In 2014, the pharmaceutical sector saw a big boom in business and they became the $289 billion market in drug and medical aid sales. How have we come so far that we are selling that much? Are we in for a market bust in the future?
For starters, we have seen a significant population growth over the years. More children being born, which means more vaccines are needed. Additionally, as we have added new vaccines to the mix, which also translates into higher sales. With a growth in population, we see more cases of birth defects and childhood diseases. This means more cases of medications needed for mental health, physical health, and aids for these children to have a resemblance of a “normal” life. Fewer children are dying thanks to the advances we have made.
Adults are now more likely to see a doctor for what ails them. This means that they are staying on top of illnesses and using medication to manage their conditions. As our diagnosis processes improve, we are catching more issues before they become too severe to manage. With population growth also comes more adults on the roads. Vehicular accidents have certainly increased, and thanks to medicine and medical aids, people are more likely to survive accidents that would have killed them just a few short decades ago.
With our aging population, that is also growing, we see a greater need for medicines to combat the effects of aging. Whether it’s simply maintaining a healthy blood pressure or battling glaucoma, our aging population has a wide variety of issues that have to be taken care of. They are also more likely to need major medical aids like wheelchairs, canes, and electric scooters. Elderly patients dealing with incontinence and various other failing body parts need even more help with medical aids to maintain a level of living before their passing. Those that are dying are attempting to die at home which means more medical aids and medicines to make them as comfortable as possible.
Are we in for a market bust? It’s not likely! While there is a lot of speculation about drug and medical aid costs being too high and possibly lowering them, there is still a large population we are caring for. That population is still growing and growing quickly. We are finding new treatments for old problems. We are finding new problems and treating them the best we can while developing new solutions. We are still battling old problems that have been around for centuries. As our population grows and drugs or aids are needed, we will still see the pharmaceutical market rise and grow, along with the need for pharmacists.