Top-5 Pharma News and Market Trend in 2024
Avisek Ghose
Market Access Specialist | EMEA | Medical Device & Pharma | Translating Market Insights into Actionable Business Strategies
2024 Market Overview
Looking beyond the uncertainties of the previous year, the outlook for 2024 anticipates a more stable environment in the pharmaceutical industry. With a strategic focus on addressing obesity and other significant diseases, companies are adapting to new treatment modalities and responding to regulatory changes such as the Inflation Reduction Act. This year represents a pivotal period as companies align their strategies with these evolving dynamics.
2030 Sales and Growth Projections
According to the report, total prescription drug sales are expected to reach $1.7 trillion by 2030, driven significantly by sales in obesity treatments:
Oncology: Expected to maintain leadership with sales exceeding $370 billion.
CNS Disorders: Projected sales of $166 billion.
Obesity & Diabetes: Identified as critical growth areas, with anticipated sales reaching $121 billion.
The forecasted 7.7% CAGR projection suggests optimism, yet considering broader industry challenges, a reevaluation towards a more conservative growth estimate may be prudent.
➕ Source: Analysis of Evaluate Ltd's World preview 2024 by Robert F. Siegmund, PhD MBA along with Evaluate Ltd and Life Code GmbH
In 2024, the global pharmaceutical market is shaped by several key trends
Health System Reforms: Governments worldwide are implementing reforms to manage healthcare costs, impacting drug pricing and regulatory policies, leading to revenue uncertainties for pharmaceutical companies.
Demographic Shifts: Aging populations and declining birthrates are influencing economies, emphasizing the importance of preventive care to mitigate future healthcare expenses.
Changing Patient Experiences: Trust in pharmaceuticals is improving but remains delicate, highlighting the need for improved doctor-patient relationships to enhance healthcare outcomes.
AI Adoption: Generative AI is accelerating drug discovery processes, reducing costs, and enhancing revenue potential, as pharmaceutical firms integrate AI to maintain competitiveness.
➕ Source:
"In general the industry has robust equity, solvency and liquidity. Most pharmaceuticals and biotech businesses are able to enjoy good access to external financing to help sustain high R&D expenditures." - Pharmaceutical Industry Trend (January 2024) by Atradius
Industry Transition in Pharma
The Pharm Exec 50 Ranking: The Pharm Exec 50 ranking evaluates the leading global biopharma companies based on their sales performance. This year, the industry is experiencing a significant transition as companies adapt to evolving market dynamics.
Key Developments: One of the notable shifts in the industry includes a marked growth in therapeutic areas such as GLP-1s (glucagon-like peptide-1 receptor agonists), which are increasingly being used to treat conditions like diabetes and obesity. This growth highlights the industry's response to the rising demand for effective treatments in these areas, showcasing the adaptive strategies of biopharma companies in a changing market landscape.
➕ Source: 2024 Pharm Exec Top 50 Companies
Anticipated Drug Launches
2024 Preview: 2024 preview has identified the top 10 most anticipated drug launches of the year. These upcoming drugs are projected to achieve significant sales by 2028, signaling major advancements in the pharmaceutical industry.
Industry Impact: While specific details about each individual drug launch are not available, these anticipated drugs represent promising developments. They reflect the industry's ongoing efforts to innovate and bring effective new treatments to market, potentially transforming healthcare outcomes and driving substantial economic growth in the sector.
➕ Source: Top 10 most anticipated drug launches of 2024
Top 10 Drugmakers
In the most recent pharma report, Novartis has been ranked as the leading drugmaker globally. Following closely are Pfizer, Roche, Johnson & Johnson, and Sanofi, which round out the top five positions in the biopharma industry.
Market Influence: These five pharmaceutical giants collectively dominate the industry, holding an impressive 35% of the total biopharma market share. This substantial market control highlights their influential role in the global pharmaceutical landscape, driving key innovations and shaping the future of healthcare.
➕ Source: The top 10 drugmakers of 2024
Roche’s Sales Dominance
Swiss Pharma Giant Roche is projected to achieve an impressive $55 billion in sales, securing its position as a market leader.
Key Contributors to Sales: A significant portion of these sales is driven by Roche's successful biologics portfolio. Notable contributors include Ocrevus, a treatment for multiple sclerosis; Tecentriq, an innovative cancer immunotherapy; and Hemlibra, a therapy for hemophilia. These blockbuster drugs exemplify Roche’s expertise in developing cutting-edge biologics that address critical medical needs, underpinning their sales dominance.
➕ Source 2024 Will Be a Good Year for the Pharma Industry: The Kiplinger Letter
Keytruda’s Success
Merck's Keytruda: In 2024, Merck's Keytruda has distinguished itself as the best-selling drug overall, showcasing its immense success and widespread adoption in the medical community.
Strategic Acquisition: Further strengthening its competitive edge in the oncology field, Merck’s acquisition of Harpoon Therapeutics has played a pivotal role. This strategic move has bolstered Merck's capabilities and solidified its leading position in the highly competitive oncology market.
"In 2023 and moving into 2024, the pharmaceutical landscape witnessed remarkable progress in research, development, and global healthcare contributions. However, two companies stood out from the crowd: Eli Lilly and Novo Nordisk, reshaping the landscape with their diabetes type 2 drugs and propelling them to the top of the list as the two most valuable pharma companies in terms of market capitalization. Here's a rundown of the top 10 pharmaceutical companies leading the charge in 2024." - Who are the Top-10 Biggest Companies in Global Pharma in 2024?
➕ Source Who are the Top-10 Biggest Companies in Global Pharma in 2024?
About Author
Avisek Ghose is a healthcare market researcher, driven by marketing passion. A seasoned consultant and trained bio-imaging specialist who shares his insights and outlook about recent trends, challenges and opportunities about early market access strategies, HEOR and HTA issues in the Medtech and Pharma industry.
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Disclaimer
The information provided in this newsletter does not constitute financial or investment advice. Always consult with a qualified professional before making any investment decisions.
This newsletter is based on various reports, newsletters and publications as cited. For more details, readers must refer to the official version(s).
📌 The author took extreme care for citing credits wherever applicable, however, in case of missing citation(s) and/or any other discrepancies, please inform Avisek Ghose immediately indicating the same with valid documentation(s).