The growth trajectories of the pharmaceuticals market has been shaped by an array of factors such as political, economic, social, technological, and legal aspects. The market is already entered the trillion dollars valuation. However, the growth year-over-year may not be so attractive, opine experts, reasons having to do with crippling investments in drug research and squeeze in profit margins of several drug makers in emerging markets. That said, prospects in the pharmaceuticals market has been bolstered by the growing demand for new array of drug for chronic diseases, neglected diseases, and digital therapeutics. Rapidly aging populations in a number of developing and developed nations have helped in propelling growth in the pharmaceuticals market. Rare diseases have also attracted the attention of pharmaceutical players.
The most remarkable impetus to the development of new products in the pharmaceutical market has come from the advances in biotechnology tools. Advent of new gene editing techniques have helped carved out new value propositions for drug makers. On the other hand, next generation biotherapeutics will increase in scope and will transform the way drugs are developed. Several such modalities will attract bioethics considerations, but will remain at the center of attention for drug makers.
Technological companies are increasingly entering into partnerships with pharmaceutical companies to advance the standard of care. They will focus on testing new approaches in patient care. On the other hand, the need for treatment avenues for neglected tropical disease has also intensified in recent years. This will impart momentum to the development of specialty medicines sector. Further, next-generation bio therapeutics will play key role in unlocking new potential for pharmaceutical players. Expanding arena of biosimilar will also spur investments by pharmaceutical players. The demand for new breakthrough treatments especially in oncology will motivate them to recalibrate their drug policies.