OR WAIT null SECS
Forecast excludes spending on COVID-19 vaccines, according to IQVIA Institute for Human Data Science study.
Global spending on medicines — using invoice price levels — is expected to grow at 3–6 percent CAGR through 2025 to reach approximately $1.6 trillion by 2025, excluding spending of COVID-19 vaccines, according to a new research report, The Global Spending and Usage of Medicines, released by the IQVIA™ Institute for Human Data Science.
The total cumulative spending on COVID-19 vaccines through 2025 is projected to be $157 billion, largely focused on the initial wave of vaccinations to be completed by 2022. In subsequent years, booster shots are expected to be required on a biannual basis as the durability of immunity and the continued emergence of viral variants make an endemic virus the most likely outcome.
“While the pandemic has been extremely disruptive, the pre-pandemic forces of medicine use and spending remain significant drivers of the outlook, and these forces have only been modestly impacted by the immediate effects of COVID-19,” commented Murray Aitken, IQVIA senior vice president, executive director of the IQVIA Institute for Human Data Science and member of Pharmaceutical Executive’s Editorial Advisory Board. “The success of countries around the world in implementing a global vaccination program — unprecedented in speed and scope — will be key to the outlook for all medicine use through 2025 and beyond.”
Highlights of the report include:
The full version of the report is available at www.IQVIAInstitute.org.