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New Blockbuster Drugs Come to Market/Drug Prices Soar/Generics Offer Some Relief, Business and Industry Trends Analysis

Drug spending in the U.S. was forecast to reach $463.6 billion in 2024, according to the Centers for Medicare & Medicaid Services (CMS).  Globally, the total prescription drug market was expected to reach $1.8 trillion as early as 2024 according to Plunkett Research estimates.
Consumers’ voracious need for drugs will continue to soar, thanks in part to the rapidly aging populations of such nations as the U.S., most of Europe and much of Asia, including Japan and China, and also due to the continuing introduction of new drugs.  In coming years, taming pharmaceutical costs will be one of the biggest challenges facing the health care system.  Prescription drug costs already account for about 10% of all health care expenditures in the U.S.  Managed care must be able to determine which promising new drugs can deliver meaningful clinical benefits proportionate to their costs.


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