ONCOLOGY DRUGS MARKET ANALYSIS AND KEY TRENDS IMPACTING ROMANIA AND OTHER EUROPEAN PHARMACEUTICAL MARKETS

Abstract

Although the COVID-19 pandemic affected the diagnostic and treatment of cancer, it also had a positive impact on the growth of the oncology drugs market globally, with certain market segments registering an increase in demand for drugs with respect to the COVID-19 emergency. Nevertheless, oncology represents a key driver for the growth of the pharmaceutical industry (registering approximately 25% of the total pharmaceutical industry revenue in 2020), and the global oncology drugs market size was valued at 141,33 billion dollars in 2019, and it is expected to reach 394,24 billion dollars by 2027. In 2020, the Romanian pharmaceutical market accounted for a revenue of 3.35 billion EUR, earning about 13 times less than the European leader, Germany. Also, as cancer survival rates are low, new programmes should improve screening, diagnosis and treatment in Romania. In general, the reduction in cancer mortality and the progress against cancer has accelerated in the past decade due to more targeted cancer control interventions and investment in improved early detection and treatment, with an important role played by the anticancer treatment with specific anticancer drugs, and also, having information and understanding the profitability of pharmaceutical companies, it is essential to formulating evidence-based policies to reduce drug costs while maintaining the industry’s capacity to innovate and provide essential medicines.

Keywords

• oncology drugs market
• cancer statistics
• pharma companies revenues
• drugs costs
• sales of oncology medicines.