Release date: 2015-03-23
According to statistics, the US pharmaceutical market share in 2014 was 395 billion US dollars. GlobalData Research and Consulting is very optimistic about the US pharmaceutical market. It is estimated that after five years, that is, in 2020, this number will climb to $548 billion.
GlobalData's market analysis report shows that the US pharmaceutical market will grow at an average annual rate of 5.6%, what are the factors driving its rapid growth? The conclusions are as follows: health care spending is increasing, population structure is aging, chronic diseases such as diabetes and obesity are prevalent, medical expenses are more easily reimbursed, and the Patient Protection and Popular Health Act (PPACA) was promulgated in 2010. Summarized into two points: an increasingly sophisticated medical security system and an efficient and reliable FDA.
Joshua Owide, Global Data Medical Industry Dynamics Research Minister, said: "The Impact of the Patient Protection and Public Health Act and its annex to the Medical and Educational Disputes Mediation Regulations on the American citizenship is long-lasting and far-reaching, as is the pharmaceutical industry. PPACA's promulgation This means that medical insurance is more widely available, and more and more people are getting new subsidies or changing insurance schemes to get more subsidies. In 2013, the prescription drug market was only 262 billion US dollars, and in 2014 it increased to 275.9 billion US dollars. According to statistics, there are 32 million citizens are newly enrolled, which will generate at least $115 billion in medical spending in 10 years."
In addition, the FDA's “efficient and transparent, structured regulatory system†has also facilitated the rapid approval and quality assurance of new drugs, which is one of the reasons why the pharmaceutical market is so prosperous. The FDA has taken a series of initiatives that benefit pharmaceutical manufacturers. The “Green Channel†and “Special Breakthrough Special Channels†set up by the FDA have accelerated the approval of new drugs and made some breakthrough drugs more available. In 2014, the FDA approved 41 new drugs, 17 of which were for rare diseases. At the same time, the well-established patent system in the United States has also promoted the transformation of pharmaceutical manufacturers into research-oriented enterprises, which has also accelerated the development of new drugs.
Source: Bio Valley
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