Increasing access to drugs and R&D in the pharmaceutical industry is expected to boost growth of the global life sciences market over the forecast period. For instance, in 2018, The Center for Drug Evaluation and Research (CDER) – a division of the U.S. Food and Drug Administration (FDA) approved 59 novel drugs compared to 46 in 2017.
Increasing R&D in gene and cell therapies is also expected to propel growth of the global life sciences market. For instance, in 2017, Luxurna, the first human gene therapy drug for an inherited retinal dystrophy, was approved by the U.S. FDA. Kymriah and Yeskarta, two cell-based gene therapies for the treatment of acute lymphoblastic leukemia (ALL) were also approved by the U.S. FDA in 2017.
However, uncertain trade policies is expected to hinder growth of the global life sciences market over the forecast period.
North America is expected to witness significant growth in the global life sciences market over the forecast period. This is attributed increasing presence of life sciences companies and major life science institutes in the U.S. For instance, the Palm Beach County in Florida U.S. is home to over 700 life sciences companies and Max Planck Institute and The Scripps Research Institute. Moreover, increasing investment in the life sciences sector is also expected to boost growth of the market in North America. For instance, in a life sciences Series A investments in Florida for 2018-19, Expansion Therapeutics and X-Vax raised a total of US$ 110 million.
Key players in the global life sciences market are focused on facility expansion to enhance their market share. For instance, in February 2019, Beacon Pharmaceutical, a early-stage life sciences firm, announced plans to construct a state-of-the-art life sciences accelerator and biologics synthesis facility at a relocated facility in Florida, U.S.
Key players in the market are also focused on adopting M&A strategies to expand their product portfolio. For instance, February 2019, F. Hoffmann-La Roche Ltd. and Spark Therapeutics, Inc. announced entering into a definitive merger agreement for Roche to fully acquire Spark Therapeutics at a price of US$ 114.50 per share in an all-cash transaction. Moreover, in October 2019, Belgium-based UCB announced plans to acquire Cambridge, Massachusetts-based Ra Pharmaceuticals for US$ 2.1 billion. Ra Pharmaceuticals owns zilucoplan, a late-stage asset targeting rare diseases such as generalized myasthenia gravis (gMG).
Key Takeaways
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