Hospital Pharmaceuticals Market
Drivers:
High prevalence of chronic
diseases is a major factor driving the Hospital
Pharmaceuticals Market. According to the World Health Organization (WHO),
in 2015 around 17.7 million people died due the cause of cardiovascular disease
(CVD), representing 31% of all world deaths. Over three quarters of the total
CVD deaths take place in low and middle income countries, indicating in the
need for better medications in such regions. According to WHO, globally 8.8
million people died due to the cause of cancer in 2015, which majorly includes
lung, stomach, liver, colorectal and female breast cancer. According to data
published by National Center for Complementary and Integrative Health (NCCIH),
in August 2015, 25.3 million U.S. people were suffered from daily pain.
Hospital pharmaceutical consists
of pharmaceuticals which are purchased by hospitals and used for treatment of
either inpatients or outpatients. Hospital pharmaceutical drugs includes
critical care and therapeutic drugs applied in infections, alimentary tract and
metabolism, cardiology, urology, neurology, sensory organs, musculoskeletal
system, respiratory system, dermatology, hematology and other. The primary
responsibility of hospital pharmacy is procurement, storage and selling of
medications. Hospital pharmaceuticals consists of medicines purchased for
hospitals, healthcare centers in order to be administered to patients during
hospital enabled treatment period.
The procurement of hospital
pharmaceuticals for inpatients are not regulated by any legislation. Price of
hospital pharmaceuticals are based on the negotiations between the hospital
pharmacy and pharmaceutical company, especially in case of bulk purchases.
However, hospital pharmacies are free to negotiate purchasing price with the
industries officials depending on hospital needs and competition between the
suppliers in market to receive hospital formulary.
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For instance, Pharmac, a New
Zealand government agency takes the decision about which medicines should be publically
funded to help the patients get medicines at subsidized price and make choices
on spending of District Health Board (DHB) on medical treatments. Pharmac with
their increased horizon in vaccines, haemophilia treatments, cancer treatments
and hospital medicines segment takes decisions on medicines funded in DHB
hospitals and negotiates on budget management of hospital medicines. Pharmac
publishes the list of subsidiarised medicine and drugs in their pharmaceutical
schedule, annually. Pharmaceutical schedule list consists of formulations,
doses, subsidy price of medicine and prescribing guidelines and it made
accessible to health professionals and pharmacists.
According to the report published
by, NORC at the University of Chicago, in October 2016, 90% of hospital
administrators in U.S. reported that, the increased drug prices during the
period 2013 to 2015, and growth in inpatient drug spending made the moderate to
severe impact on hospital pharmaceutical budget. The major findings by
Federation of American Hospitals (FAH) highlighted that inpatient spending
increased by 38.7% on per hospital admission, from 2013 to 2015, affecting
hospitals ability to manage overall healthcare costs. The large and uncertain increase
in the hospital associated drug cost could significantly impact the hospitals’
ability to manage cost within the Medicare’s fixed price based payment system.
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Researchers from the Kumamoto
University, Japan in October 2017, introduced a new drug- LCZ696, which
protects heart from cardiac rupture and heart failure after acute myocardial
infarction. LCZ696 is better over conventional drug in reducing cardiac death
and hospitalization due to heart failure. According to the American Heart
Association (AHA), more than 6 million U.S. people are living with heart
failure and around 9,00,000 new cases are diagnosed each year.
The U.S. Food and Drug
Administration on September 2017, approved the-Mvasi, a first biosimilar
approved in U.S. for the treatment of colorectal, lung, brain, kidney and
cervical cancers. Moreover, the FDA granted approval to Mvasi from Amgen, Inc.
Introduction of biosimilars will help to decrease the healthcare cost and
increase the access to therapies, thereby driving the global hospital
pharmaceuticals market.
Hospital Pharmaceuticals Market
Competitive Analysis:
Key players operating in the
hospital pharmaceuticals market includes Bayer AG, Novartis AG, Pfizer, Inc.,
AstraZeneca plc, GlaxoSmithKline plc, Johnson & Johnson, F. Hoffmann-La
Roche Ltd, Sanofi S.A., Merck & Co., Inc. and Eli Lilly and Company.
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