The EU was aiming for a new general framework agreement. It would have meant that all changes in EU law will automatically apply to Switzerland as well. Switzerland ended that hope.Sorry, do you mean that they took that referendum to the EU and asked for changes to be made to their arrangements? What kinds of changes were made?
Since the EU does not want to negotiate every single change in the future they will not prolong the existing contracts in the future (e.g.from now on, medical devices from Switzerland need to be certified again in EU, which was not the case until now.) Step by step, Switzerland might lose access to the single market.