IQVIA Study on Global Medicine Spending Predictions by 2023

February 1, 2019
Pharmaceutical Executive

According to new research released from the IQVIA Institute for Human Data Science, total spending on medicines is expected to rise above $1.5 trillion by 2023, a 50% increase from 2014, even as annual growth moderates at 3%-6% on an annual compound basis compared to 6.3% over the past five years.

A few key highlights featured in the report include:

  • Prescription opioid use in the United States peaked in 2011 on a per capita morphine milligram equivalent basis and has now declined for seven consecutive years.

  • The number of new products launched is expected to increase from an annual average of 46 in the past five years to an average of 54 through 2023.

  • Use of artificial intelligence (AI) and machine learning (ML) by life sciences companies will accelerate and become the norm.

  • Mobile apps are increasingly submitted to the FDA for clearance or approval.

  • Pharmaceutical companies will continue hiring specialists in patient affairs and patient advocacy, building roles internally with most of the top 20 pharma companies having a senior-level or C-suite patient role by 2019.
     

To view the full report, click here.