The global pharmaceuticals market was worth $934.8 billion in 2017 and will reach $1,170 billion in 2021, growing at 5.8% per year, according to a recent pharma market research report by The Business Research Company.
This is up from 5.2% for the years leading up to 2017, but is slower than the other two large healthcare segments: medical equipment and healthcare services. Healthcare as a whole is growing at over 7% year on year.
Here are some interesting statistics showing the direction of the pharmaceuticals market:
- In 2017 North America accounted for 48.1% of world pharmaceutical sales compared with 22.2% for Europe.
- There were 5.8 billion prescriptions dispensed in the US in 2018, up 2.7% from 2017 when adjusted for the prescription duration.
- In 2017, per capita, out-of-pocket spending on prescription drugs was down slightly from the previous year ($144 per person in 2017 and $145 in 2016).
- Out-of-pocket spending on physician services increased (from $182 per person in 2016 to $185 in 2017).
- The largest increase in medicine use in 2018 was seen in antihypertensives, with an increase of 48 million prescriptions filled last year, and mostly driven by an aging population and expanded guidelines to lower blood pressure.
- Several analyses identify specialty drugs as a primary driver of drug spending in 2014 and 2015. Specialty drugs are used for the treatment of complex, chronic, or rare conditions such as cancers and hepatitis C. IQVIA’s Medicine Use and Spending Report calculated that per capita drug spending on specialty drugs increased by 55% from 2013-2016
- The baseline scenario for the next five years forecasts net medicine spending in the United States will increase from $344 billion in 2018 to $420 billion in 2023
These statistics predict the continued upward trend of pharmaceuticals. Your practice can be part of this growth, especially when using the services of one of the leading physician dispensing companies, like First Coast Health Solutions.
First Coast Health Solutions (FCHS) is a leading national provider of full-service in-office medication dispensing system. We are one of the best physician dispensing companies in the country.
We empower physicians to dispense FDA approved brands or generic medications directly to patients utilizing the patient’s pharmacy insurance benefit or cash payments. Our dispensing programs are designed to work with all medical, dental, and health care specialties.
By utilizing the physician dispensing system in your practice, you will be able to provide your patients with medications immediately. This means that the patients will no longer need to make a separate trip to the pharmacy, saving them time and money.
The benefits of in office medication dispensing system include:
- Saving your patients’ time
- Delivering additional quality care
- Tracking your patients’ compliance
- Minimizing pharmacy callbacks
- Respecting the confidentiality of your patients
- Saves money for your patients
- Netting up to $100,000 per year
Call us and tell us about your individual needs, and we will be more than happy to answer all your questions and provide all the information about our physician dispensing solutions.
The material contained on this site is for informational purposes only and DOES NOT CONSTITUTE THE PROVIDING OF MEDICAL ADVICE, and is not intended to be a substitute for independent professional medical judgment, advice, diagnosis, or treatment. Always seek the advice of your physician or other qualified healthcare providers with any questions or concerns you may have regarding your health.