IQVIA Study on Global Medicine Spending Predictions by 2023

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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.