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• CNS disease therapies have high clinical trial failure rates, despite the growing incidence of CNS diseases.
• We expect to see increased collaborations and investments to smaller biotechnology start-ups to investigate therapies for rare neurological diseases.
• Despite being in the early stages, the use of digital biomarkers will be

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• Pfizer-BioNtech and Moderna’s updated Covid-19 vaccines will become available in the US following FDA approval and CDC recommendation, further demonstrating the adaptability of mRNA vaccine technology.
• Access to the updated vaccines will be supported by health insurance coverage, including Medicare, as well as the Bridge Access

Latest Developments: US inflation came at 3.7% y-o-y in August, which was slightly above consensus estimates, although the month-on-month figure of 0.6% was in line with consensus. The core figure rose by a hotter-than-anticipated 0.3% m-o-m (vs consensus of 0.2% m-o-m), although the year-on-year print was in line with expectations of 4.3% and

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• T-Mobile's purchase of 600MHz spectrum from Comcast caps a successful spectrum-acquisition strategy and its better-integrated 'layered' approach plays to its strengths in low-cost and rural markets.
• The deal suggests Comcast is adopting a more cautious approach to mobile as part of its multi-play service strategy; customer mix

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• AbbVie and Johnson & Johnson’s multiple cancer drug Imbruvica will face pricing pressures in the US from Medicare price negotiations under the Inflation Reduction Act.
• A growing number of lawsuits from pharmaceutical companies, including Johnson & Johnson, could lead to complications and delays in the rollout of the act.
• Besides

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• Confirmation of the first 10 drugs due for price negotiation, as part of the Inflation Reduction Act, poses strong downside risks for innovative drugmakers.
• Negotiations are expected to continue, despite pressure from lawsuits.
• While the lists of lawsuits continues to grow, applying more pressure on the US government and posing

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• GDUFA fees for FY24 released by the FDA see increases across the board for all fees, with inflation contributing to the increased amounts.
• This follows a previous trend over the last two years of steadily increasing fees, which we expect will continue into the medium term.
• Increased GDUFA fees for generic manufactures will compound

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• Late-stage success for Roche and Exelixis in prostate cancer show promise of the companies’ combination therapy.
• The positive results are a boon for the combination following multiple recent clinical failures.
• Rising global disease incidence highlights need for broader treatment options for prostate cancer patients.

Late-stage

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• Drug development for Fragile X-associated tremor/ataxia syndrome (FXTAS) will be advanced through funding, but trials are still in initial stages.
• We expect more companies to invest in diagnostics for other neurodegenerative diseases, but most common diseases will remain a priority.
• Increased funding for neurodegenerative diseases

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• The launch of Viatris and Kindeva Drug Delivery's first-to-market generic version of blockbuster Symbicort, known as Breyna, will improve access to asthma and COPD treatment.
• Following years of legal hurdles, we expect the launch of Breyna will begin to negatively impact Symbicort's sales from 2023, leading developer AstraZeneca to