Instant Insights 2024 Industry Predictions

A look at new legal battles and drug regulations, including the administration's new initiatives to reduce drug costs and next steps in the FTC's attempt to address improperly listed patents in the FDA's Orange Book.

Organizations are evolving in response to new challenges and opportunities, and HR and benefits managers are adjusting their approach to ensure their companies remain ready to execute their business strategy.

This upcoming year will see new plans, programs and point solutions in the marketplace to support employers seeking to manage increasing health care costs.

Plan sponsors must evaluate their current PBM arrangements and decide whether they have a transparent arrangement that they trust or if there is a need to re-evaluate the PBM relationship.

Leaner budgets will drive technology adoption and accelerate benefits automation.

Tailoring initiatives to the specific needs and culture of the organization is crucial for a successful mental wellness plan.

Having a regular assessment of the plan will help identify areas needing improvement, ways benefits can adjust to the needs of participants, and optimal safeguards against risks or liabilities.

2024 marks a pivotal moment for HR and recruitment, steering towards intuitive tech adoption, a redefined approach to flexibility, and embracing the value of boomerangs and age-agnostic hiring.