Patent Medicine MarketSize and Trends

Global Patent Medicine Market Drivers

Patent medicine market is going to develop in coming over the forecast period, thus it will exhibit significant growth for pharmaceutical products due to increasing prevalence of diseases across the world. There are hundreds of medicine patent launches every year. For instance, in July 2020, Pfizer Inc. submitted a patent application of tofacitinib oral sustained release form indicated for treatment of lupus, multiple sclerosis rheumatoid arthritis, and cancer. Furthermore, in July 2020, GlaxoSmithKline Biologicals SA patented dried saponin liposomal composition used in lyophilised form of immunogenic vaccine composition. Medicine patents are equally important for pharmaceutical companies. Patented products roughly generate half of revenue for pharmaceutical companies.

Global Patent Medicine Market - Impact of COVID-19

Sudden difficult situation of COVID-19 pandemic is affecting industries across the world. However, several industries are trying to overcome the financial situation. COVID-19 has affected the research and development in some fields of pharmaceutical industry, whereas surgical pharmaceutical industry is experiencing significant growth in patent filing due to rise in research and development in masks, infra-red thermometers, diagnostic kits, and mechanical ventilators.

Market Trends and Analysis