Hospital pharmaceuticals consist of
medicines purchased for hospitals, healthcare centers to be administered to
patients during hospitalization. Hospital pharmaceuticals include therapeutic and
critical care drugs applied in infections, neurology, urology, cardiology,
hematology, dermatology, respiratory system, musculoskeletal system, sensory
organs, alimentary tract and metabolism, and other. The primary responsibility
of hospital pharmacy is procurement, storage and selling of medications.
Market
Dynamics:
Increasing incidence or prevalence of
chronic diseases across the world, especially in the North America, is expected
to propel the growth of the hospital
pharmaceuticals market. For instance, chronic diseases such as diabetes, cancer,
and heart disease, are the leading causes of death and disability in the United
States, according to the Centers for Disease Control and Prevention (CDC). They
are also leading drivers of the nation's $3.8 trillion in annual health care
costs.
Moreover, the emergence of COVID-19 (SARS-CoV-2)
is expected to augment the growth of the hospital pharmaceuticals market. For
instance, in February 2021, Facing the challenge of a fast-paced and complex
rollout of COVID-19 vaccines, Pennsylvania Hospital deployed radio frequency
identification (RFID) technology to track the status of every vial that is
removed from an ultra-freezer, then transported to the vaccination clinic, and
sometimes returned to refrigeration, all while ensuring no vial expires before
reaching a patient's arm.
Increasing demand for hospital
pharmaceuticals and increasing spending on pharmaceuticals is also expected to
fuel the growth of the hospital pharmaceuticals market. However,
Competitive
Analysis:
Major players operating in the hospital
pharmaceuticals market are Eli Lilly and Company, Merck & Co., Sanofi S.A.,
F. Hoffmann-La Roche Ltd, Johnson & Johnson, GlaxoSmithKline Plc., AstraZeneca
Plc., Pfizer, Inc., Novartis AG, and Bayer AG.
Major players in the market are adopting
various strategies, such as partnership, collaboration, product launch, etc.,
to enhance their market presence. For instance, in February 2021, Recce Pharma
Ltd. formalized an agreement with Fiona Stanley Hospital for a Phase 1/2
clinical trial to assess the potential of RECCE 327’s new spray-on,
broad-spectrum antibiotic for the treatment of topical burn wound infections.
In February 2021, Algernon Pharmaceuticals provided
an update on the final data set of the Phase 2b part of the Phase 2b/3 COVID-19
Ifenprodil study.
In February 2021, Valeo Pharma and Ingenew
Pharma announced that HespercoTM capsules, approved by Health Canada for immune
support, will be at the core of the Montreal Heart Institute's clinical trial,
"The Hesperidin Coronavirus Study".
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