By 2018, global spending on medicines could come close to $1.3 trillion, according to an IMS Institute for Healthcare Informatics report.
That's about 30 percent higher than the estimate last year, according to the report, called Global Outlook for Medicines Through 2018.
The institute attributes the growth to new specialty medicines being introduced and to the fact that "increased accessibility for patients coincides with lower impacts from patent expiries in developed markets."
The report found annual spending growth will increase this year – an increase that is largely driven by the developed markets, such as the U.S., major markets in Europe and Japan – and that the 21 pharmerging countries "will increase their contribution to growth over the next five years and account for nearly 50 percent of absolute growth in 2018."
The level of global spending does not take into account a range of rebates, discounts, taxes and other adjustments that impact the net amount that manufacturers receive, according to the report.
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