Specialty Drugs Sales Prepared To Explode

Businesses that are struggling with ever increasing prescription drug costs will probably be in for a rude awakening in the near future.

The specialty drug market is ready to explode in the next five years and the time for companies to prepare and take action is now.

The flood of specialty drugs that will be coming to market will put an additional financial strain on employers and employees alike. Estimates are that as much as a five-fold increase in current volumes of specialty drugs will be coming onto the market over the next decade.

IMS Health, a large specialty drug company, reported a 5.1% increase in U.S. prescription drug sales in 2009 to just over $300 billion, up from a 1.8% percent growth rate witnessed in 2008.

IMS attributed a 7.5% increase in the use of specialty pharmaceuticals as one of the factors driving this notable growth and estimated that the specialty segment now accounts for 21% of U.S. market value.

Conditions such as diabetes, cancer, asthma, rheumatoid arthritis, cardiovascular disease, cirrhosis and multiple sclerosis will be the primary beneficiary of specialty penetration in the market.