The global pharmaceutical industry : the demise and the path to recovery / Daniel Hoffman and Allan Bowditch.

New York, NY : Routledge, 2021.

1 online resource.

Routledge advances in management and business studies.

"The global pharmaceuticals market generated $934.8 billion revenue in 2017 and forecasters predict 5.8% annual growth for the sector through 2021. In the U.S. alone, national health expenditures on medications are forecast to reach $605 billion in 2026; the pharma audit and data analytics supplier IQVIA predicts global spending on drugs is set to grow at a 3-5% Compound Annual Growth Rate from 2018E-'22E. While the financial outlook for the pharmaceutical industry may appear rosy as the 21st century heads into its third decade, a number of ominous warning signs are close at hand. The existence of exorbitant drug costs causes major distortions in the entire U.S. economy and social structure. The Organization for Economic Cooperation and Development (OECD) found that the middle class in the U.S. is shrinking primarily because of the disproportionate increasing costs for health care, education and housing. The economic burdens associated with these three factors mean that middle-income households face a considerable risk of sliding down into the lower-income class. Medications, although a smaller portion of the total health care bill than provider costs, constitute the fastest-growing part of the U.S.A.'s healthcare budget. As a line item, drug costs represent almost 20 percent of employers' health insurance benefit costs"-- Provided by publisher.

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