How Many Pills Do You Pop In Daily?
Global pharma market was $825 billion in 201. At a CAGR of 6.1 per cent, it is expected to touch $1.2 trillion by 2024, according to Visual Capitalist report.
It is also estimated that by 2050 the world will support two billion regular pill poppers who are aged between 60 and above that explains the huge drug market anticipated in the years to come.
Top 10 drug companies in the world will be benefited immensely from this upsurge of demand for medicines. The global giant in the pharma sector Pfizer may see an extraordinary growth as it is all set to bring 192 new drugs in the market by 2024.
However, number two from the sector Novartis is on an even higher trajectory, threatening to become the leader of innovation, by introducing 223 new formulations during the same time. None of the Indian pharma giants figure in the category of top 10, though India is one of the largest markets for medicines.
The other players including Roche (3rd), Merck (4th), Johnson & Johnson (5th), Sanofi (6th), Glaxo Smith Klein (7th) and Astra Zeneca (8th) are following the suit in bringing new discoveries to the sector.
About 200 drugs each are in the pipeline from these pharmaceutical producers. Takeda Pharmaceuticals stands at number 10 position with revenue of $13.3 billion, plans to launch 164 new drugs in the market by 2024.
Where is our Indian pharma industry which boasts of exports of $ 40 billion annually.
Why are so many new drugs required in the first place?
Raconteur has estimated that there are five therapy areas where the demand and supply of curative products will double or more between 2017-2024. Among these, Oncology heads the list with estimated sales going up from $104billion to $ 233 billion. Why?
At least six types of cancer are following under such calculations including breast, lung, colorectal, ovarian, pancreatic and prostate. A clear demand for Oncologists will also expand worldwide. India needs to be ready with trained doctors and sufficient drug supply, with a 5-year action plan at least.
Immunosuppressants are the next big consumption item enlarging to $38 billion from $15 billion now, as the need to do organ transplantation increases, whether it is liver, heart or kidney.
With technological advancements in surgery, including robotics & use of nanotech inputs, this therapy is estimated to have a CAGR of 15.7 per cent across the globe. India too is picking up pace, & the demand here will also grow fast. Pharma firms need to keep abreast of this development.
Third and fourth areas afflicting human beings are likely to be Dermatological and Anti anemic conditions. Pharmaceutical companies in India, need to study this trend and be ready to innovate and cater to this expansive market, staring us, because of air and water pollution and inappropriate food habits.
Type two diabetes and Alzheimer are debilitating diseases & new inventions to tackle them are in the offing.
Currently, 407 active drugs to treat diabetics and 381 medicines to help those who lose sight of their whereabouts are available in the market. Do we have sufficient Indian drugs or are we in for large scale imports?
Two causes of concern for India are clear. One - Can we reverse these global trends with a massive accretion of yoga in our daily lives? Health ministry needs to study and act swiftly, lest we are found unprepared to handle the enormity of the task.
Secondly, are alternative systems of Indian medicine, mature enough to meet the demands of the situation.
In the next five years, the answer to these two concerns will decide the status of health and government of this great country.
