Global drug spending to reach US$ 1.4 trillion in 2020: IMS

Medicines in 2020 will include a vast array of treatments ranging from those that provide symptom relief available without a prescription to lifesaving genetically personalized therapies unique to a single patient.

An increase in access to healthcare services in emerging markets and rising price of certain medicines for diseases like cancer and diabetes, the global spending on drugs is expected to reach US$ 1.4 trillion in 2020, accounting to IMS Institute for Healthcare Informatics.

The global use of medicines will reach 4.5 trillion doses by 2020 costing $1.4 trillion. The largest pharmaceutical-using countries will be the pharma emerging markets, accounting for two-thirds of the global medicine volumes, mostly comprised of generic medicines and reflecting dramatic increases in utilization of medicines due to broad-based health system expansions.

Medicines in 2020 will include a vast array of treatments ranging from those that provide symptom relief available without a prescription to lifesaving genetically personalized therapies unique to a single patient. 

“Disease treatments in 2020 will be transformed by the increased number and quality of new medicines in clusters of innovation around cancer, Hepatitis C, autoimmune disorders, heart disease and an array of rare diseases,” notes IMS.

By 2020, technology will be enabling more rapid changes to treatment protocols, increasing patient engagement and accountability, shifting patient-provider interaction, and accelerating the adoption of behavior changes that will improve patient adherence to treatments.