The expansion of the insured population, prompted by the introduction of Patient Protection and Affordable Care Act (PPACA), will play a key role in driving US pharmaceutical market revenue up by a third by the end of the decade, says research and consulting firm GlobalData in market report, "CountryFocus: Healthcare, Regulatory and Reimbursement Landscape - US"
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The report forecasts the country's pharmaceutical market value to climb from $359 billion in 2012 to $476 billion in 2020, increasing by 33% over the eight year period.
With the PPACA (commonly known as Obamacare) extending health insurance to 32 million more Americans by 2016, patient pools and the demand for drug therapy are expected to increase significantly, driving up healthcare expenditure and pharmaceutical revenue as a result.
Like many other countries around the world, the US is expected to experience growth in its elderly population, climbing from a 19% share of all Americans in 2012 to more than 22% by 2020. The expansion of the 60 and over age demographic is another factor that will inevitably drive the US pharmaceuticals industry, owing to the corresponding increase in healthcare demand.
GlobalData also expects growth within the US medical devices industry in the near future, with the industry forecast to grow from $139 billion in 2012 to $206 billion in 2020, climbing at a Compound Annual Growth Rate (CAGR) of 5.0%. The US medical equipment industry is one of the largest and most stable in the healthcare industry, accounting for 50% of the global market and consuming approximately 40% of its output.
Community pharmacists are the health professionals most accessible to the public. They supply medicines in accordance with a prescription or, when legally permitted, sell them without a prescription. In addition to ensuring an accurate supply of appropriate products, their professional activities also cover counselling of patients at the time of dispensing of prescription and non-prescription drugs, drug information to health professionals, patients and the general public, and participation in health-promotion programmes. They maintain links with other health professionals in primary health care.