In these markets, regulators have allowed new orphan therapies. Pharmaceutical companies have seen an opportunity in developing drugs with reduced regulatory costs and incentivized development.
New York, New York (PRWEB) June 24, 2013
The world orphan drug market reached 61 billion in 2012, according to Kalorama Information. The healthcare market research publisher says the increasing incidence of diseases affecting the aged will drive the market to increase at a rate of 11.5% throughout the forecast period, reaching a value of $105.2 billion by 2017. The firm counts only orphan drug-designation revenue in its newly-published report, “The World Market for Orphan Drugs.”
Drugs and biological products to treat rare diseases and conditions are commonly referred to as "orphan drugs." In the U.S., the largest market, Congress determined that adequate therapies for many rare diseases had not been developed because pharmaceutical companies could not expect an orphan drug to generate sufficient sales, to make profit, and that incentives were needed for the development of orphan drugs. These incentives have worked, according to Kalorama, creating a thriving market for treatments.
Non-Hodgkin's lymphoma, multiple myeloma, renal disease and osteoporosis are among the diseases where treatments are not sufficient, according to the report, which breaks out the market by company and by category.
“In these markets, regulators have allowed new orphan therapies," said Bruce Carlson, publisher for Kalorama Information. “Pharmaceutical companies have seen an opportunity in developing drugs with reduced regulatory costs and incentivized development.”
Kalorama’s estimate is of the ‘pure’ orphan drug market, that is only orphan drug revenue is included. Products may be available as an orphan drug on one country and be a traditional marketing approval for another country. In addition, some products gain orphan status, are granted approval and then removed from the orphan drug database at the request of the developer. There are a number of factors involved, including reimbursement by country, regulation by country, disease status by country and general development by country, and all of these were taken into account in Kalorama’s research.
“Other market estimates may count brand revenue that is not truly occurring from orphan designation,” Elder said.
Leading contributors to the market will be global players such as Amgen, Roche and Novartis, according to the report.
The report looks extensively at what major pharmaceutical companies and smaller concerns are doing within this drug category. The report provides company market share for both the US and global markets. A variety of companies with both designations and designation/approvals are discussed in this report. The report can be found at: http://www.kaloramainformation.com/Orphan-Drugs-7625967/
About Kalorama Information
Kalorama Information, a division of MarketResearch.com, supplies the latest in independent medical market research in diagnostics, biotech, pharmaceuticals, medical devices and healthcare; as well as a full range of custom research services. We routinely assist the media with healthcare topics. Follow us on Twitter, LinkedIn and our blog.