Global Healthcare and Pharma Market to Grow by $10.2 trillion and $1.5 trillion, respectively, in 2023 – GlobalData Plc
The total global healthcare spending is projected to grow to $10.2 trillion and pharmaceutical sales is projected to grow to $1.5 trillion in 2023. The pharmaceutical sales are driven by new product entries and continued spending on COVID-19 vaccines and therapeutics. The healthcare expenditure and pharmaceutical sales research report provides an executive summary of healthcare expenditure and pharmaceutical sales forecasts from its Q1 2023 forecast cycle.
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Global Healthcare and Pharma Market FAQs
- What is the expected healthcare spending in 2023?
The total healthcare spending is projected to grow to $10.2 trillion in 2023.
- What is the expected pharmaceutical sales in 2023?
The total pharmaceutical sales is projected to grow to $1.5 trillion in 2023.
- Which are the key countries in the healthcare spending and pharma sales market?
The healthcare spending and pharma sales discussed are for five key groups of markets which are the US, the top five European markets (France, Germany, Italy, Spain, and the UK), Japan, BRIC MT (Brazil, Russia, India, China, Mexico, and Turkey), and the secondary emerging markets (Colombia, Indonesia, Malaysia, Nigeria, the Philippines, Poland, Saudi Arabia, South Africa, Thailand, and Vietnam).
- Which therapeutic area will have the highest impact of losing exclusivity in 2023?
In terms of the number of drugs losing exclusivity in 2023, the highest impact by far will be felt in the infectious disease and metabolic disorders therapeutic areas.
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Global Healthcare and Pharma Market Highlights
- The rising inflation across many markets around the world has prompted policy makers to embrace measures to reduce inflation. In some instances (the UK is a case in point), resistance to policy sector worker calls for salary increases is triggering strike action and labor shortages which may adversely affect prescribing activity and contribute to waiting times for patients. Unaddressed inflation in API costs is also affecting profitability of pharmaceutical manufacturers, making them less willing to sell to market where the prices of finished pharmaceuticals are failing to keep up with the rise in production costs.
- To reduce the risk of shortages, some governments are showing flexibility on drug approvals and price setting. However, it remains to be seen if price hikes that are allowed will exceed the rate of inflation. In 2023, efforts to safeguard medicines supplies will continue, and some advanced markets are likely to offer pricing and reimbursement incentives to domestically produced medicines.
- In the US, the world’s largest pharmaceutical market, cost containment efforts would likely involve initiatives to boost use of biosimilars (with one major health plan already announcing plans to add biosimilar Humira to its formulary) and the implementation for the first time in the history of direct government price negotiation for selected Medicare medicines under the Inflation Reduction Act.
- Other initiatives will include reimbursement constraints and increased price pressure stemming from advances in health technology assessment (HTA) procedures (such as through the introduction of a cost effectiveness threshold in Brazil).
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Global Healthcare and Pharma Market Regional Outlook
- The trends in healthcare spending and pharma sales for five key groups of markets which are the US, the top five European markets (France, Germany, Italy, Spain, and the UK), Japan, BRIC MT (Brazil, Russia, India, China, Mexico, and Turkey), and the secondary emerging markets (Colombia, Indonesia, Malaysia, Nigeria, the Philippines, Poland, Saudi Arabia, South Africa, Thailand, and Vietnam).
- The US lawmakers have proposed a FY 2023 omnibus spending bill of $1.7 trillion which contains several major healthcare policies: partial relief from Medicare payment cuts, a new Medicaid redetermination deadline, an extension to telehealth flexibilities and rural hospital programs, a boost to mental health funding, and reforms to the FDA accelerated approval pathway. The bill was the final bipartisan proposal submitted before the new US Congress formed in January.
- Japan’s Cabinet Office passed a new economic stimulus package worth JYP39 trillion ($264 billion) to address the recent rise in inflation. It includes financial support for domestic API manufacturing and vaccine development. Subsequently, in December, the government.
- The UK’s economy is suffering from high inflation, which is expected to reach 7.1% in 2023 the highest among the G7 nations and will not dip below 3% until 2027. insufficient to atone for underinvestment in infrastructure and workforce shortages. The government plans to adapt the Vaccine Taskforce style approach used during the pandemic to target four key areas, which are cancer, obesity, mental health, and addiction. The government also set out plans to amend pension rules in a bid to retain experienced physicians who are currently retiring early or cutting their working hours to avoid financial penalties.
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