EvaluatePharma: Worldwide prescription drug sales accelerate to $1.2 trillion by 2024, as unmet need drives annual compound growth to over 6%
LONDON & BOSTON & TOKYO--(BUSINESS WIRE)--Jun 6, 2018--Orphan drugs are forecast to remain one of the fastest growth areas of the global pharmaceutical market according to Evaluate’s annual industry report, the “EvaluatePharma World Preview 2018, Outlook to 2024”. The rare disease space is predicted to capture 20% of the total $1.2trn market in 2024. Supporting this growth are the launches of novel therapies, including gene and cell therapies, as well as increased access to medicines globally.
Evaluate’s report also highlights factors that could act as a brake on industry growth, including the threat of biosimilars or genericisation for some of the industry’s biggest products. The report shows $251bn of sales at risk between 2018 and 2024, teeing up a second patent cliff for the industry.
Additional findings from the report include:R&D spend is forecast at 16.9% of prescription sales in 2024, down from 20.9% in 2017, suggesting a focus on improving R&D efficiencies, or companies directing less revenue towards replenishing pipelines. Oncology continues to be a key industry driver, with a forecasted CAGR of 12% from 2017 to 2024. Novartis will be the leading prescription drug company in 2024 with sales of $53.2bn, ahead of Pfizer and Roche, both of whom are closely competing for the second spot. Vertex’s triple combination, VX-659 + tezacaftor + ivacaftor, is anticipated to be the most valuable project in the pharmaceutical industry pipeline, with a Net Present Value of $13,070 million.
Life science commercial intelligence firm Evaluate publishes their complimentary industry report, the “EvaluatePharma World Preview 2018, Outlook to 2024” at the annual BIO International Convention in Boston, June 4-7, 2017, Booth #2455. The report sets the industry standard for consensus forecasts for pharmaceutical and biotech companies, bringing together key analyses from the world’s financial markets to provide insight into the expected performance between now and 2024.
Download the full report at www.evaluate.com/PharmaWorldPreview2018. Complimentary copies of the executive summary are available in Evaluate’s booth, #2455.
About Evaluate Ltd
Evaluate is the trusted provider of commercial intelligence including product sales and consensus forecasts to 2024 for commercial teams and their advisors within the global life science industry. We help our clients make high value decisions through superior quality, timely, must-have data and insights, combined with personalised, expert client support. Our online subscription services cover the pharmaceutical, biotech and medtech sectors. Our Custom Services group delivers project based analytical and data services. EP Vantage, our independent, award-winning editorial team, offers data-driven, forward-looking news, commentary and analysis on a daily basis. For more information please visit: www.evaluategroup.com. On Twitter: @evaluatepharma, @evaluatemedtech, @evaluateJP@epclinicaltrial, @epvantage.
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