The USA is the World's Largest and Wealthiest Pharmaceutical Market, Accounting for Around 48% of the World Total with per Capita Expenditure on Drugs at US$885 in 2005
With a population approaching 300 million, the USA is the third largest country in the world, behind China and India. The largest state is California, with a population of 36 million.
The USA is the world's largest and wealthiest pharmaceutical market, accounting for around 48% of the world total. Per capita expenditure on drugs is US$885 in 2005, nearly double the level found in the rest of the world.
The USA does not regulate drug prices, and this is causing increased difficulties for those on moderate incomes who do not qualify for state benefits. In an attempt to deal with this problem, from January 2006 Medicare will incorporate a prescription drug benefit for the over 65s. The enrolment process is reportedly causing major confusion, with people often having dozens of plans to choose between.
The issue of high US drug prices has become a major political issue. There have been no serious attempts to regulate prices since the mid 1990s. Instead, attention has focused on parallel importing cheaper drugs from abroad, notably Canada. Many people do this via the Internet. Such importing is technically illegal, although difficult to stop.
The USA is home to most of the world's major manufacturers, such as Pfizer, Merck & Co and Bristol-Myers Squibb. The largest is Pfizer, with worldwide pharmaceutical revenues in 2004 of US$46.1 billion. There is also a thriving, if very competitive, generic industry, which has grown up since the 1984 Hatch Waxman reforms.
Pharmaceuticals are stringently regulated by the Food and Drug Administration (FDA). The question of drug safety has come under intense scrutiny following the September 2004 withdrawal of Vioxx (rofecoxib) from the market. This has led to calls for reforms to the whole FDA approval process.
This pharmaceutical market outlook report is ideal for executives wanting to understand the key drivers in the pharmaceutical market and stay up to date with market developments over the coming year. The report provides a comprehensive analysis of the market, five-year market forecasts, national data projections, market outlook and key developments such as regulation, health facilities and government policy. When you buy a pharmaceutical market outlook report, you will also receive 3 quarterly updated reports throughout the year.
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