Report: Specialty Drug Spending May Be Slowed by Biosimilars
Based on invoice price levels, the IQVIA Institute for Human Data Science anticipates that the global medicine market will experience a 3% to 6% compound annual growth rate (CAGR) through 2025. Oncology and immunology are the top two therapy areas globally, and they are expected to grow 9% to 12% CAGR during the same time period, according to the company’s recently released report titled Global Spending and Usage of Medicines: Outlook to 2025.
“Despite the pandemic causing significant disruption to health care systems and the use of medicines in the early part of 2020, the overall impact on medicine use was relatively modest during the year,” says Murray Aitken, IQVIA senior vice president and executive director of the IQVIA Institute for Human Data Science. “This was in part because of significant stockpiling of chronic medicines in advance of movement restrictions and higher demand for some drugs used in the treatment of COVID-19 patients, which offset fewer new therapy starts and delays in treatment. The pandemic reinforced the resilience of the pharmaceutical sector and its adaptability, even in the most challenging of times.”