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United States Pharmaceuticals and Healthcare Report Q1 2010
Business Monitor International, Dec 2009, Pages: 94
United States Pharmaceuticals and Healthcare Report provides industry professionals and strategists, corporate analysts, pharmaceutical associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on United States' pharmaceuticals and healthcare industry.
Prospects for the US pharmaceutical market look healthy as the country begins economic recovery. Following pharmaceutical sales growth of just 1.5% in 2008, some dynamism was re-injected into the market despite the recession. While the majority of this was in the form of rising prices, prospects for true demand-based growth should provide the basis for market expansion over the next 10 years, a period over which BMI projects a compound annual growth rate (CAGR) of 3.0%.
In BMI’s Pharmaceuticals & Healthcare Business Environment Ratings for Q110, the US maintains its premier global ranking. The sheer size of the US market, along with strong demographic, regulatory and country risk indicators results in an attractive operating climate for firms.
The US is on the brink of revolutionary reforms to the healthcare sector, which are set to have substantial effects on the way many firms will operate. The overhaul of the US healthcare system has three components. Providing insurance to the 30mn that do not have it is the main agenda. As President Barack Obama has stated, these are not primarily people on welfare, but middle class citizens. A second challenge is to provide security and stability to those that have health insurance. In the wake of the credit crunch and the subsequent economic downturn, a proportion of those made redundant lost their coverage. The final problem is unsustainable expenditure on healthcare. If the current trend continues, the US economy will be crippled by ballooning spending on medicines, diagnosis tests, wages for doctors and nurses, surgical procedures, the building and maintenance of hospitals and new technologies such as electronic medical records.
Elsewhere, a number of regulatory developments have taken place over the previous quarter. The US Federal Trade Commission expressed concerns over generic drugmakers’ access to bulk supplies of certain drugs which are part of federal drug safety programs. In November 2009 GlaxoSmithKline (GSK), Celgene, Novartis and Bayer were reported to be among patented drugmakers requesting that generic manufacturers obtain additional authorisation should they wish to procure drugs with added restrictions. Meanwhile the US Department of Justice has stated that it will focus on seeking out and prosecuting members of the pharmaceutical industry who try to bribe foreign officials.
Another key development has led to concerns that many companies’ intellectual property rights for human genome sequences are under threat. In Q409 a US federal district court upheld the rights of scientists and patients to challenge patents on human genes in court, allowing a lawsuit challenging patents on two human genes associated with hereditary breast and ovarian cancers to move forward. The lawsuit claims that the patents are illegal and restrict both scientific research and patients’ access to medical care, and that patents on human genes violate the First Amendment and patent law because genes are ‘products of nature’.
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