“The patent cliff, as well as a push toward consumers being more proactive about their health, has contributed to a decline in sales of pharmaceutical drugs. However, the ACA will provide more people with health insurance coverage, likely growing the market of prescription drug users.” – Emily Krol, Health and Wellness Analyst
This report looks at the following areas:
- What effect will the ACA have on the prescription drug market?
- The “patent cliff” is affecting sales of pharmaceutical drugs
- Proactive consumers are diagnosing and treating their own health
The healthcare market, ever evolving, is on the cusp of major change.
The ACA (Affordable Care Act) will change nearly every aspect of healthcare, while the “patent cliff” has and will continue to significantly impact the prescription-remedy market.
This comes at a time when the US population is experiencing significant growth among the older population, resulting in an ever-increasing pharmaceutical user group. After a period of consecutive growth, spending on prescription drugs declined for the first time in more than 50 years from 2011-12.
This means that more consumers are likely choosing less expensive or generic prescriptions or that the number of prescription drugs people take has increased. This report examines consumers' attitudes toward prescription drugs, and what impact the ACA will have on usage.
The report will also discuss how an aging population will fuel the prescription drug market. Also discussed will be where people fill prescriptions, and how usage of online and mobile tools is growing.
Further explored will be the phenomenon of self-diagnosis and self-care that is a result of advances in technology, such as telemedicine. Consumer research for this report focuses on use of and attitudes toward nonessential medications. For the purposes of this report, nonessential medications include those in which the indication or illness is not life threatening.
Types of medication that will be covered are those for insomnia, allergies, depression, herpes, weight loss, erectile dysfunction, snoring, and migraines. Medications for cosmetic use (such as for hair loss or wrinkles) will also be covered in the report.
Note that sales and market share data include all prescription drugs.