The Future of the US Pharma Market? More, More, More
The U.S. pharmaceutical market is forecast to increase from an estimated value of $395.2 billion in 2014 to reach $548.4 billion by 2020, representing a Compound Annual Growth Rate (CAGR) of 5.6 percent, according to research and consulting firm GlobalData.
The company’s latest report states that this growth will be driven by a number of factors, including increasing health care expenditure, an aging population, the rising prevalence of chronic lifestyle diseases such as diabetes and obesity, universal and easy access to reimbursement for pharmaceutical product costs, and the 2010 Patient Protection and Affordable Care Act (PPACA).
Joshua Owide, GlobalData’s Director of Healthcare Industry Dynamics, explains that the PPACA and its amendment, the Health Care and Education Reconciliation Act, continue to have a substantial impact on U.S. citizens and the country’s pharmaceutical industry.
Owide says: “As the PPACA mandates health insurance coverage for all Americans, the US has witnessed increasing use of prescription drugs among individuals who are newly insured or have shifted to insurance plans that offer premium and cost-sharing subsidies. In 2014, spending on prescription drugs amounted to an estimated $275.9 billion, compared with $262.3 billion in 2013.
“Around 20 provisions of the healthcare legislation are expected to have a direct or indirect impact on the volume of drug and biologic sales. As many as 32 million formerly uninsured citizens could enter the patient pool, resulting in new business worth $115 billion over a period of 10 years.”
GlobalData’s report also notes that the U.S. Food and Drug Administration (FDA) provides a transparent, well-structured and competent regulatory system to facilitate the approval of pharmaceutical products and consequently bolster market growth.
Owide continues: “New initiatives undertaken by the FDA to strengthen the review and approval process will be advantageous to the industry. Its strong patent system attracts research-based pharmaceutical companies and positively influences growth.
“In 2014, 41 novel drugs were approved by the FDA, 17 of which were for the treatment of rare diseases. Schemes such as the FDA’s Fast Track Development Program and Breakthrough Designation accelerate the approval of novel drugs and add value to the market by meeting demand more quickly.”
Vuram launches automated app to track COVID-19 supplies
A new app that tracks COVID-19 supplies in real time time has launched.
Built by hyper-automation services company Vuram, Trackable can monitor the progress of vaccines, oxygen cylinders, PPE, and masks as they move through the supply chain.
The app's features include street view to facilitate coordination between drivers, and trained facial recognition software powered by Microsoft Azure to ensure goods are only handled by authorised personnel.
Other functions include:
* Demand management for inventories, to prioritise deliveries using automation
* Demand analysis to predict sales trends based on stock levels
* Offline multilingual feature for drivers
* A dashboard to see the status and location of drivers
* Insights on how products are performing in real-time
The team at Vuram built Trackable as part of the Appian World 2021 Online Hackathon, where participants can take their ideas for innovative software and create a custom app. The tracking app went on to win the contest.
“Custom component building is at the heart of this application, and we focussed on making them more creative to provide an improved user experience" said Santosh Kumar, co-developer of Trackable.
"We are happy that we have managed to make it to the top in just a month. On behalf of Vuram, I thank the Appian Hackathon team for their efforts in conducting the event, and my hearty congratulations to all the winners."