February 19, 2018
Owing to the remarkable vaccines that are being developed by world’s foremost pharmaceutical firms, the global vaccines market size is anticipated to witness an exceptional growth in the forthcoming years. Collaborating with local communities, governments, and healthcare providers, these companies have been striving hard to drastically expand access to affordable and reliable medical care across developed and emerging economies. Citing an instance to highlight the same, one of the most dominant global vaccines industry player Pfizer Inc., has recently announced that it has been granted priority review by the U.S. Food and Drug Administration (FDA) for its new drug application for Lorlatinib. For the uninitiated, lorlatinib is an anaplastic lymphoma kinase (ALK) tyrosine kinase inhibitor (TKI), investigational treatment for patients who are resistant to the first and second generation ALK-targeted therapies. This approval apparently, is expected to strengthen Pfizer’s product portfolio that it has been developing to treat non-small cell lung cancer (NSCLC). Furthermore, it has been reported that the Japan Pharmaceutical and Medical Devices Agency and the European Medicines Agency have permitted marketing applications for the use of Pfizer’s vaccine. In consequence, it is quite imperative that such proactive initiatives by industry giants coupled with regulatory backing is expected to considerably impel the global vaccines market share.
U.S. would command an influential position in the global vaccines industry over 2017-2024
Elaborating further, it has been observed that various regulatory institutions across the U.S. have been employing extensive efforts to generate awareness among masses regarding the benefits of vaccination- a factor that has subsequently propelled the global vaccines industry size. Citing an instance of the same, the national public health agency of the United States, Centers for Disease Control and Prevention (CDC) has recently issued an alert regarding the rising number of ailments linked with influenza in the nation. Apparently, CDC has stated some grievous findings based on the latest data of emergency and outpatient visits which claims that influenza-like illnesses in the U.S. are now as intense as observed during 2009 pandemic. To control and prevent further spread of the disease, the regulator has prescribed guidelines to urge people to take seasonal influenza vaccines, particularly to children, pregnant women, and the elderly. Apparently, it goes without saying that such optimistic regulatory measures would undeniably contribute toward rapid global vaccines market share expansion over the ensuing years.
Speaking in the similar context, the major global vaccines industry firms in the country have been competing intensely to manufacture unique vaccines and receive the highly admired Food and Drug Administration (FDA) approval for the same. For instance, regarded as one of the global vaccines market leader, GlaxoSmithKline has developed a new meningitis B vaccine Bexsero which has recently been awarded with Breakthrough Therapy Designation from the FDA. Reportedly, the meningococcal group B vaccine has been developed to constrain Invasive Meningococcal Disease (IMD) which is known to be quite prevalent in children aged 2-10 years old. For the uninitiated, the FDA has introduced the Breakthrough Therapy Designation in order to accelerate the assessment of newly launched vaccines that aim to treat serious terminal illnesses. Interestingly, Bexsero is claimed to be the first drug in the world to have been conferred with the Breakthrough Therapy Designation twice. Needless to mention, the U.S. constituted a prominent share of the global vaccines market remuneration portfolio in the year 2016, owing to the numerous immunization programs undertaken by regulatory bodies and innovative vaccines being unveiled by pharma giants.
Concurrently, it is quite prudent to take note of the massive investments being made by global vaccines industry behemoths including Pfizer, Merck & Co., Abbott, Novartis, AstraZeneca, Johnson & Johnson, Bristol-Myers Squibb, Novartis, CSL, Astellas Pharma, Emergent BioSolutions, Sanofi Pasteur, Novavax, to vigorously boost R&D activities in this business space. With their efforts coming to fruition, the global vaccines market is anticipated to chart out a lucrative growth path over 2017-2024, supplemented by laudable government measures to encourage vaccination programs. In fact, the global vaccines industry share is projected to surpass a total valuation of more than USD 65 billion over the estimated timeframe.