DID YOU KNOW?
- Based on the August 2023 Global Trade Research Initiative (GTRI) report, the Indian medical devices sector has the capacity to grow from its current $12 billion valuation to $50 billion by 2030.
- The Union Budget for 2024-25 ought to expand the reach of the PLI scheme, exploring additional industries for inclusion, aiming toattain $1 trillion in exports by 2025.
- Global tuberculosis (TB) incidence witnessed an 8.7% decrease, with India demonstrating a notable reduction of 16% India's TB cases dropped from 1 million in 2015 to 0.26 million in 2023.
- Major companies are set to prioritize Al, data analytics, and machine learning to speed up drug develop-ment, leveraging predictive insights to assess costs from discovery to commercialization.
- The expenses associated with bringing a new drug to market are estimated to be around $5 billion, with a timeline of nearly 15 years from inception to market introduction.
- According to a report from Allied Market Research, the global market size for patented drugs stood at $814.4 billion in 2022 and is forecasted to reach $1,456.5 billion by 2032, demonstrating a compound annual growth rate (CAGR) of 6.0% from 2023 to 2032.
- The pharmaceutical industry seeks financial incentives to boost R&D, aiming to capitalize on its projected growth to a market worth USD 400-450 billion by 2047.
- The U.S. government's opening proposal is expected to be significant discounts on 10 of its high-cost medicines; negotiations over prices are expected to go into effect in 2026.
- The global regulatory authority, which has issued a draft guidance named 'Conducting Remote Regulatory Assessments: is seeking industry input until March 31,2024.
- Factories worldwide manufacture approximately 35,000 metric tons of aspirin annually, with global consumption reaching 60 billion aspirin tablets per year.
- The U.S. pharmaceutical sector accounts for roughly 40% of global drug development and hosts half of the world's leading pharmaceutical companies.
- Israel's pharmaceutical market, estimated at approximately $5 billion, is anticipated to experience a five-year compound annual growth rate (CAGR) of 4.2 percent until 2026.
- Approximately 3000 cases annually in the UK, glioblastoma poses significant challenges due to its aggressive nature.
- In the next decade, significant changes are expected in the pharmacysector, with overall spending projected to surpass $1 trillion by 2030.
Exclusives
by Gerardo Gomez
Director QMC-USA and CQV SME, PharmaLex
An article for Digital transformation is the process of using digital technologies to create new or modify existing business processes – By Satish Desai
