Sales of generic oncology drugs surge
A report has forecasted that the generic oncology drugs market could register an impressive 6 percent CAGR up to the year 2028…
A recent study has suggested that there has been a significant increase in spending on cancer management and treatment drug development. More than one-third of the trials proposed by manufacturers are aimed at offering personalised cancer treatments, which further propels the demand for generic oncology drugs. A host of these factors have contributed massively to the expansion of the generic oncology drugs market at the global level.
The study opines that key players such as CELGENE, Novartis, and Roche have been procuring a considerable share in the generic oncology drugs market with a rich product portfolio and pipeline products aimed at treating cancer effectively. Novartis AG applied smart strategies for channel integration like e-commerce with mobile application to fuel the sales at the retail stores. In addition to this, the company achieved a CE mark for its gene modifying therapy used for the treatment of blood cancer. Pfizer Inc. has been focusing on the over 39 therapies, in order to fortify its product portfolio. In the year 2017, Glasdegib of Pfizer received the priority review from the US FDA to treat myeloid leukemia. Post this, XTANDI of Pfizer as well received the FDA approval.
The study states that increasing inclination of individuals towards smoking and tobacco consumption is the chief cause of cancer, apart from sedentary lifestyle, genetic causes, viral infections, carcinogens, and high consumption of junk food. Growing concerns of a high number of deaths occurring on the back of cancer have provoked the government authorities to take effective steps for preventing cancer.
Improvement in cancer treatment drugs and therapies have been one of the most underlying aims of the pharmaceuticals and medical organisations operating at the global level. Consequently, generic oncology drugs have been utilised for innovating novel therapies and increasing the survival rates of patients. Patients diagnosed with blood cancer seek complete treatment to this chronic disease, as a result of which excessive demand for generic oncology drugs is created. In addition to this, the high cost of the therapies and generic oncology drugs play a crucial role in the growing size of the generic oncology drugs market.
This study forecasts the generic oncology drugs market to register an impressive 6 percent CAGR through 2028.