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

Drug spending in the U.S. reached an estimated $344.5 billion in 2018 (roughly $1,000 per capita), up from $333.4 billion in 2017 and $332.0 billion in 2016, according to the Centers for Medicare & Medicaid Services (CMS).  Globally, the total prescription drug market was over $1.2 trillion in 2018 and is expected to reach $1.5 trillion as early as 2023. 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…

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