More novel medicines drive faster global growth in next five years - IQVIA report
Medicines use and global spending is going to be higher than previously thought in the five years to 2028, according to a report from IQVIA.
Growth is being driven by many more innovative therapies in developed markets. This will more than offset the loss of exclusivity in some medicines and lower prices of generics and biosimilars.
The report's key findings are:
- The growth outlook is increasing by 2%, fuelled by more patients receiving treatment in immunology, endocrinology, and oncology. Lipid regulators will return to growth, as they will have new therapies coming through
- Medicine use in Latin America and Asia will grow faster than other regions over the next five years - more than 3% compound annual growth
- Lower volume growth will take place in North America, Western Europe and Japan
- In the previous five years, global medicines use grew by 14%. A further 12% increase is predicted up to 2028. This will mean there will be an annual use of 3.8 trillion defined daily doses by then, up by 400 billion
- Worldwide spending using list prices rose by 35% in the previous five years, and is predicted to grow by 38% by 2028