The study, conducted by researchers from the IQVIA Institute for Human Data Science, said that global spending will increase 2 percent to 5 percent annually for the next five years. Researchers used net sales, or drug prices after rebates and discounts, to calculate the forecast.
Increased use of expensive specialty drugs was cited as the main driver of higher drug spending. Specialty drugs are expected to account for 40 percent of global drug spending in 2024, compared to 36 percent now.
Though the overall spend is supposed to increase, the rate at which it will increase is predicted to be slower than during the previous five years, STAT reported. The growth rate will slow because of pricing pressures on drugmakers and the loss of patent exclusivity for top-selling brand-name drugs.
The researchers also estimated that 270 new molecular entities will be improved in the next five years, compared to 236 in the previous five years, STAT reported.
Read the full article here.
More articles on pharmacy:
CVS, Walgreens plan to test for COVID-19 in parking lots
6 things to know about the leading drug being tested to treat COVID-19
USP panel sends revised compounding standards back for expert review
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
