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LONDON, BOSTON, TOKYO (July 16, 2020) – The impact of COVID-19 has so far wiped $7.85bn off forecasts for biopharma sales in 2020, with the top 15 companies bearing 60% of that loss, according to the “EvaluatePharma® World Preview 2020, Outlook to 2026”, published today.
However, the industry is expected to remain in good health overall, with prescription drug sales growing 3.7% in 2020 to $904bn and reaching almost $1.4 trillion in 2026.
Despite the near-term impact of COVID-19, demand for innovative and effective therapies continues to drive long-term growth. Oncology remains the leading area for R&D investment with a forecast spend of $82bn, more than triple that of any other area. This spend is forecast to result in 152 novel FDA approvals and $311bn of drug sales in 2026. However, total spending on R&D is expected to grow only 3.2% to 2026, lower than the compound annual growth rate (CAGR) of 4.6% between 2012 and 2019.
Growth Drivers and Brakes
“Although COVID-19 is likely to dampen sales in 2020, for now the biopharma industry looks well-positioned to continue its pattern of strong growth through 2026,” said report author Ryan Waters. “However, should the pandemic continue to delay clinical trial activity or begin to disrupt regulatory approvals, the impact could be much more sustained.”
Download your complimentary copy of the “EvaluatePharma® World Preview 2020, Outlook to 2026” at https://www.evaluate.com/PharmaWorldPreview2020.