Pune, India -- (SBWire) -- 07/22/2020 --Remdesivir Market:
Executive Summary
Gilead's antiviral remdesivir is being tested in multiple phase 3 clinical trials as a treatment for moderately and severely ill COVID-19 patients. Until January, the company wasn't manufacturing more than a few doses of its experimental antiviral remdesivir, but currently, Gilead began advancing remdesivir and is rapidly expanding its production as the research showed that remdesivir might be effective against COVID-19. Gilead spent $50 million on research and development of the drug during the first quarter. The company expects to produce more than 140,000 rounds of its 10-day treatment regimen by the end of May. Gilead released preliminary results from its clinical trial on remdesivir, showing at least 50% of the patients treated with a five-day dosage of the drug have improved. The clinical trial involved 397 patients with severe cases of COVID-19. Gilead will focus on making remdesivir both accessible and affordable to governments and patients around the world. Taking into consideration the R&D investment, and the affordable price range, the drug is expected to generate an estimated $2 billion in sales in 2020. It is expected to grow at 29.02% and reach $4.2 billion in 2023. The revenue will then drop off in subsequent years.
The remdesivir market consists of sales of remdesivir drugs currently found effective in treating the COVID-19 disease. Remdesivir (RDV) is one of the promising drugs used currently for the treatment of the COVID19 disease. Gilead, the US drug manufacturer is expanding its Remdesivir production due to the high demand for this drug. RDV is a synthetic compound throughout the class of antiviral drugs that target RNA synthesis.
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North America was the dominant region in the Remdesivir market in 2019.
In March 2020, Gilead Sciences, Inc., an America-based biopharmaceutical company focused on the discovery, development and commercialization of innovative medicines, acquired Forty Seven Inc. for $4.9 billion. This acquisition will strengthen Gilead's immuno-oncology research and development portfolio. Forty Seven Inc., an America-based clinical-stage immuno-oncology company focused on developing novel checkpoint therapies.
The remdesivir market covered in this report is segmented by route of administration into oral; intravenous. It is also segmented by dosage form into tablets; frozen solution; lyophilized solution and by distribution channel into hospitals; clinics; drug stores/pharmacies; online; others.
The high cost associated with the drug is a key factor hampering the growth of the market. Gilead Sciences that produces remdesivir donates its initial supply of 1.5 million doses, but the company has demonstrated that it would have to begin charging the drug for sustainable production. There are various speculations on the pricing of the drug. According to the Institute for Clinical and Economic Review (ICER), the estimated price of Remdesivir would be between $4,580 to $5,080. The higher-end pricing of remdesivir is expected to hinder the growth of the market.
Also, Gilead licensed remdesivir for COVID-19 to companies manufacturing generic drugs for sale in 127 countries. Five generic companies Cipla, Ferozsons Labs, Hetero Labs, Jubilant Lifesciences and Mylan will have the right to manufacture and sell generic versions of the drug in mostly lower-income countries, as well as higher-income countries that face significant obstacles to healthcare access. The licensees won't pay royalties to Gilead until the pandemic is called off or until a second drug is approved. This is likely to challenge the growth of the market.
Increasing prevalence of COVID-19 disease globally is a key factor driving the growth of the remdesivir market. According to the World Health Organization (WHO), there were 10,719,946 cases of COVID19 including 5,17,337 deaths reported to WHO as on 24th May 2020, and this number is expected to grow in the near future. American authorities have approved the immediate use of experimental remdesivir, which seemed to help several patients with coronavirus recover more quickly, and this was the first drug that helped to overcome COVID-19, which killed more than 300,000 individuals around the globe. Gilead Sciences, which is working to develop the drug, has seen its share of New York trading increase by more than 5.5% in the first quarter of 2020. The United States and Asia shares have increased expectation that an experimental drug will further support in the control of COVID-19 symptoms. Therefore, the increasing prevalence of COVID-19 disease across different parts of the globe is expected to drive the growth of the remdesivir market.
Major players in the remdesivir market are Gilead Sciences, Inc., Bright Gene, Hainan Haiyao, Kelun Pharma, Hunan Warrant Pharmaceutical, Cipla, Pfizer, Merck, Cayman Chemical, and Dr. Reddy's Laboratories.
Continuous…
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Global Remdesivir Market 2020 COVID-19 Impact, Share, Trend, Segmentation and Forecast to 2030
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