Pharma & Biotech News Highlights Q1 2017
Pharma IQ brings you a round up of the latest developments within the Pharma and Biotech industries.
Investigation into Opioid Manufacturers launched
Opioid manufacturers will be the subject of a new wide-ranging investigation being launched by U.S. Senator Claire McCaskill, the top-ranking Democrat on the Senate Homeland Security and Governmental Affairs Committee.
McCaskill is requesting information from the manufacturers of the nation’s top five prescription opioid products. The investigation will explore whether pharmaceutical manufacturers—at the head of the opioids pipeline— contributed to opioid overutilization and over-prescription as overdose deaths in the last fifteen years totaled nearly 200,000.
$100 billion of revenues up for grabs for drug manufacturers biologics patent looms
Although complexities inherent in biological drug manufacturing are creating barriers for further expansion of the biosimilars market, imminent patent expiries of key biologics are set to create new opportunities for biosimilar manufacturers, according to business intelligence provider GBI Research.
Adam Bradbury and Rishikesh Mandilwar, Analysts at GBI Research and co-authors of the company’s latest report, state that one of the key challenges biosimilar manufacturers face is the knowledge gap under which these products are developed. Indeed, the innovator product information remains proprietary, and manufacturers must adopt a reverse engineering process. Although complexities inherent in biological drug manufacturing are creating barriers for further expansion of the biosimilars market, imminent patent expiries of key biologics are set to create new opportunities for biosimilar manufacturers, according to business intelligence provider GBI Research.
Pricing for biosimilars is usually 30–50% lower than the innovator product. These cost advantages will lead to greater access to these drugs, and significantly reduce the cost of healthcare in many countries. By 2020, $100 billion of biologics will be exposed to competition due to patent expiration
Trump’s proposed Health Cuts Spark Global Cell Therapy Figures To Warn of ‘Disastrous Consequences For Science’
The International Society of Cellular Therapy (ISCT) has decided to speak out regarding oncoming health budget cuts in the US due to fears of the consequences for science, clinical care and patients in the US and internationally. The group believes that Trump’s proposed unprecedented budget cuts to US governmental scientific agencies including the NIH (National Institutes of Health) and NSF (National Science Foundation) could have wide ranging and potentially life threatening ramifications.
French Pharma’s forecasted market dip
Experts have forecasted that the French pharmaceutical market is heading for a period of stagnation, with the market value set to shrink by $1billion over the next four years.
Research from consulting firm Global data has predicted that the pharmaceuticals market in France is set to decline from $35.5 billion in 2017 to $34.16 billion in 2021, representing a negative compound annual growth rate of 1%.
The company’s latest report states that despite France’s robust public health insurance system and rising elderly population, increasing pressure on pharmaceutical selling prices, patent expiration of branded drugs and foreign exchange fluctuations will place pressure on growth
Russia’s Pharmaceutical Market To Double as New GDP Regulations Enforced
Labelled as one of the globe’s fastest growing pharmaceutical markets, Russia’s medicinal industry is set to rise from 2016’s value of $20.91 billion in 2016 to $38.56 billion by 2021, representing a compound annual growth rate of 13%, according to research firm GlobalData.
This news comes as the region enforces its new regulatory rules on the storage and transportation of medicines, which were initially published in 2016. This activation on the 1st of March impacted all pharma firms operating in the Russian market, they need to confirm that any contracted third parties used (warehouses for example) are also up to standard. The added regulatory clarity is perceived as a key driver for the region’s growth, tied with government initiatives to develop the domestic pharmaceutical industry. The Federal Drug Reimbursement Program, for example, provides uniform, free access to over 350 drugs for the most vulnerable social groups of the country.
The market size for cancer immunotherapies is expected to grow more than fourfold from $16.9 billion in 2015 to $75.8 billion by 2022, representing a rapid compound annual growth rate (CAGR) of 23.9%, according to business intelligence provider GBI Research.
The company’s latest report states that there are currently 2,037 products in active development in the cancer immunotherapy pipeline, equating to 37% of the entire oncology pipeline, and reflecting the strong interest in this class of therapy in product development.
Artificial Intelligence Project launch Aims to save the NHS £2 Billion
Orbital Media, digital and social specialists, and the University of Essex have today announced they are joining forces to use artificial intelligence to save the NHS millions of pounds per year by creating automated online GPs to revolutionise the way patients are treated.
In partnership with Innovate UK, the project will exploit Artificial Intelligence (AI) and Machine Learning technology to provide medically approved health advice to the increasing numbers of users who seek medical information online. The technology developed, via the partnership, will be used to serve interactive advice via groundbreaking, photo realistic avatars. Information supplied by the platform will focus on minor ailments such as colds, coughs, flu and hay fever. These self-treatable conditions currently account for a significant proportion of GP time and are identified by the Proprietary Association of Great Britain (PAGB) as one of the five examples of wastage in the NHS system¹, amounting to a cost of £2 billion per year².
In other news: GDP Compliance Update: Q1 2017