Prescription Drugs Market: Increasing R&D investments by prominent companies to drive the market
Prescription Drugs Market: Introduction
- Prescription drugs comprise various types of vaccines and therapies for the treatment and management of chronic and acute diseases. These disorders include types of cancer, cardiovascular diseases, diabetes, and also orphan diseases.
- In a modern clinical scenario, administration of appropriate prescription drugs is critical for better clinical outcomes of almost every patient suffering from serious disorders. Many market players are engaged in clinical trials for the development of new products for a wide range of diseases; however, the prescription drugs scenario itself has undergone profound changes with an increasing influx of generic equivalents.
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Key Drivers, Restraints, and Opportunities of Prescription Drugs Market
- In the prescription drugs market, increasing R&D investments by prominent companies for the development of new drugs is a key trend. This is primarily because prevalence of several chronic disorders has been increasing in the global scenario. This has fueled the demand from patients due to their unmet clinical needs and a demand for positive clinical outcomes. Several of these chronic disorders are often refractory in nature and thus, require administration of aggressive prescribed therapies. This has prompted major pharmaceutical companies to consistently engage in clinical trials for the development, and ultimately the approval of new products. An increasing number of key manufacturers are shifting their focus toward the development of drugs to treat rare diseases. This is projected to further propel the market growth of these drugs during the forecast period.
- Increase in the number of launches of generic equivalents of several key drugs in strong markets such as the U.S. is a crucial factor driving the global prescription drugs market. Rise in adoption of these generic equivalents is especially due to the fact that these generics are often as efficient as their original counterparts and can often be adopted by patients at a fraction of the costs. Patients without the access to expensive prescription products due to financial hurdles can often adopt these drugs and experience better clinical outcomes.
- In October 2019, the U.S. FDA announced that it had granted approval to 1,171 generic drugs out of which 935 were full approvals and 236 were tentative approvals. The U.S. FDA particularly approved these generic equivalents to improve drug competition, and to also encourage the increasing adoption of these low-cost drug equivalents.
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North America to dominate Prescription Drugs Market
- Some of the prominent reasons for the dominance of North America in the global market include an increase in the demand for efficient and advanced products in the region, especially due to the high prevalence of several chronic diseases. These factors along with high healthcare expenditure, strong and robust R&D for drugs in the region, and presence of prominent companies in the region engaged in the production of generic equivalents of key drugs, are responsible for dominant share held by North America in the global market.
- The market in Europe accounted for the second-largest share of the global market due to increased demand for advanced prescription product and rise in product launches of efficient prescription products including orphan drugs in the region
- The market in Asia Pacific is projected to expand at a notable CAGR during the forecast period. New launches of key products in the region and the strong demand for prescription drugs are anticipated to drive the market during the forecasted period.
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Key Companies of Prescription Drugs Market
The overall competition landscape of prescription drugs market depicts a competition structure where there is a presence of a large number of prominent market players. But, two major companies: Novartis and Pfizer, with their strong and diverse product portfolio, and presence in key therapeutic areas such as oncology and vaccines, are prominent reasons responsible for the dominance of these companies.
- Novartis AG
- Pfizer, Inc.
- F. Hoffmann-La Roche Ltd
- Johnson & Johnson Services, Inc
- Merck & Co., Inc.
- AbbVie, Inc.
- GlaxoSmithKline plc.
- CELGENE CORPORATION (BRISTOL-MYERS SQUIBB COMPANY)
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