Personalized medicine market projected to grow 11% annually
- Reaching $390 billion by 2015: PharmaLive Special Reports
NEWTOWN, Pa., September 9, 2009 - With the rate of growth predicted over the next several years, healthcare industry experts believe that personalized medicine will eventually become the standard of care - simply called "medicine". Personalized Medicine & Orphan Drugs Review and Outlook 2010, PharmaLive's newest Special Report, examines the personalized medicine and orphan drug sectors, companies involved, as well as the drugs, technologies and business strategies that are driving growth.
Personalized medicine will help developers and marketers identify patient populations most likely to respond to their medications and will demand higher price points for these more valuable treatments. Strategic alliances are being formed with academic and private research institutions as well as small biotech companies as major pharma companies increasingly look for alternative ways to strengthen their pipelines.
Further advancements in science and diagnostic technology are required to reach this ideal standard of care. In addition, regulatory agencies, insurers, and medical providers all need to establish new methods and procedures to make personalized care a reality for patients. Once the groundwork is laid, the benefits will include reduced healthcare costs, fast approvals due to predictable safety and efficacy, and earlier detection and prevention of disease.
Industry experts estimate that orphan drugs bring in about $40 billion in annual sales. With drug companies facing devastating patent expirations and new drug opportunities drying up in existing markets, orphan drug development has become an enticing solution.
FDA and Congress have further lured pharma companies to this niche sector with various incentives. The Orphan Drug Act of 1983 provides seven-year market exclusivity, tax breaks, and regulatory help for companies developing new drugs for orphan diseases. Since its introduction, more than 2,100 compounds have been submitted for orphan status in the U.S. and more than 350 have received designation. Despite the small patient pools they are being developed for, the most successful orphan drugs have more than recouped R&D investment for their developers.
"Personalized medicine represents a growing healthcare paradigm intended to move drug development from a treatment-concentrated approach to one that is more geared toward early detection and prevention," says Andrew Humphreys, editor in chief of Canon Data Products Group. "Personalized medicine is anticipated to significantly reduce the potential side effects of therapeutic medicines and improve point-of-care diagnostics. Orphan drugs constitute an important component of personalized medicine, and some of the industry's leading players have recently ramped up R&D for such products. Biologics are leading the way, accounting for more than 60% of all orphan drugs."
More information is available in PharmaLive's most recent Special Report, Personalized Medicine and Orphan Drugs Review & Outlook 2010, including qualitative and expert analysis of the companies involved with the personalized medicine and orphan drug sectors, the drugs and technologies in development and/or on the market, and the challenges and opportunities associated with operating in these markets. This report can be found at www.PharmaLive.com/specialreports<http://www.pharmalive.com/specialreports>.
About Canon Data Products Group Canon Data Products Group, a division of Canon Communications LLC, publishes PharmaLive Special Reports and Appliance Market Research Reports, which provide financial, company, and product statistical data and qualitative analysis for the global pharmaceutical, biotechnology, medical device, and appliance industries; maintains eKnowledgeBase and MDRWeb, comprehensive market intelligence tools serving the pharmaceutical, biotechnology, and medical-device sectors; and manages company-wide Site Licenses for PharmaLive.com, Med Ad News, and R&D Directions.
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Posted: September 2010