Burger line Burger line Burger line
Logo Logo Logo
Burger line Burger line Burger line
Sign in
Sign in

Global medicine spend forecast to exceed $1.5 trillion by 2023

A new report containing the latest predictions for the global pharmaceutical market has found that global spending on medicines is set to exceed $1.5 trillion by 2023 – marking a 50% increase within seven years.

The prediction comes from IQVIA Institute’s ‘2018 Global Use of Medicines: 10 Healthcare Predictions for 2019’ report, after findings showed that global spending on medicines reached $1.2 trillion in 2018, up from $1.1 trillion in 2017 and $1.0 trillion in 2016.

The report gives a brief overview of the pharmaceutical world trajectory up until 2023, with reports that biosimilar competition is also expected to be nearly three times larger than it is today, with the adoption and introduction of biosimilars in Europe expecting to continue at a faster pace than in the US until later in the decade.

So much so that by 2023, eighteen of the current top twenty branded drugs will be facing competition from generics or biosimilars. The dynamics in the next five years will be driven by molecules that already have or will soon have competition, with the introduction of new competitors and further market penetration of existing biosimilars.

Further to these findings, the report data shows that over the next five years, life sciences companies intend to continue to develop and invest in artificial intelligence, machine learning and deep learning programmes leading to breakthroughs impacting the discovery and development of medicines.

In keeping with the newly released NHS long-term plan to revolutionise healthcare by digitalising certain offerings, mobile apps are being increasingly submitted to health departments for clearance or approval. These prescription digital therapeutics (DTx) are a new emerging treatment modality with indications and disease-specific treatment effectiveness claims in their prescribing labels.

29th January 2019


0
Cart Subtotal:
Go to cart
You will be able to Pay Online or Request a Quote

We use "cookies*  to ensure the functionality of our website, recognise your browser or device, learn more about your interests, and provide you with essential features and services and for additional purposes, including:

Recognising you when you sign-in to use our services. This allows us to provide you with product recommendations, display personalised content, and provide other customised features and services.
Keeping track of your specified preferences. You may set your preferences through Your Account..
Keeping track of items stored in your shopping basket and personal cabinet.
Conducting research and diagnostics to improve ChemDiv’s content, products, and services.
Delivering content, including ads, relevant to your interests on ChemDiv’s site
Reporting. This allows us to measure and analyse the performance of our services.

By  cookies you give consent to the processing of your personal data, including transfer to third parties. Further information can be found in our privacy policy.

Accept all cookies