The politics of health: how elections will impact on life sciences

The global landscape for medical technology, biotechnology, and life sciences is on the cusp of seismic change.

The confluence of geopolitical tensions, economic uncertainty, and evolving social values has created a complex web of challenges and opportunities for these sectors around the world.

The broad life science industry too is in the midst of a period of significant transition. While the shadow of the pandemic recedes, its effects linger in the form of a market correction and an evolving healthcare landscape.

This, coupled with looming patent expirations, the impact of new drug pricing regulations, and tighter universal regulation of medical devices presents a complex environment for both large and small life science companies.

Amidst these challenges lies an undercurrent of excitement fuelled by groundbreaking innovations in advanced therapeutics, artificial intelligence, and digital engagement strategies.

Navigating this new reality will depend significantly on the policy decisions of governments in major advanced economies.

With elections this year in the US, the UK and India – all major players in the life sciences industry – what changes and benefits can we expect to see for companies and their investors, healthcare providers and for patients?

The looming shadow of economic uncertainty:

A key concern for businesses is economic stability. The UK, under a new Labour government, will likely see increased public investment in healthcare infrastructure, potentially boosting domestic MedTech and life sciences industries.

Last February, the Labour Party published its 'Prescription for Growth' – an official plan for the reinvestment and revitalisation of the NHS alongside the country's life science industry.

The strategy is aimed at keeping the sector competitive in a country that has recently been struggling to maintain relevance in the global medical device and clinical trials scenes. At the same time, Labour has promised to end the rolling NHS junior doctor, nurse and senior consultant strikes that have crippled the NHS amid sluggishly rising rates of pay for staff and international competition to identify and hire the most highly skilled medical staff.

Presented by new Secretary of State for Health, Wes Streeting, the plan set the tone for the new government's determination to make good on promises to an industry on edge.