mia.burns
By Mia Burns
The total market value for orphan drugs is expected to hit $ 112 billion in 2017 after increasing at a five-year compound annual growth rate of 5.4 percent, according to a new report from BCC Research, which is a publisher of technology market research reports based in Wellesley, Mass. In 2011, the global market for orphan drugs was valued at $ 82.6 billion in 2011 and nearly $ 86 billion in 2012.
Orphan drugs treat orphan diseases, which are the diseases that do not receive significant investment, research, or attention from the medical and pharmaceutical industries. These diseases tend to be rare and are defined by using a ratio of incidence to population in the United States, the European Union, Japan, and other developed countries. In addition, an orphan disease can be a tropical disease whose typical sufferers cannot afford access to pharmaceutical treatment options .
Prior to the passing of the first Orphan Drug Act in 1983 in the United States, orphan diseases did not garner much attention from the pharma industry. Once the act passed in the United States, other nations began to follow suit with their own versions of the Orphan Drug Act. Before governments began passing the acts, the pharma industry could not profit from orphan drugs given the small market size. Government intervention opened a path to profitability forpharmaceutical companies and created an interest to develop orphan drugs.
“Some of the key factors included in study are the growth of orphan drugs market which includes exclusivity options for multiple orphan indications, off-label usage,…Read more
quoted from here
No comments:
Post a Comment