Industry Trends: By The Numbers

Compiled by Cari Kraft, Jacobs Management Group, Inc. $842B

$629B

Global drug sales by 2024

Over the next five years, global drug sales are expected to climb by 6.9% CAGR (compound annual growth rate), growing from this year’s $629B to $842B in 2024. Source: Evaluate Pharma World Preview 2018, Outlook to 2024

$69.82B

Total R&D expenditures by U.S. companies in 2018

United States healthcare companies spent over $69 billion in research and development last year, followed by Switzerland ($20.95B), Germany ($13.34B), the UK ($11.01B), and France ($6.95B). This was approximately 19.26% of revenue for U.S. companies. Johnson & Johnson spent the most, at $10.8B. Source: Zymewire, “Big Pharma R&D Spend Fiscal Year 2018,” July 2019

88.7%

Healthcare Quality and Access Rating for U.S.

The Kaiser Family Foundation compared industrialized countries in terms of their Healthcare Quality and Access Index Rating (HAQ), and found that the Netherlands came in first, at 96.1%, followed by Australia, Sweden, Japan, Austria, Germany, France and the United Kingdom. The United States trailed all of those, with an 88.7% rating. Source: Kaiser Family Foundation, “Measuring performance on the Healthcare Access and Quality Index for 195 countries,” The Lancet, 23 May 2018

14%

Expected growth in healthcare jobs from now until 2028

Across all healthcare occupations, there will be an anticipated 14% growth by 2028, faster than that of any other sector, and representing about 1.9 million jobs. Source: Bureau of Labor Statistics, Occupational Outlook Handbook: Healthcare Occupations, 2018 30.4 MILLION

Uninsured people of all ages in U.S.

Over 30 million people of all ages, about 9.4%, were uninsured in 2018 in the U.S. This was a significant decrease from the 48.6 million uninsured in 2010. Source: Centers for Disease Control and Prevention, National Center for Health Statistics, “Health Insurance Coverage,” 2018

87%

Patient influencers who say social media is critical to future of patient communities

In a WEGO Health study of patients and social media, it was found that 87% of patient influencers say social media is critical to decision making, 88% have shared medication experience, and 70% visit patient groups to stay informed (vs. only 3% who visit pharma websites). Source: WEGO Health, “Patient Influencers Perspectives on Social Media,” May 2019

$300B

Potential savings from IoMT

The Internet of Medical Things could save the healthcare sector as much as $300 billion, according to a Goldman Sachs study. That breaks down into $200 billion from remote patient monitoring (for heart disease, COPD, asthma, diabetes, etc.) and $100 billion from telehealth in both routine and psychological care. Behavior modification in obesity, smoking and other areas could add even more. Source: Goldman Sachs Global Investment Research