Categorynews

Innovation and Unmet Need Drive Prescription Drug Sales to $1.18tr by 2024: New Report from Evaluate Ltd

June 4, 2019 Off By BusinessWire

“EvaluatePharma® World
Preview 2019, Outlook to 2024” explores growth drivers, growth brakes
and top industry performers.

LONDON & BOSTON & TOKYO–(BUSINESS WIRE)–#BIO2019–The $1.18tr forecast for the 2024 global prescription drug market
reflects the role new technologies will play in addressing unmet medical
needs, as strong expectations for immuno-oncology products and emerging
cell and gene therapies drive growth. In 2018, new molecule approvals
from the FDA reached their highest level in over a decade, and the
projected CAGR of 6.9% from 2019-2024 significantly outpaces the 2.3%
CAGR seen from 2010-2018.

Growth Drivers:

  • 2018 saw 62 FDA approvals for novel drugs, an increase over the 55
    approvals in 2017
  • Oncology therapies to reach $237bn in 2024, with a CAGR of 11.4%
  • Orphan Drugs will contribute an additional $109bn in sales in 2024,
    compared to 2018

However, as more new technologies reach the market, drug pricing
pressure may continue to intensify and dampen the overall sales outlook.
R&D spending is also forecast to grow more slowly from 2019-2024 than in
prior years, and decrease as a proportion of overall sales – a sign of
either increasing R&D efficiency, or of companies focusing on smaller
indications with lower clinical development costs.

Growth Brakes:

  • $198bn in sales are at risk between 2019 and 2024, due to patent
    expirations
  • Anti-rheumatics sales decline as Humira, Enbrel and Remicade face
    competition
  • R&D as a proportion of prescription sales is forecast to decline from
    21.6% in 2018 to 18% in 2024

“Scientific advancements and health technologies are converging to
deliver new options for patients, while challenging traditional drug
development and commercialisation models,” said report author Ryan
Waters. “The question is, which companies are best poised to take
advantage of the evolving pharmaceutical market?”

Top Performers:

  • Pfizer will be the leading prescription drug company in 2024, with
    projected sales of $51.2bn
  • Keytruda is forecast to be the top selling drug in 2024, as Humira
    slips in the face of biosimilars
  • Johnson & Johnson overtakes Roche to be the biggest spender on
    pharmaceutical R&D in 2024

Download your complimentary copy of the “EvaluatePharma® World
Preview 2019, Outlook to 2024” at https://www.evaluate.com/thought-leadership/pharma/evaluatepharma-world-preview-2019-outlook-2024,
or visit us at Booth #2243 at the BIO International Convention, June
3-6, in Philadelphia, PA.

About Evaluate Ltd.

Evaluate provides trusted commercial intelligence for the pharmaceutical
and medical device industries. Our EvaluatePharma® and
EvaluatePharma Vision online subscription services provide a seamless
view of the past, present and future of the global pharmaceutical market
in a single, standardised platform.

Vantage – our award-winning, independent editorial team – provides
thought-provoking news and insights into the current and future
developments in the industry.

Evaluate has been a partner to industry-leading organisations for over
20 years. For more information on how we give our clients the time and
understanding to drive better decisions, visit www.evaluate.com.

Follow us on Twitter: @EvaluatePharma, @Vantageanalysis

Contacts

Media Contact:
Evaluate and Vantage
Jennifer Dinkel
+1
617-936-7783
[email protected]