2024 Life Sciences State of the Market Update

2024 Life Sciences State of the Market Update

In 2024, the life sciences landscape remains deeply shaped by changes that occurred in response to the COVID-19 pandemic. As a means to nurture continued growth and innovation, the strategies and initiatives that entities adopted out of necessity have fostered unprecedented growth in the industry. Like in 2023, the market remains focused on several key areas, including decentralized clinical trials (DCTs), psychedelic drug therapy research, gene therapy and editing, wearable devices, and artificial intelligence (AI).

In addition to these continued areas of focus, looking ahead at 2024, life sciences companies will need to stay abreast of the significant regulatory changes that came into effect in the second half of 2023. These include the SEC’s new cybersecurity rules and updates to the FDA’s 510(k) program. This year, the industry also remains focused on the impacts of growing geopolitical conflicts like the Russia-Ukraine war and Israel-Hamas conflict and their impact on critical dependencies like employee safety, clinical trial viability, and supply chain stability.

For life sciences companies, the commercial P&C insurance market remains stable, with most lines seeing healthy capacity and competitive pricing. Property and stock throughput do remain challenging due to sustained loss patterns driven by natural disasters and geopolitical exposures. Because of the complexity of these companies’ exposures, partnering with a dedicated team of insurance advisors embedded in the life sciences industry can help organizations protect their operations for continued innovation and success.

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