IMS Health projects global drug spending will grow to $1.4 trillion by 2020, a compound annual growth rate of 4 to 7 percent, with the U.S. accountable for $575 billion of the total, according to Reuters Health.
This growth in spending is attributable to new drugs, especially those for rare diseases, and increased access to medicines in emerging markets, according to the report.
Here are six more statistics cited in the report.
- Patent expirations will reduce spending on brand names by $178 billion.
- In the next five years, 4.5 trillion doses of medicine will be dispensed.
- Each dose will cost an average of 30 cents.
- Developed markets will account for 63 percent of spending.
- The nine most developed countries in terms of pharmaceuticals will spend $880 billion in 2020.
- As the largest emerging market, China is predicted to spend $165 billion on pharmaceuticals in 2020.
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