A growing healthcare demand and new technologies are transforming the pharmaceutical industry. Are you aware?
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COVID-19 has put the global pharmaceuticals industry into the spotlight with the world urgently working towards a breakthrough in the fight against the pandemic.
But while we all focus on the pandemic and make our contribution to overcome it, there have been challenges for the global pharma market prior to COVID-19 and there will be beyond. How are we going to tackle them?
300 million more people
The Global Population is Aging
Over the next three decades, the number of elderly people aged 65 or over worldwide is projected to double to more than 1.5 billion people in 2050. As a result, chronic conditions are on the rise and patients are often suffering from more than just one ailment.1
This development is intensified due to the growing middle-class and increasing adoption of sedentary lifestyles in emerging markets, leading to obesity, diabetes, and other costly health conditions. In China – the second largest pharmaceutical market globally – the proportion of the population aged 60 years and over will increase to 28% in 2040 (from 12.4% in 2010).3 Chronic noncommunicable disease prevalence such as cardiovascular diseases or cancer are expected to increase by at least 40% by 2030 and to account for almost 80% of all deaths in people aged 60 years or over.3
A CAGR of 4-5 percent
With chronic diseases on the rise, the demand for healthcare and innovative solutions is growing globally.
At the same time, digitalization, big data and artificial intelligence accelerate the transformation of the pharmaceutical industry and enable companies to improve drug development and patient care beyond the treatment of diseases, offering new revenue streams. For patient care, digital solutions enable the shift from a disease focus to an integrated approach from prevention, screening, diagnostic, treatment and aftercare.
Further, technological progress and new therapeutic approaches have the potential to not only treat, but ultimately cure diseases – or identify and remove risk factors before a disease develops. Part of this development are personalized therapies, a promising approach tailoring medical treatment to the individual characteristics of each patient. Novel associations between the human microbiome, health and disease are constantly emerging, leading to new diagnostics and therapeutics and thus enhancing personalized medicine.
Other medical innovations such as precision medicine, cell and gene therapy and immuno-oncology are fueling new ways of prevention and detection with the potential to revolutionize the treatment of many diseases. Oncology, for instance, is still the world’s largest pharmaceutical therapeutic area with broad unmet needs and will most likely benefit from these novel therapies and innovation. However, the opportunities extend way beyond oncology to other therapeutic areas such as cardiovascular, central nervous system, immunology, and rare diseases.
As a leading life science company, Bayer is aligned with the long-term market trends in health and nutrition and offers innovative and sustainable solutions to tackle some of the key challenges for humanity. In Pharma, Bayer has leading positions in cardiovascular disease, women’s health care, ophthalmology and radiology, and invests significantly into oncology and cell and gene therapy platforms as well as digital health. Ultimately, Bayer strives to be at the forefront of fighting some of the most common diseases of our time with high unmet medical need to address the growing global demand for innovative healthcare solutions.
1 United Nations (2020), World Population Ageing 2019
2 United Nations (2020), World Population Prospects 2019
3 World Health Organization (2015), China country assessment report on aging and health
4 IQVIA (2020)
5 McKinsey (2020), 2020 Oncology Market Outlook
6 Overall for heme, metastatic for solid. Patient size calculated as annual incidence for heme, and larger of mortality and metastatic incidence for solid.
McKinsey (2020), 2020 Oncology Market Outlook