Magazine article Drug Topics

Global Drug Spending to Grow 30% by 2018

Magazine article Drug Topics

Global Drug Spending to Grow 30% by 2018

Article excerpt

Total global spending on pharmaceuticals will increase by $305 billion to $335 billion through 2018, compared to $219 billion during the past five years, announced a new study from IMS Institute for Healthcare Informatics..

Global spending for medications will grow up to 30% by 2018, thanks to more specialty drug innovation, greater patient access to medications, and reduced impact from patent expiries, the study found. IMS expects global spending to grow at a 4% to 7% compound annual rate over the next five years. Annual spending will spike this year when absolute growth will be around $70 billion, up from $40 billion in 2013.

'The higher level of spending growth weVe projecting over the next five years reflects an unusual combination of higher spending on the surge of innovative medications for patients and lower savings from patent expiries" said Murray Aitken, executive director of the IMS Institute for Healthcare Informatics. "This is particularly evident this year and next in developed countries - and especially in the U8. …

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