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Ethical pharmaceuticals or prescription drugs are those licensed drugs that are regulated by various legislations to require a written medical prescription before it can be procured. An ethical pharmaceutical product is only sold by a pharmacists when it has been approved by a written medical prescription from a registered medical practitioner. The term prescription drugs or ethical pharmaceutical is usually used to distinguish the products from over-the-counter drugs – drugs that can be obtained without a written medical prescription. However, varied jurisdictions have varied definitions of what constitutes an ethical pharmaceutical. At present, ethical pharmaceuticals, market is highly profitable as well as a risky market venture. The market is expected to be profitable owing to the upcoming patent expiries of many blockbuster drugs; and risky because of the involvement of many established and multinational companies, who have built a global recognition for their safe and effective products.

Some of the top selling therapeutic classes of ethical pharmaceuticals are as follows:

  • Lipid regulators
  • Narcotic analgesics
  • ACE inhibitors
  • Respiratory agents
  • Diuretics
  • Calcium antagonists
  • Hormonal contraceptives
  • Penicillin
  • Vitamin and minerals

In terms of geography, North America is the largest market for ethical pharmaceuticals owing to the large population base suffering from various chronic diseases and increasing number of elderly population. According to the American Cancer Society, in 2013, approximately 1,660, 290 new cases of cancer were identified and diagnosed in the U.S. Additionally, according to the Centers for Disease Control and Prevention (CDC), in 2012, 35.1% percent of adults with age over 20 years and over are obese. It is expected that in the coming years, emerging markets such as China, India, Russia, Mexico and Brazil are going to lead the market with a market share amounting to nearly one-third of the global pharmaceutical market under the influence of economic liberalization, increase in elderly population, increase in chronic diseases and huge population of China and India.

One of the primary factors driving the growth of the global ethical pharmaceuticals market are increasing incidence rate of chronic diseases linked with unhealthy lifestyles and increasing geriatric population. Moreover, factors such as high demand for safe and effective treatment regimens are also driving the growth of this market. Furthermore, increasing burden of chronic medical conditions such as cancer, diabetes and high blood pressure, among the geriatric population and increased focus on retaining superior quality of life are some of the factors contributing in the growth of the ethical pharmaceuticals market. 

Additionally, at present the global pharmaceutical market is a multinational and complex industry, with products aimed at the improvement and maintenance of people’s health. The overall drugs market is occupied by a broad spectrum of pharmaceutical companies ranging from established multinationals to emerging generic drug companies. It has been observed that in order commercialize a drug in the market, the average expenses is more than USD 800 million to the pharmaceutical companies. However, the ethical pharmaceutical segment of the overall drug industry is under risk from many sources, mainly from the generic drug industry, which can be a restraining factor for the market. 

Currently, the global ethical pharmaceuticals market is a highly fragmented industry due to the involvement of many established and emerging players in the overall market. Some of the major players involved in the market are AstraZeneca plc, Bristol-Myers Squibb, Eli Lilly and Company, GlaxoSmithKline plc, Johnson & Johnson, Merck & Co., Inc., Mylan, Inc., Novartis AG, Pfizer, Inc., Sanofi S.A. and Teva Pharmaceutical Industries Ltd., amongst others.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Ethical Pharmaceuticals Market

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