RE:RE:RE:Inflation Reduction Act (IRA) boosts biological drugs IIn its most recent edition of its Global Use of Medicines Report, the IQVIA Institute for Human Data Science predicted that losses for originator products will rise from $111 billion to $192 billion by the end of 2028, due to the drug patent cliff and loss of market exclusivity on approved drugs coming off patent.
QVIA broke down some of the big trends to watch over the next 5 years:
- Specialty medicines: will represent about 43% of global spending in 2028; expected to constitute 55% of total spending in leading markets.
- Oncology: anticipated growth of 14% to 17% CAGR through 2028, reaching $440 billion by 2028; growth accelerated by novel drugs
The consequence is that the IRA's focus on extending market exclusivity on newly approved large molecule biologics to 13 years versus 9 years for small molecule drug therapies, many of which are manufactured in India and China and marketed in the United States, will ultimately benefit biologics like ONCY 's pelareorep that is preparing to obtain market approval in the treatment of multiple cancers, both orphan and others with unmet treatment needs.