Site icon pharmaceutical daily

Global Medicine Spending to Reach $2.3 Trillion by 2028 as More Patients Get Access to Better Therapies, Says IQVIA Institute Report

RESEARCH TRIANGLE PARK, N.C.–(BUSINESS WIRE)–Global spending and demand for medicines will increase over the next five years to approximately $2.3 trillion by 2028 as more patients get access to new and better medicines, according to a new report from the IQVIA Institute for Human Data Science titled, “The Global Use of Medicines 2024 – Outlook through 2028.”

This updated projection raises the growth outlook by two percentage points despite lower expectations for COVID-19 vaccines and therapeutics. Overall, global use and spending on medicines is exceeding pre-pandemic growth rates and is expected to continue significantly above these trends through 2028.

“The continued growth in spending is driven by an increase in the volume of medicines, which reflects that more patients globally are getting access to novel medicines with better clinical outcomes,” said Murray Aitken, senior vice president and executive director of the IQVIA Institute for Human Data Science. “Global health systems have demonstrated remarkable resilience in the face of the pandemic, global inflation and regional conflicts, and have moved forward to adopt novel therapies and increase usage overall.”

A few key highlights of the report include:

About the IQVIA Institute for Human Data Science

The IQVIA Institute for Human Data Science contributes to the advancement of human health globally through timely research, insightful analysis and scientific expertise applied to granular non-identified patient-level data.

Fulfilling an essential need within healthcare, the Institute delivers objective, relevant insights and research that accelerate understanding and innovation critical to sound decision making and improved human outcomes. With access to IQVIA’s institutional knowledge, advanced analytics, technology and unparalleled data, the Institute works in tandem with a broad set of healthcare stakeholders to drive a research agenda focused on Human Data Science, including government agencies, academic institutions, the life sciences industry, and payers. More information about the IQVIA Institute can be found at www.IQVIAInstitute.org.

About IQVIA

IQVIA (NYSE:IQV) is a leading global provider of advanced analytics, technology solutions, and clinical research services to the life sciences industry. IQVIA creates intelligent connections across all aspects of healthcare through its analytics, transformative technology, big data resources and extensive domain expertise. IQVIA Connected Intelligence™ delivers powerful insights with speed and agility — enabling customers to accelerate the clinical development and commercialization of innovative medical treatments that improve healthcare outcomes for patients. With approximately 87,000 employees, IQVIA conducts operations in more than 100 countries.

IQVIA is a global leader in protecting individual patient privacy. The company uses a wide variety of privacy-enhancing technologies and safeguards to protect individual privacy while generating and analyzing information on a scale that helps healthcare stakeholders identify disease patterns and correlate with the precise treatment path and therapy needed for better outcomes. IQVIA’s insights and execution capabilities help biotech, medical device and pharmaceutical companies, medical researchers, government agencies, payers and other healthcare stakeholders tap into a deeper understanding of diseases, human behavior and scientific advances, in an effort to advance their path toward cures. To learn more, visit www.iqvia.com.

Contacts

Nick Childs, IQVIA Investor Relations (Nchilds@us.imshealth.com)

+1.973.316.3828

Trent Brown, IQVIA Media Relations (trent.brown@iqvia.com)

+1.919.780.3221

Exit mobile version