Delays in obtaining pricing and reimbursement (P&R) have been identified as key hurdles holding back the pharmaceutical industry, according to market analysis.
This trend is highlighted through responses to a survey taken from GlobalData’s State of the Biopharmaceutical Industry report, which reveals that industry professionals rate the impact of P&R processes among the top five leading factors currently impacting the sector.
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In the survey, sector respondents noted that the delay in revenue linked to P&R processes for approved drugs has a 3.7-point negative effect on business on a scale of 1-5, when five is categorised as the highest possible impact.
This ranks around 0.1-0.2 points less than the four leading pharma trends identified by the industry – including artificial intelligence (AI), increases in clinical trial cost and complexity, personalised medicine and immuno-oncology drug development.
When asked about the impact of mid-term regulatory and macroeconomic headwinds, 22% of survey respondents rated P&R constraints as the factor they perceive will have the most negative impact on their business over the next 12 months. This rate was eclipsed only by activity from the Trump administration and trade wars, which were both selected by 36% of survey participants, respectively.
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By GlobalDataPharma pricing pressures increase
In recent years, drug pricing has been a strong topic of discussion within the pharmaceutical industry, as global inflation and geopolitical factors continue to drive up development, manufacturing and commercialisation costs.
“The top three regulatory and macroeconomic price trends expected to have a negative effect on the industry all impact pharmaceutical prices,” noted Milena Izmirlieva, Senior Director and Head of Health Economics and Market Access Research and Analysis at GlobalData.
“Beyond P&R constraints in the ranking for negative impact, four of the five trends identified by respondents are also related to drug pricing – including inflation, the Inflation Reduction Act (IRA) in the US, the Most Favored Nation (MFN) policy in the US; and International Referencing Pricing (IRP),” Izmirlieva added.
Several big pharma companies, including Novo Nordisk and Pfizer, recently pointed to pricing headwinds in the US in their 2025 earnings.
The drug pricing pressures observed in the US could also have knock-on impacts across the globe due to the use of IRP, says Izmirlieva.
This is largely a result of high-income countries referencing lowest drug prices observed in countries with lower GDP/capita, which Izmirlieva notes can negatively impact the accessibility and affordability of medicines “due to delayed or cancelled product launches”.
“While current patients may benefit from lower prices, pharmaceutical revenues and the industry’s capacity to invest in drug development would be significantly undermined, ultimately reducing the number of new treatments reaching the market,” Izmirlieva concluded.
