Emerging therapeutic categories and a string of breakthrough drug approvals are powering key drug sales across the U.S. and Europe, fueling a projected 5% increase in global prescription sales over the next five years, according to the EvaluatePharma World Preview 2015, Outlook to 2020 report from life science market intelligence firm Evaluate. With the FDA approving an unprecedented 50 drugs in 2014, eight of which are forecast to have sales of more than $1 billion five years after launch, sustained R&D productivity may finally be within reach.
“Any fears that the pharmaceutical industry might be heading toward a slowdown after the last two years of phenomenal growth can be put to rest for now,” said Lisa Urquhart, editor of EP Vantage, the editorial arm of Evaluate. “However, for the industry to sustain this impressive growth they will have to make compromises around global pricing and market access. As such, pharmaceutical companies need to either accept lower prices for its products, or persuade payers that the therapeutic benefits outweigh the cost of disease.”
Key report highlights include: