Morgan Stanley Sizes DTC Cash-Pay Biopharma Market at $26B Peak
United States – October 24, 2026 -- The direct-to-consumer cash-pay market in biopharma could reach $26 billion at its peak, according to Morgan Stanley healthcare services analyst Erin Wright, as U.S. patients take more control over how they access and pay for care.
GLP-1 obesity drugs show a branded product can run half its volume through consumer-led access
A branded prescription product in the GLP-1 market could support roughly half of its volume through a consumer-led access pathway, the analysis says. Patient demand for obesity treatment built before insurers were ready to pay for it. Patients can now choose a treatment, find a price within budget, obtain a digital prescription and fill it through a manufacturer-selected pharmacy or fulfillment partner. Many large-cap biopharma companies now operate direct-to-consumer platforms.