The Global Use of Medicines: Outlook Through 2017

This annual report from the IMS Institute for Healthcare Informatics finds that greater access to medicines by the world’s rapidly expanding middle class, together with stronger economic prospects in developed nations, will bring total spending on medicines to the $1 trillion threshold in 2014 and to $1.2 trillion by 2017.  

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Summary

The IMS Institute for Healthcare Informatics report Global Use of Medicines: Outlook to 2017 shares our latest forecasts for pharmaceutical use and related costs. In absolute terms, global spending on prescription medicines will increase by $205-$235Bn in the five years to 2017, reaching over $1 trillion. The level of increase is comparable to the $234Bn by which spending increased in the previous five year period.

Featured Videos

Below, IMS Institute Executive Director Murray Aitken discusses three key findings in this report. Click here to view additional videos from this report.

Key Findings

Global Spending and Growth, 2008-2017

  • Spending on medicines globally is expected to reach $1Tn in 2014 and exceed $1.17Tn by 2017
  • The absolute global spend for pharmaceuticals will increase by $230-260Bn on a constant dollar basis
  • The slowing growth in the next five years reflects reduced spending increases in many developed markets facing continued austerity measures
  • China’s growth has also been revised down following a slow down in GDP growth prospects

Global Growth, 2008-2017

  • In 2012, the developed markets in aggregate reduced their medicine spending for the first time, due to a raft of patent expiries and austerity measures, along with policy changes to increase generic penetration
  • Growth in developed markets will rebound from around negative $3Bn in 2012 to $20-25Bn by 2017, even as the European economic recovery lags that of the U.S. and Japan
  • The U.S. will resume increased spending levels in 2014 after 2 years of reduction, due to expansion of healthcare access and lower patent expiry levels

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