Recognition for value added medicines, real-world evidence and Chinese innovation are pharma’s key themes of the moment, Pharmanovia boss says

When James Burt (pictured below), the chief executive of lifecycle management healthcare company Pharmanovia, looks back at the mood in the pharma industry in 2023, he is happy to say that he is already experiencing a greater sense of optimism in 2024.

Dr Burt does so having started his year at January’s JP Morgan Healthcare Conference in San Francisco, California, a high-profile event that is often seen as a bellwether for the current state of the industry, where he has been a regular attendee for around 15 years. 

“Last year, the tone was pretty moribund,” he told The Pharma Letter. “This year, it felt like green shoots were emerging, partnership deals were being done, and there was a bit more energy around the conference. 

“For me, it’s a good sign that 2024 should be a more positive year for the industry than 2023.”

The spike in inflation and the pressure that it caused for pharma’s supply chains made last year a bit of a “grind,” Dr Burt admitted. “Pharma is a bit of an unusual industry because, in most countries, you can’t really flex your price as inflation hits. So, It hurts the supply side, and leaves less room for essential research and development, unless you can drive offsetting efficiencies in your operation,” he said. “So, I think everyone has been pressured by this raise in cost base.”