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March 17, 2015.
The US pharma market is forecast to increase from an estimated value of $395.2 billion in 2014 to reach $548.4 billion by 2020, according to a report from GlobalData. Factors influencing this growth (representing a compound annual growth rate of 5.6%) will include the 2010 Patient Protection and Affordable Care Act (PPACA). Says Joshua Owide of GlobalData: “As the PPACA mandates health insurance coverage for all Americans, the US has witnessed increasing use of prescription drugs among individuals who are newly insured or have shifted to insurance plans that offer premium and cost-sharing subsidies. In 2014, spending on prescription drugs amounted to an estimated $275.9 billion, compared with $262.3 billion in 2013." He adds: “Around 20 provisions of the healthcare legislation are expected to have a direct or indirect impact on the volume of drug and biologic sales. As many as 32 million formerly uninsured citizens could enter the patient pool, resulting in new business worth $115 billion over a period of 10 years.” For more information, click here.