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Forecast does not include spending on Covid-19 vaccines, according to IQVIA Institute for Human Data Science study
According to findings released last week from a new study by IQVIA, global spending on medicines—using invoice price levels—is expected to grow at a 3-6% compound annual growth rate (CAGR) through 2025 to reach about $1.6 trillion by 2025, not including spending on Covid-19 vaccines.
The Global Medicine Spending and Usage Trends outlook report, put together by the IQVIA Institute for Human Data Science, notes that the total cumulative spending on Covid vaccines through 2025 is projected to be $157 billion, massively focused on the first wave of vaccinations to be completed by 2022. In years following, booster shots are expected to be required on a biannual basis, as the durability of immunity and the continued emergence of viral variants make an endemic virus the most likely outcome.
“While the pandemic has been extremely disruptive, the pre-pandemic forces of medicine use and spending remain significant drivers of the outlook, and these forces have only been modestly impacted by the immediate effects of Covid-19,” commented Murray Aitken, IQVIA's senior vice president and executive director of the IQVIA Institute for Human Data Science. “The success of countries around the world in implementing a global vaccination program—unprecedented in speed and scope—will be key to the outlook for all medicine use through 2025 and beyond.”
Highlights of the report include: