Global medicines market to grow to $1.2 trillion by 2017, says IMS

20 November 2013

IMS Institute for Healthcare Informatics’ latest annual report finds that greater access to medicines by the world’s rapidly expanding middle class, together with stronger economic prospects in developed nations, will bring total spending on medicines to the $1 trillion threshold in 2014 and to $1.2 trillion by 2017.

Key findings include:

In 2012, the developed markets in aggregate reduced their medicine spending for the first time, due to a raft of patent expiries and austerity measures, along with policy changes to increase generic penetration;
Growth in developed markets will rebound from around negative $3 billion in 2012 to $20-25 billion by 2017, even as the European economic recovery lags that of the USA and Japan;
The USA will resume increased spending levels in 2014 after two years of reduction, due to expansion of health care access and lower patent expiry levels;

New product launches will be dominated by innovative specialty medicines, particularly for the treatment of cancer, and payer concerns about rising costs for these drugs will intensify in both developed and pharmerging markets, it notes.

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