LONDON--(BUSINESS WIRE)--For those without a strong government-supported healthcare structure, drug prices can be prohibitive. While this tends to benefit the pharmaceutical companies providing those drugs, it can have a significant negative impact on patient quality of life. Because of this issue, the United States is putting forward laws that will increase competition in the market.
Rheumatoid arthritis is one example of a condition with costly treatments. In the US, it can cost $30,000 or even more just for medication annually. Infiniti Research notes that there are also indirect costs to this and other health problems, such as the inability to work, as well as psychological effects such as anxiety and depression. For these reasons, several lawmakers are developing bills to bring some relief to patients.
In their latest research study, Infiniti Research developed a database of rheumatology centers within the target regions, which could be updated on a regular basis. The insights offered through this study would function as a country-specific market map to identify potential market opportunities in specific countries.
Last year, the Senate Judiciary Committee introduced the CREATES Act, which is designed to make it easier for generic drug companies to obtain the samples they need from branded pharma manufacturers to develop their own version of a drug. Currently, it is very easy for large pharma companies to block this, preventing the creation and release of more generic alternatives to expensive drugs. The bill is currently being reintroduced, and if passed, will enable greater competition in the market.
The state of Texas is also taking steps to make medication more affordable. Lawmakers have been considering two bills that would allow pharmacists to substitute biosimilar drugs for brand-name products. This move could reduce costs for New Mexico’s Medicaid program, as well as other state-run insurance plans, as well as benefit patients. Biosimilars, while more common in other parts of the world, are currently underused in the US. These bills could pave the way for similar ones around the country.
It is important to keep abreast of proposed legal changes, as well as how laws differ both between and countries and from one part of a country to another. Market intelligence can inform you of laws that may threaten or benefit your business, and identify markets where they are particularly favorable. It can also identify potential partners and competitors, as well as other qualities of the market.
Infiniti Research recently worked with one of the largest pharmaceutical companies in the world to engage in a market opportunity assessment to identify and profile the top rheumatology centers across North America and Europe. They main objective of the research project was to develop a master database of major rheumatology centers across the US, Canada, UK, Germany, France, Italy, and Spain.
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