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Posted 31/05/2021
Global spending on medicine continues to grow. As of 2019, approximately US$1.25 trillion had been spent on medicines, up from just US$887 billion in 2010. That number is expected to increase to US$1.59 billion by 2024, with biologicals making up an increasing part of this total due to their use to treat previously intractable diseases. In fact, spending on biologicals has doubled since 2007 and growth has outstripped that of total sales of pharmaceuticals by a significant margin. The global biologicals market in 2020 was worth approximately US$239.2 billion, and in 2020 five of the top 10 best-selling drugs were biologicals compared with a high of seven in 2018, and only three in 2008 [1].