Research and Markets have published the "CountryFocus: Healthcare, Regulatory and Reimbursement Landscape — US" report, which includes information on the healthcare, regulatory and reimbursement landscape in the United States as well as an overview of the pharmaceutical and medical device sectors. Here are five things to know from the report:
- The U.S. pharmaceutical market is forecast to increase from an estimated value of $395.2 billion in 2014 to reach $548.4 billion by 2020.
- The growth will be driven by factors such as an increasing healthcare expenditure, an aging population, the rising prevalence of chronic lifestyle diseases such as diabetes and obesity, universal and easy access to reimbursement for pharmaceutical product costs and the 2010 Patient Protection and Affordable Care Act, according to the report.
- In 2014, spending on prescription drugs amounted to an estimated $275.9 billion, compared with $262.3 billion in 2013.
- As many as 32 million formerly uninsured citizens could enter the patient pool, resulting in new business worth $115 billion over a period of 10 years.
- The FDA's Fast Track Development Program and Breakthrough Designation accelerate the approval of novel drugs and add value to the market by meeting demand more quickly.
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