An innovative drug refers to the novel medication that is given to the patients for the treatment of specific disease. Innovative drugs help to deliver novel solutions to the patients for curing diseases that do not have satisfactory treatment available in the market. Various diseases that can be treated by innovative drugs are cancers, osteoarthritis and alzheimer’s.
In addition, some of the other diseases for which available drugs show poor results are chronic obstructive pulmonary diseases (COPD), parkinson’s disease and infections. Innovative drug discovery and development is a time consuming and expensive process. For receiving regulatory approval, innovative drugs must show distinct advantages over existing drugs. Innovative drugs are known by both generic as well as their brand names.
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North America, followed by Europe, has the largest market for innovative drugs due to high number of approved drugs and technological advancement in this region. Asia is expected to show high growth rate in the innovative drugs market in next few years due to rise in incidence of various diseases, outsourcing drug discovery and increasing awareness among people for better healthcare facilities in the region.
Increasing R&D activities in drug discovery and development, technological advancement, rise in need for improvement in excising drugs, requirement of novel drugs to treat diseases, increase in incidence rates several of disease and growing concerns over high death rates are driving the market for innovative drugs.
In addition, rising awareness among people for better healthcare facilities is expected to drive the market for innovative drugs. However, strict government regulations and approval process, economic volatility and cost concerns are some of the key factors restraining the growth for global innovative drugs market.
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Growing demographics and economies in the developing countries such as China, Japan and India are expected to offer good opportunities in innovative drugs market in Asia. In addition, rise in incidence of various diseases and increasing awareness about better healthcare is expected to offer new opportunity for global innovative drugs market.
New product launches, increasing number of mergers and acquisitions and rise in collaborations and partnerships are some of the latest trends that have been observed in global innovative drugs market. Some of the major companies operating in the global innovative drugs market are Bio-Rad Laboratories, Abbott Laboratories, Stratasys 3D Printers, Thermo Fisher Scientific Inc., Gedeon Richter, Novartis, Bayer HealthCare, GlaxoSmithKline and Hoffmann-La Roche Ltd.
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