The drug development strategies of the pharmaceutical companies is undergoing a paradigm shift from manufacturing traditional essential medicines to orphan drugs due to significant competition from generics and the associated economic situation. The returns on investment from orphan drugs are expected to help the pharma companies to overcome the impact of revenue loss due to expiry of patents of blockbuster drugs. The major drivers for companies to increasingly invest in orphan drugs include government incentives for drug development and strong support from the FDA and EU Commission in special protocols. Inspite of pharma companies facing many obstacles in this field, this segment of orphan drugs is likely to have the potential to provide the key to recovery and stability within the market.
Oncology has emerged as the most promising and revenue generating segment of global orphan drug market in recent years. A major reason for such a high level of concentration of oncology particularly is that the underlying genetic aberration of oncology generally helps in the process of identification of the disease. Oncology, as a therapeutic area has also transformed from evolution to customized or precision medicine in the pharmaceutical industry. Utilizing biomarkers to develop targeted treatments and therapies is an approach which is being increasingly used in recent years, which also further explains the reasons behind this therapeutic area’s majority share of orphan drug approvals.
Owing to high level of demand for better treatments for multiple types of cancer, there has been a shift in focus of the pharmaceutical and biotechnology companies towards the Oncology sector. The global oncology market is experiencing a paradigm shift in terms of targeted therapy methods, which would be used for patients in the coming decade. Specifically, breast cancer and non-small cell lung cancer (NSCLC) would continue to drive high levels of R&D due to the high incidence and subsequent potential for market success.
With the oncology pipeline for orphan drugs being very promising, it is expected that over the next few years, many drugs are likely to be developed over a range of indications including the commonly diagnosed lung and colorectal cancer types. With the introduction of these products in the market, it is likely that there would be a significant improvement in the survival rates of the patients.
“Global Orphan Cancer Drug Market & Clinical Pipeline Insight” Report Highlights: