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

As part of that plan, Labour has pledged to strengthen the Office for Life Sciences while creating a more certain funding environment and a more streamlined funding process.

The implementation of new, 10-year budgets for key R&D institutions to attract long-term investment is aimed at ending what Labour saw as the short-termism of its Conservative predecessor in government.

The 2024 US election: pharma in the crosshairs

In the US, both main parties are pledging to reform the pharma industry and, while their approaches may differ, both Donald Trump and now Kamala Harris are expected to focus on drug pricing and market competition, signalling potential upheaval for the industry, whoever wins.

The Democrats' Inflation Reduction Act (IRA) – particularly its Medicare drug price negotiation provision – is being touted as a win against 'Big Pharma's price gouging'.

While the industry has criticised this as 'price control', the election of the incumbent vice-president would signal consolidation of the IRA, putting further pressure on drug prices.

Despite criticising the IRA in the past, Trump is also prioritising a reduction in drug costs. His previous 'most favoured nation' executive order – later withdrawn – aimed to leverage international prices to lower US drug costs.

While drug pricing isn't as central to his current campaign, his stance suggests a potential willingness to implement similar measures to the Democrats, if elected.

One area where the candidates disagree sharply is market competition. Harris supports 'march-in rights' to allow public access to patented drugs at lower prices, a stance vehemently opposed by the industry which fears it will stifle innovation.

Conversely, Trump champions free market competition and biosimilars. His 2018 law bolstering the US Federal Trade Commission's (FTC's) oversight of biosimilar deals, aimed to increase competition for expensive biologics. While this has benefited some companies with robust biosimilar pipelines, others, like AbbVie, have faced market share erosion for blockbuster drugs like Humira.

India plans to become a significant manufacturer of MedTech

In India, the recent re-election of Narendra Modi as Prime Minister for a third, consecutive term, will fast-track his stated determination to make the country the world's third largest economy, up from fifth.