patients to postpone or stop treatments in 2022
- It will take more than two years for the number of patients stopping or postponing treatments due to rising healthcare costs to stabilize
- “Out of pocket” costs became an important factor for patients when choosing a treatment in 2022
- Surveyed HCPs expected drug prices to grow with inflation rate
- Despite the pharma industry’s skepticism, US -HCPs believe that the Inflation Reduction Act could lead to lower drug prices
- Drug pricing control and movement towards preventive care were highlighted as the top solutions to reduce inflation in the healthcare sector
Despite decreasing inflation rates, the healthcare sector will face turbulent times in 2023
Rising costs forced patients to postpone or stop treatments in 2022 and it will take years for the backlogs to clear
Drug pricing control and movement towards preventive care may be reliable methods to reduce inflation in the healthcare sector
Scope
This report combines information obtained from secondary sources and primary research with healthcare professionals (HCPs) to assess the impact of inflation on healthcare systems, patients, and HCPs in the US, Japan, France, Italy, Germany, Spain, and the UK.
Study objectives
- Assess the impact of inflation on the healthcare sector
- Highlight the impact of inflation on patient treatment
- Capture physicians’ opinions on drug price growth
- Identify possible inflation reduction measures in the healthcare sector
- Explore physicians’ views on inflation reduction acts, such as the IRA
- Get an overview on how inflation impacts healthcare sector
- Discover implications on patient treatment
- Explore physicians’ attitude toward the pharmaceutical drug pricing
- See how physician perceive the inflation reduction policies, such as Inflation Reduction Act
- Gain an understanding of inflation reduction measures in the healthcare sector
- 1 Executive Summary
- 1.1 Executive Summary
- 2 Study Design
- 2.1 Objectives and Design
- 2.2 Respondent Mix
- 2.3 Respondent Profiles
- 3 Economic Outlook
- 3.1 Emerging Regulatory and Macroeconomic Trends
- 3.2 Inflation’s Impact on Pharmaceutical Value Chain
- 3.3 Industry’s Growth for the Next 12 Months
- 3.4 Economic Outlook - Major Markets Data
- 3.5 Health Spending
- 3.6 Retail Pharmaceutical Spending
- 4 Inflation in the US, 5EU, and Japan
- 4.1 Inflation - US
- 4.2 Inflation Reduction Policies - US
- 4.3 Inflation - France
- 4.4 Inflation - Germany
- 4.5 Inflation Reduction Policies in the EU - France and Germany
- 4.6 Inflation - Italy
- 4.7 Inflation - Spain
- 4.8 Inflation Reduction Policies in the EU - Italy and Spain
- 4.9 Gas and Electricity Prices for Household Consumers: France, Germany, Italy, and Spain
- 4.10 Inflation - UK
- 4.11 Inflation - Japan
- 4.12 Inflation Reduction Policies - UK and Japan
- 5 Inflation - Impact on Patient Treatment
- 5.1 Inflation - Impact on Patient Treatment: US
- 5.2 Pharma’s Annual Drug Price Increases - US
- 5.3 Inflation - Impact on Patient Treatment: France
- 5.4 Inflation - Impact on Patient Treatment: Germany
- 5.5 Inflation - Impact on Patient Treatment: Italy
- 5.6 Inflation - Impact on Patient Treatment: Spain
- 5.7 Inflation - Impact on Patient Treatment: UK
- 5.8 Inflation - Impact on Patient Treatment: Japan
- 6 Inflation - Drug Prices and Treatment Costs
- 6.1 Inflation - Treatment Costs: US
- 6.2 Inflation Reduction Act - a Closer Look
- 6.3 Inflation Reduction Act - HCP Perspective
- 6.4 Inflation - Treatment Costs: France
- 6.5 Inflation - Treatment Costs: Germany
- 6.6 Inflation - Treatment Costs: Italy
- 6.7 Inflation - Treatment Costs: Spain
- 6.8 Inflation - Treatment Costs: UK
- 6.9 NHS England Backlog Data - Consultant-led Elective Care
- 6.10 Inflation - Treatment Costs: Japan
- 7 Future Considerations
- 7.1 What Causes Inflation in Healthcare?
- 7.2 Inflation Reduction Measures
- 7.3 Inflation and Pharmaceutical Prices
- 7.4 Inflation Reduction Measures - Government Policies
- 8 Summary of Key Findings
- 8.1 Key Findings
- 9 Appendix 1
- 9.1 Authors
- 10 Appendix 2
- 10.1 Our Thematic Research Methodology
- 11 Contact Us
- 11.1 About GlobalData
- 11.2 Trusted Intelligence in Uncertain Times
- 11.3 Contact Us
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