IMS Institute for Healthcare Informatics have released last week, that annual spending will hit an all time high this year when absolute growth will be about $70 billion, up from $44 billion in 2013 and $26 billion in 2012!This fast growth will be driven primarily by increased specialty drug innovation, greater access to medicines and reduced impact of patent expires, says the study.
It is forecasted that spending will rise 30% by 2018 to an estimated $1.3 trillion!
The US which leads the market will remain strong, but the five major European markets France, Germany, Spain, UK and Italy along with Japan, are expected to be at the forefront of the worlds growth. China, which is already the world’s second largest pharmaceutical market, will reach spending levels of $155-$185 billion in 2018, the report adds.
Remarkably almost 200 new drugs are expected to be launched in the next five years. Over 2,000 products are currently in late-stage development, a quarter of which are oncology drugs. However, the IMS Institute notes that the availability of new medicines to patients worldwide varies significantly by country and disease area, on average, fewer than half the medicines launched during the previous five years are now available across the major developed markets.
To read more about this study visit www.theimsinstute.org
