The Philippines economy in 2024: Stronger for longer?

The Philippines ended 2023 on a high note, being the fastest growing economy across Southeast Asia with a growth rate of 5.6 percent—just shy of the government's target of 6.0 to 7.0 percent. 1 “National accounts,” Philippine Statistics Authority, January 31, 2024; "Philippine economic updates,” Bangko Sentral ng Pilipinas, November 16, 2023. Should projections hold, the Philippines is expected to, once again, show significant growth in 2024, demonstrating its resilience despite various global economic pressures (Exhibit 1). 2 “Economic forecast 2024,” International Monetary Fund, November 1, 2023; McKinsey analysis.

The growth in the Philippine economy in 2023 was driven by a resumption in commercial activities, public infrastructure spending, and growth in digital financial services. Most sectors grew, with transportation and storage (13 percent), construction (9 percent), and financial services (9 percent), performing the best (Exhibit 2). 3 “National accounts,” Philippine Statistics Authority, January 31, 2024. While the country's trade deficit narrowed in 2023, it remains elevated at $52 billion due to slowing global demand and geopolitical uncertainties. 4 “Highlights of the Philippine export and import statistics,” Philippine Statistics Authority, January 28, 2024. Looking ahead to 2024, the current economic forecast for the Philippines projects a GDP growth of between 5 and 6 percent.

Inflation rates are expected to temper between 3.2 and 3.6 percent in 2024 after ending 2023 at 6.0 percent, above the 2.0 to 4.0 percent target range set by the government. 5 “Nomura downgrades Philippine 2024 growth forecast,” Nomura, September 11, 2023; “IMF raises Philippine growth rate forecast,” International Monetary Fund, July 16, 2023.

For the purposes of this article, most of the statistics used for our analysis have come from a common thread of sources. These include the Central Bank of the Philippines (Bangko Sentral ng Pilipinas); the Department of Energy Philippines; the IT and Business Process Association of the Philippines (IBPAP); and the Philippines Statistics Authority.

The state of the Philippine economy across seven major sectors and themes

In the article, we explore the 2024 outlook for seven key sectors and themes, what may affect each of them in the coming year, and what could potentially unlock continued growth.

Financial services

The recovery of the financial services sector appears on track as year-on-year growth rates stabilize. 6 Philippines Statistics Authority, November 2023; McKinsey in partnership with Oxford Economics, November 2023. In 2024, this sector will likely continue to grow, though at a slower pace of about 5 percent.

Financial inclusion and digitalization are contributing to growth in this sector in 2024, even if new challenges emerge. Various factors are expected to impact this sector:

  • Inclusive finance: Bangko Sentral ng Pilipinas continues to invest in financial inclusion initiatives. For example, basic deposit accounts (BDAs) reached $22 million in 2023 and banking penetration improved, with the proportion of adults with formal bank accounts increasing from 29 percent in 2019 to 56 percent in 2021. 7 “Financial inclusion dashboard: First quarter 2023,” Bangko Sentral ng Pilipinas, February 6, 2024.
  • Digital adoption: Digital channels are expected to continue to grow, with data showing that 60 percent of adults who have a mobile phone and internet access have done a digital financial transaction. 8 “Financial inclusion dashboard: First quarter 2023,” Bangko Sentral ng Pilipinas, February 6, 2024. Businesses in this sector, however, will need to remain vigilant in navigating cybersecurity and fraud risks.
  • Unsecured lending growth: Growth in unsecured lending is expected to continue, but at a slower pace than the past two to three years. For example, unsecured retail lending for the banking system alone grew by 27 percent annually from 2020 to 2022. 9 “Loan accounts: As of first quarter 2023,” Bangko Sentral ng Pilipinas, February 6, 2024; "Global banking pools,” McKinsey, November 2023. Businesses in this field are, however, expected to recalibrate their risk profiling models as segments with high nonperforming loans emerge.
  • High interest rates: Key interest rates are expected to decline in the second half of 2024, creating more accommodating borrowing conditions that could boost wholesale and corporate loans.

Supportive frameworks have a pivotal role to play in unlocking growth in this sector to meet the ever-increasing demand from the financially underserved. For example, financial literacy programs and easier-to-access accounts—such as BDAs—are some measures that can help widen market access to financial services. Continued efforts are being made to build an open finance framework that could serve the needs of the unbanked population, as well as a unified credit scoring mechanism to increase the ability of historically under-financed segments, such as small and medium-sized enterprises (SMEs), to access formal credit. 10 “BSP launches credit scoring model,” Bangko Sentral ng Pilipinas, April 26, 2023.

Energy and Power

The outlook for the energy sector seems positive, with the potential to grow by 7 percent in 2024 as the country focuses on renewable energy generation. 11 McKinsey analysis based on input from industry experts. Currently, stakeholders are focused on increasing energy security, particularly on importing liquefied natural gas (LNG) to meet power plants’ requirements as production in one of the country’s main sources of natural gas, the Malampaya gas field, declines. 12 Myrna M. Velasco, “Malampaya gas field prod’n declines steeply in 2021,” Manila Bulletin , July 9, 2022. High global inflation and the fact that the Philippines is a net fuel importer are impacting electricity prices and the build-out of planned renewable energy projects. Recent regulatory moves to remove foreign ownership limits on exploration, development, and utilization of renewable energy resources could possibly accelerate growth in the country’s energy and power sector. 13 “RA 11659,” Department of Energy Philippines, June 8, 2023.

Gas, renewables, and transmission are potential growth drivers for the sector. Upgrading power grids so that they become more flexible and better able to cope with the intermittent electricity supply that comes with renewables will be critical as the sector pivots toward renewable energy. A recent coal moratorium may position natural gas as a transition fuel—this could stimulate exploration and production investments for new, indigenous natural gas fields, gas pipeline infrastructure, and LNG import terminal projects. 14 Philippine energy plan 2020–2040, Department of Energy Philippines, June 10, 2022; Power development plan 2020–2040 , Department of Energy Philippines, 2021. The increasing momentum of green energy auctions could facilitate the development of renewables at scale, as the country targets 35 percent share of renewables by 2030. 15 Power development plan 2020–2040 , 2022.

Growth in the healthcare industry may slow to 2.8 percent in 2024, while pharmaceuticals manufacturing is expected to rebound with 5.2 percent growth in 2024. 16 McKinsey analysis in partnership with Oxford Economics.

Healthcare demand could grow, although the quality of care may be strained as the health worker shortage is projected to increase over the next five years. 17 McKinsey analysis. The supply-and-demand gap in nursing alone is forecast to reach a shortage of approximately 90,000 nurses by 2028. 18 McKinsey analysis. Another compounding factor straining healthcare is the higher than anticipated benefit utilization and rising healthcare costs, which, while helping to meet people's healthcare budgets, may continue to drive down profitability for health insurers.

Meanwhile, pharmaceutical companies are feeling varying effects of people becoming increasingly health conscious. Consumers are using more over the counter (OTC) medication and placing more beneficial value on organic health products, such as vitamins and supplements made from natural ingredients, which could impact demand for prescription drugs. 19 “Consumer health in the Philippines 2023,” Euromonitor, October 2023.

Businesses operating in this field may end up benefiting from universal healthcare policies. If initiatives are implemented that integrate healthcare systems, rationalize copayments, attract and retain talent, and incentivize investments, they could potentially help to strengthen healthcare provision and quality.

Businesses may also need to navigate an increasingly complex landscape of diverse health needs, digitization, and price controls. Digital and data transformations are being seen to facilitate improvements in healthcare delivery and access, with leading digital health apps getting more than one million downloads. 20 Google Play Store, September 27, 2023. Digitization may create an opportunity to develop healthcare ecosystems that unify touchpoints along the patient journey and provide offline-to-online care, as well as potentially realizing cost efficiencies.

Consumer and retail

Growth in the retail and wholesale trade and consumer goods sectors is projected to remain stable in 2024, at 4 percent and 5 percent, respectively.

Inflation, however, continues to put consumers under pressure. While inflation rates may fall—predicted to reach 4 percent in 2024—commodity prices may still remain elevated in the near term, a top concern for Filipinos. 21 “IMF raises Philippine growth forecast,” July 26, 2023; “Nomura downgrades Philippines 2024 growth forecast,” September 11, 2023. In response to challenging economic conditions, 92 percent of consumers have changed their shopping behaviors, and approximately 50 percent indicate that they are switching brands or retail providers in seek of promotions and better prices. 22 “Philippines consumer pulse survey, 2023,” McKinsey, November 2023.

Online shopping has become entrenched in Filipino consumers, as they find that they get access to a wider range of products, can compare prices more easily, and can shop with more convenience. For example, a McKinsey Philippines consumer sentiment survey in 2023 found that 80 percent of respondents, on average, use online and omnichannel to purchase footwear, toys, baby supplies, apparel, and accessories. To capture the opportunity that this shift in Filipino consumer preferences brings and to unlock growth in this sector, retail organizations could turn to omnichannel strategies to seamlessly integrate online and offline channels. Businesses may need to explore investments that increase resilience across the supply chain, alongside researching and developing new products that serve emerging consumer preferences, such as that for natural ingredients and sustainable sources.

Manufacturing

Manufacturing is a key contributor to the Philippine economy, contributing approximately 19 percent of GDP in 2022, employing about 7 percent of the country’s labor force, and growing in line with GDP at approximately 6 percent between 2023 and 2024. 23 McKinsey analysis based on input from industry experts.

Some changes could be seen in 2024 that might affect the sector moving forward. The focus toward building resilient supply chains and increasing self-sufficiency is growing. The Philippines also is likely to benefit from increasing regional trade, as well as the emerging trend of nearshoring or onshoring as countries seek to make their supply chains more resilient. With semiconductors driving approximately 45 percent of Philippine exports, the transfer of knowledge and technology, as well as the development of STEM capabilities, could help attract investments into the sector and increase the relevance of the country as a manufacturing hub. 24 McKinsey analysis based on input from industry experts.

To secure growth, public and private sector support could bolster investments in R&D and upskill the labor force. In addition, strategies to attract investment may be integral to the further development of supply chain infrastructure and manufacturing bases. Government programs to enable digital transformation and R&D, along with a strategic approach to upskilling the labor force, could help boost industry innovation in line with Industry 4.0 demand. 25 Industry 4.0 is also referred to as the Fourth Industrial Revolution. Priority products to which manufacturing industries could pivot include more complex, higher value chain electronic components in the semiconductor segment; generic OTC drugs and nature-based pharmaceuticals in the pharmaceutical sector; and, for green industries, products such as EVs, batteries, solar panels, and biomass production.

Information technology business process outsourcing

The information technology business process outsourcing (IT-BPO) sector is on track to reach its long-term targets, with $38 billion in forecast revenues in 2024. 26 Khriscielle Yalao, “WHF flexibility key to achieving growth targets—IBPAP,” Manila Bulletin , January 23, 2024. Emerging innovations in service delivery and work models are being observed, which could drive further growth in the sector.

The industry continues to outperform headcount and revenue targets, shaping its position as a country leader for employment and services. 27 McKinsey analysis based in input from industry experts. Demand from global companies for offshoring is expected to increase, due to cost containment strategies and preference for Philippine IT-BPO providers. New work setups continue to emerge, ranging from remote-first to office-first, which could translate to potential net benefits. These include a 10 to 30 percent increase in employee retention; a three- to four-hour reduction in commute times; an increase in enabled talent of 350,000; and a potential reduction in greenhouse gas emissions of 1.4 to 1.5 million tons of CO 2 per year. 28 McKinsey analysis based in input from industry experts. It is becoming increasingly more important that the IT-BPO sector adapts to new technologies as businesses begin to harness automation and generative AI (gen AI) to unlock productivity.

Talent and technology are clear areas where growth in this sector can be unlocked. The growing complexity of offshoring requirements necessitates building a proper talent hub to help bridge employee gaps and better match local talent to employers’ needs. Businesses in the industry could explore developing facilities and digital infrastructure to enable industry expansion outside the metros, especially in future “digital cities” nationwide. Introducing new service areas could capture latent demand from existing clients with evolving needs as well as unserved clients. BPO centers could explore the potential of offering higher-value services by cultivating technology-focused capabilities, such as using gen AI to unlock revenue, deliver sales excellence, and reduce general administrative costs.

Sustainability

The Philippines is considered to be the fourth most vulnerable country to climate change in the world as, due to its geographic location, the country has a higher risk of exposure to natural disasters, such as rising sea levels. 29 “The Philippines has been ranked the fourth most vulnerable country to climate change,” Global Climate Risk Index, January 2021. Approximately $3.2 billion, on average, in economic loss could occur annually because of natural disasters over the next five decades, translating to up to 7 to 8 percent of the country’s nominal GDP. 30 “The Philippines has been ranked the fourth most vulnerable country to climate change,” Global Climate Risk Index, January 2021.

The Philippines could capitalize on five green growth opportunities to operate in global value chains and catalyze growth for the nation:

  • Renewable energy: The country could aim to generate 50 percent of its energy from renewables by 2040, building on its high renewable energy potential and the declining cost of producing renewable energy.
  • Solar photovoltaic (PV) manufacturing: More than a twofold increase in annual output from 2023 to 2030 could be achieved, enabled by lower production costs.
  • Battery production: The Philippines could aim for a $1.5 billion domestic market by 2030, capitalizing on its vast nickel reserves (the second largest globally). 31 “MineSpans,” McKinsey, November 2023.
  • Electric mobility: Electric vehicles could account for 15 percent of the country’s vehicle sales by 2030 (from less than 1 percent currently), driven by incentives, local distribution, and charging infrastructure. 32 McKinsey analysis based on input from industry experts.
  • Nature-based solutions: The country’s largely untapped total abatement potential could reach up to 200 to 300 metric tons of CO 2 , enabled by its biodiversity and strong demand.

The Philippine economy: Three scenarios for growth

Having grown faster than other economies in Southeast Asia in 2023 to end the year with 5.6 percent growth, the Philippines can expect a similarly healthy growth outlook for 2024. Based on our analysis, there are three potential scenarios for the country’s growth. 33 McKinsey analysis in partnership with Oxford Economics.

Slower growth: The first scenario projects GDP growth of 4.8 percent if there are challenging conditions—such as declining trade and accelerated inflation—which could keep key policy rates high at about 6.5 percent and dampen private consumption, leading to slower long-term growth.

Soft landing: The second scenario projects GDP growth of 5.2 percent if inflation moderates and global conditions turn out to be largely favorable due to a stable investment environment and regional trade demand.

Accelerated growth: In the third scenario, GDP growth is projected to reach 6.1 percent if inflation slows and public policies accommodate aspects such as loosening key policy rates and offering incentive programs to boost productivity.

Focusing on factors that could unlock growth in its seven critical sectors and themes, while adapting to the macro-economic scenario that plays out, would allow the Philippines to materialize its growth potential in 2024 and take steps towards achieving longer-term, sustainable economic growth.

Jon Canto is a partner in McKinsey’s Manila office, where Frauke Renz is an associate partner, and Vicah Villanueva is a consultant.

The authors wish to thank Charlene Chua, Charlie del Rosario, Ryan delos Reyes, Debadrita Dhara, Evelyn C. Fong, Krzysztof Kwiatkowski, Frances Lee, Aaron Ong, and Liane Tan for their contributions to this article.

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2024 Insurance Industry Forecast: Embracing M&A, AI, Talent, and Climate Change Mitigation

As we look ahead to 2024, KPMG US leaders provide a few key predictions to watch out for in the Insurance Industry.

The insurance industry underwent significant changes and challenges from the macroeconomic environment, adoption of digital technologies, extreme weather events, and an increase in regulatory pressure. As we look ahead to 2024, here are a few key predictions to watch out for: 

Ramp up of strategic M&A activity

With the stabilization of interest rates, companies are expected to transition from a passive acquisition approach to a more strategic one. Insurance companies likely will divest non-core businesses that are not generating returns and acquire businesses that offer new capabilities. In particular, the insurtech space has created tremendous innovation that larger companies may be interested in pursuing. This will enable them to improve their competitive position and drive growth. KPMG’s CEO Outlook revealed that over half of insurance CEOs (55%) are likely to pursue acquisitions that will significantly impact their organization, indicating that insurance companies are recognizing the importance of M&A as a tool to achieve their strategic goals.

Generative AI to transform operations and cut costs

The insurance sector is poised for transformation with the integration of Generative AI. Business leaders anticipate that AI can revolutionize daily operations by enabling their professionals to enhance communication with policyholders, streamline claims processing, and reduce fraudulent activities. Additionally, AI can automate underwriting and pricing processes, leading to more efficient and accurate decision-making. Every company has its differences and how they will implement AI to solve their unique problems will not be a one size fits all solution.

Despite the potential benefits of AI, there are risks associated with its utilization, such as algorithmic bias and privacy concerns. A significant barrier to the success of insurance organizations is the lack of regulatory guidance, which is perceived by approximately 64% of insurance CEOs. However, recent regulatory developments, such as the White House's first-ever executive order on AI and the EU's creation of the AI Act, are expected to encourage insurance leaders to embrace AI within their organizations while providing guardrails to protect them.

Addressing the talent shortage

While larger companies have the advantage of a greater talent pool, smaller companies may face greater challenges in sourcing individuals with technology expertise. Finding employees with tech capabilities is important for organizations seeking to build a customer centric business model that will help them compile valuable customer data. To address the talent shortage, companies will need to focus on both attracting tech-savvy talent while also upskilling current employees with Generative AI skills for the changing work environment.

Mitigating risk amidst changing exposure: climate, cyber, and social inflation

Extreme weather events this year have underscored the importance of obtaining insurance. The frequency and severity of natural disasters have resulted in higher insurance claims and losses for insurance companies. Some major companies have withdrawn from states such as California that are prone to natural disasters, while others have increased premiums, leading to a reduction of capacity and a need to deploy capital in new and different insurable risks. Companies are likely to continue offering services and solutions to help homeowners mitigate risk including investing in new technologies and tools such as satellite imagery and climate modeling to provide support and resources to homeowners in the event of a disaster.

The anticipated SEC Climate Disclosure rule is expected to have a significant impact on the way companies disclose their climate-related risks to investors. In addition, with the recent adoption of climate disclosure rules in California and upcoming compliance deadlines in Europe, companies are already starting to take proactive measures to comply with existing and anticipated rules.

With the rise of automation and artificial intelligence introducing new cyber risks, insurance businesses will need to create mitigation strategies to minimize vulnerabilities and prevent attacks. Furthermore, social inflation has impacted the sector with increased claims costs, particularly in litigation, forcing insurers to reassess risk models and pricing strategies.

Staying ahead of the curve

The insurance industry has a promising future, but it must remain agile and innovative in their approach. By embracing new technologies and meeting the changing needs of policyholders, insurance companies can remain competitive and relevant in a rapidly evolving landscape.

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Mustafa Suleyman

Microsoft hires DeepMind co-founder to lead new AI division

British tech pioneer Mustafa Suleyman will be chief executive of organisation focusing on consumer products and research

  • Profile: Mustafa Suleyman

Microsoft has appointed the co-founder of the British artificial intelligence lab DeepMind as the head of a new AI division.

Mustafa Suleyman , 39, co-founded DeepMind with Demis Hassabis and Shane Legg in 2010 and the company went on to be bought by Google for £400m in 2014 . It now forms the core of Google’s AI efforts after merging with another unit to become Google DeepMind in 2023.

The chief executive of Microsoft, Satya Nadella, announced in a blogpost that the British AI pioneer, who left Google in 2022, will be chief executive of a new organisation called Microsoft AI focusing on the US company’s consumer products and research. Several employees at Sulyeman’s Inflection AI startup will join the division.

Microsoft has become a leading player in generative AI – technology that immediately produces convincing text, image or audio from simple hand-typed prompts – thanks to its multibillion-dollar investment in OpenAI, the developer of the ChatGPT chatbot .

Nadella said: “I’ve known Mustafa for several years and have greatly admired him as a founder of both DeepMind and Inflection, and as a visionary, product maker and builder of pioneering teams that go after bold missions.”

The new division unites Microsoft’s consumer AI efforts such as its Copilot chatbot and the new Bing browser that uses the technology underlying ChatGPT . Copilot is at the centre of Microsoft’s efforts to generate revenue from its AI efforts and can write emails, summarise documents and make presentations.

“This infusion of new talent will enable us to accelerate our pace yet again,” Nadella wrote.

Karen Simonyan, who co-founded Inflection AI along with Suleyman and the Microsoft board member Reid Hoffman, will join the new unit as chief scientist.

Google is expanding its AI-related efforts. Bloomberg News reported on Monday that Apple was in talks to build Google’s Gemini AI product into the iPhone.

Inflection AI has emerged as one of the most high-flying names in the genAI race after raising $1.3bn from Microsoft and the chipmaker Nvidia at a valuation of $4bn last June.

Suleyman, born in north London to a Syrian father and English mother, has recently published a book on AI, The Coming Wave , that outlines the potential benefits of the technology but also warns that it could threaten global order and calls for a significant increase in the number of researchers working on AI safety.

In an i nterview with the Guardian last year, Sulyeman described the book as a “provocation”.

“I think the cool thing about what I’m doing is that I’m predicting something,” he said. “And I think a lot of people don’t have the courage to predict things. I don’t think I’m wrong, but we do have time to intervene.”

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BREAKING: Congress has finally fully funded the government, averting a partial shutdown

How water in a can became a billion-dollar business

Liquid Death mountain water cans

If you’ve been to a live event recently, you may have noticed something called Liquid Death being sold at food and drink stands.

For those not in the know, the name may be a little intimidating. But “Liquid Death” is just water in a can.

Now the brand, which has been independently owned and operated since its creation in 2017, has raised a new round of investment that values it at $1.4 billion.

In a release Monday, Liquid Death said it had hit $263 million in global sales and can be found in 113,000 retail outlets across the U.S. and U.K. It said it had seen “triple-digit” growth for the third-consecutive year, becoming the fastest-growing water and iced tea brand, citing SPINS, a market research group.

If it seems surprising that a company just selling water is growing this fast — that’s the point, experts say. 

“The fact that it’s just water ... is the key to Liquid Death’s success so far,” Brad Avery, senior reporter for industry news group BevNET, told NBC News in an email. “When you look at branding in the bottled water category, so much of it has revolved around themes like the purity of the water, superior levels of hydration, etc. Liquid Death took off in part because it was a subversion of all the tropes of bottled water marketing that we’re familiar with.”

Selling water like alcohol

In other words, the branding is one of the main selling points. The name “Liquid Death” refers to the idea of “murdering your thirst,” as well as “death to plastic,” according to founder and CEO Mike Cessario. Liquid Death beverages are packaged in aluminum, which is more recyclable than plastic.

“We want to create truly healthy, better-for-you beverages, but just do so in the same funny way that typically unhealthy brands get marketed,” Cessario said in an interview with NBC News.

He said junk food brands and beer are also known for using comedy, but do so in the service of selling an unhealthy product.

“We’re making fun of the s----- corporate marketing that everyone hates,” Cessario said. “People now spend $10 a month for ad-free services because they have no entertainment value. We’re making fun of marketing with our brand.”

The brand has also grown a large following on social media, with 5 million followers on TikTok and 2.9 million on Instagram. Cessario, whose background includes working on viral campaigns for Netflix shows like “Stranger Things” and “House of Cards,” has worked with influencers like Blink 182 drummer Travis Barker, former “Jackass” star Steve-O and comedian Bert Kreischer — the latter of whom is now an official investor.

The company’s TikToks usually rack up hundreds of thousands of views, with one getting nearly 23 million.

Stigma removed for nights out

If you’re having a night out at the bar with your friends and you’re the only person who isn’t drinking, Avery said, you might feel silly holding a regular bottle of water while everyone else is drinking beers and cocktails.

Liquid Death is designed to eliminate that moment, he said.

“The Liquid Death can, to be blunt, looks cool,” Avery said. By putting nonalcoholic beverages in a package that looks like a beer can, he said, it creates a psychological effect of making it easier for someone more image-conscious to consume.

Cessario has previously said one inspiration for Liquid Death came when he learned that some musicians who preferred to drink water onstage were pouring it into energy-drink cans for fear of embarrassment, as well as sponsorship requirements.

Indeed, Liquid Death’s cornerstone market remains live entertainment-goers. And America’s biggest live-event company has bought in. Live Nation is one of Liquid Death’s longtime investors and participated in the company’s latest funding round.

“We first invested in Liquid Death because we believed their brand and community was a great fit for the world of live music,” Live Nation CEO Michael Rapino said in a statement to NBC. “That’s proven to be a powerhouse combination as water sales continue increasing across our events, all while demand for Liquid Death is skyrocketing in other sectors as well.”

Riding the sober boom

Liquid Death has already begun expanding into sparkling water and iced tea as it also looks to capitalize on the surging growth in sober or “straight-edge” consumers who choose to incorporate nonalcoholic drinks into their lives, Avery said.

“I think Liquid Death in many ways can be considered a non-alc play, building on the ‘sober curious’ trend where consumers are drinking less alcohol and seeking out more alternatives,” Avery said.

Liquid Death’s broadening appeal means it is poised to take market share from both the water market as well as the beer and newly growing nonalcoholic drink market, said Dan Buckstaff, chief marketing officer of SPINS, the market research group.

“Those categories are being pulled along by the overall consumer trend, and Liquid Death has added on, but with better packaging, a can vs. plastic, and added on marketing and positioning that hits that sweet spot,” Buckstaff said.

Cessario said the brand wants to serve evolving consumer tastes that continue to shift away from traditional drink options.

“We’re creating a healthy beverage that works in party occasions where you otherwise don’t have many healthy options,” Cessario said.

market research companies

Rob Wile is a breaking business news reporter for NBC News Digital.

February 2024 Clinical Trials

Clinical Trials Activity Update for February 2024

  • Posted on 21 Mar 2024

Clinical Trials Activity Update for February 2024

Clinical trials are integral to providing optimal patient care, enhancing medical understanding, and developing new therapeutics as well as improving existing ones. From raising the standard of care for various diseases to laying the foundation of revolutionary medical devices, clinical trials significantly impact the healthcare landscape. As medical challenges turn more complex, clinical trials become increasingly important in addressing the unmet medical needs of a growing patient population, particularly those with chronic and new infectious diseases. 

Let’s explore some significant clinical trial activities of February 2024, poised to transform the healthcare landscape by treating unmet needs of patients.

Launch of PIVOT-006 Trial Offers New Hope for Non-Muscle-Invasive Bladder Cancer (NMIBC) Patients

In February 2024, CG Oncology Inc, a United States-based biotechnology company, announced the launch of the phase 3 PIVOT-006 trial (NCT06111235) to evaluate the efficacy of a novel therapy cretostimogene grenadenorepvec (CG0070) in the management of intermediate-risk non-muscle-invasive  bladder cancer  (NMIBC), following transurethral resection of the bladder tumor (TURBT). This innovative oncolytic immunotherapy might offer a promising treatment option for those with frequent disease recurrence and repetitive surgery. The trial plans to enrol 426 patients across the United States and Canada, with overall recurrence-free survival (RFS) as the primary endpoint. The secondary endpoints of the study are recurrence-free survival at 12 and 24 months, progression-free survival, and the incidence of adverse events. Besides the PIVOT-006 trial, which is expected to reach primary completion in 2028, cretostimogene is involved in other investigative studies focused on different NMIBC populations and combination studies.

According to the data published by the American Cancer Society, it is estimated that around 83,190 new cases of bladder cancer cases will emerge in 2024. Further, it is reported that bladder cancer will be the cause of 16,840 deaths. The rising global burden of this disease is expected to directly impact its treatment market. According to  EMR  calculations, the bladder cancer treatment market size is anticipated to grow at a CAGR of 9.31% during the forecast period of 2024-2032, likely to reach a market value of USD 8.98 billion by 2032.

Expansion of Greenwich LifeSciences’ Flamingo-01 Phase III Trial for Breast Cancer Treatment

On February 14, 2024, Greenwich Lifesciences, Inc., a clinical-stage biopharmaceutical company in the United States, announced the expansion of its Phase III clinical trial, Flamingo-01, which aims to evaluate the efficacy and safety profile of GLSI-100 in HER2/neu positive breast cancer patients. GLSI-100 is a cancer peptide vaccine with a combination of GP2 and GM-CSF, expected to carry therapeutic potential in preventing breast cancer recurrences. Led by Baylor College of Medicine (a medical school and research center in Houston, Texas), the randomized study has around 750 participants and is designed to detect a hazard ratio of 0.3 in invasive breast cancer-free survival.

The approval to expand Flamingo-01 in the five European countries including Spain, France, Germany, Italy, and Poland, it enables the activation of 105 sites post-completion of site contracts as well as site initiation visits scheduled as early as March 4, 2024. Moreover, this expansion will allow the trial to recruit up to 150 global sites to advance breast cancer treatment.

India Achieves Major Milestone with Human Clinical Trial of Gene Therapy for Haemophilia A

India made history in the field of medical science by conducting a pioneering human clinical trial of gene therapy for haemophilia A (deficiency in factor VIII or FVIII clotting activity). In this study, a lentiviral vector was utilized to express an FVIII transgene in the patient's haematopoietic stem cells. The trial was held at Christian Medical College (CMC) in Vellore in a collaborative initiative with the Department of Biotechnology, the Centre for Stem Cell Research (a unit of InStem Bengaluru), and Emory University in the United States along with the Christian Medical College.

Patients with haemophilia A are more susceptible to bleeding or experience prolonged bleeding after injury or surgery as they lack a protein required for blood to clot called FVIII. According to the EMR report, the haemophilia A market is likely to attain a value of USD 49.60 billion by 2032 and is anticipated to grow at a CAGR of 22.8% during the forecast period of 2024-2032. There is a growing demand for innovative therapeutic approaches such as gene therapies to treat this life-threatening condition, which is expected to augment gene therapy market growth in the coming years.

Biocomposites Launches Two New Phase II Clinical Trials of STIMULAN VG to Treat Diabetic Foot Osteomyelitis

Biocomposites Ltd, a medical device company headquartered in the United Kingdom, announced the launch of two-Phase II clinical trials of STIMULAN VG (STIMULAN mixed with vancomycin and gentamicin) in the United States. In the BLADE-VG2 trial, the safety and efficacy of STIMULAN VG will be tested to treat diabetic foot osteomyelitis whereas the BLADE-OPU2 trial will evaluate STIMULAN VG’s safety profile and effectiveness in the treatment of stage IV pressure ulcers.

The trials are part of an investigational new drug (IND) application and intend to show the STIMULAN VG’s potential to improve patient outcomes, reduce the incidence of recurrent infection, and minimize the use of antibiotics. The BLADE-VG2 trial has started to recruit patients and the BLADE-OPU2 trial is expected to start shortly. With the growing number of foot osteomyelitis and stage IV pressure ulcer patients, there is an urgent need to investigate the efficacy of such promising treatments that can help in infection management cases and reduce systemic antibiotic use.

Novel CAR T-Cell Therapy Shows Promise in Targeting Ovarian Tumors

In February 2024, Anixa Biosciences, Inc. announced that the first-in-human Phase I study to investigate the efficacy of a novel CAR T-cell therapy in ovarian cancer  patients has started with its second cohort of patients. Conducted through a research partnership with the H. Lee Moffitt Cancer Center and Research Institute, the trial is reported to have an estimated enrolment of 48 patients. The data in the first 3 patients receiving follicle-stimulating hormone receptor (FSHR T)-mediated T cell treatment exhibited positive results leading to the second cohort of patients where the therapy will be examined at triple the dose given in cohort 1.

In this trial, the researchers are directly administering the engineered T cells into the peritoneum, a site for most ovarian tumor lesions to prevent any adverse events. The FSHR-mediated CAR T technology or chimeric endocrine receptor T-cell (CER-T) therapy offers an innovative approach to treat ovarian cancer and other FSHR-expressing tumours by targeting hormone receptors. Although the study is in its initial phase, this CAR T-cell therapy is expected to offer a novel treatment option for patients with ovarian cancer.

Clinical trials act as a robust research tool to advance medical knowledge and improve patient outcomes. Not only do they measure the efficacy of new therapeutics, but they also help healthcare providers weigh the side effects of a treatment against its potential benefits, thereby assisting them in making the best possible treatment plan for the patient. Moreover, with the rise in technological advancements and research endeavours aimed at developing highly efficient therapeutics, the demand and diversity of clinical trials are likely to grow in the near future.

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

Global Drug Approvals Update for February 2024

Global Drug Approvals Update for February 2024

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