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The Pharmaceutical Market: USA
Espicom Business Intelligence Ltd, Sep 2009, Pages: 164
This in-depth pharmaceutical market report is ideal for executives wanting to understand the key drivers in pharmaceutical markets and have access to a wealth of statistical data. Each report opens with an outlook section that provides analysis of the market, 5-year market forecasts, national data projections, market outlook and key developments such as regulation, pricing/reimbursement, intellectual property, health facilities and government policy. The report also provides extensive background information, population trends, health status, health expenditure, organisation & administration, hospital services, medical personnel, healthcare development, market access information, trade data for raw materials and finished products and essential industry contacts. Included with the report are 3 free quarterly updated outlook reports, enabling you to keep up to date with market developments for a year.
Executive Summary
With a population now over 300 million, the USA is the third largest country in the world, behind China and India. The largest state is California, with a population of 36 million.
The USA is the world’s largest and wealthiest pharmaceutical market, accounting for around 48% of the world total. Per capita expenditure on drugs is US$1,141 in 2009.
The USA does not regulate drug prices, and this is causing increased difficulties for those on moderate incomes who do not qualify for state benefits. In an attempt to deal with this problem, from January 2006 Medicare incorporates a prescription drug benefit for the over 65s. The system is complex and is certain to be the subject of reform under President Obama; details remain scarce. In the meantime, a number of States, led by Massachussetts, have begun to create their own reimbursement systems in the absence of Federal action.
The USA is home to most of the world’s major manufacturers, such as Pfizer, Merck & Co and Bristol-Myers Squibb. The largest is Pfizer, with worldwide pharmaceutical revenues in 2007 of US$44.4 billion. The USA ccounts for around half of this. There is also a thriving, if very competitive, generic industry, which has grown up since the 1984 Hatch Waxman reforms.
Pharmaceuticals are stringently regulated by the Food and Drug Administration (FDA). The question of drug safety has come under intense scrutiny following the September 2004 withdrawal of Vioxx (rofecoxib) from the market. This has led to calls for reforms to the whole FDA approval process.
Congress is currently looking at ways to create a regulatory system for biosimilars, or ‘generic’ versions of biologic drugs. While there is now widespread agreement on the need for such a system, there is a considerable dispute over the details. Congress may pass something in 2009, either as a standalone bill or as part of a wider healthcare reform. A number of competing bills have now been reintroduced into Congress.
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