Published Date : Feb 15, 2016
The worldwide market for pain management therapeutics market is anticipated to witness a sharp decline in the coming years mainly owing to the patent expiration of some of the leading drugs such as Eli Lily & Co.’s Cymbalta and Pfizer Inc.’s Lyrica. However, this trend is likely to prove to be advantageous for those manufacturing generic drugs since they will be presented with the opportunity to introduce their own formulations in the market.
Be that as it may, the sharp drop in the revenue contribution of the leading drugs, combined with the loss of their marketing exclusivity, the pain management therapeutics market is projected to be adversely affected. At present, the pain management therapeutics market lacks innovative formulations, a key reason behind the stagnant state of this market.
Addiction among Americans brought on by Opioid Analgesics
The Kaiser Family Foundation, in its most recent health tracking survey, found that an estimated 56 per cent of Americans reportedly had a personal association with prescription opioid analgesic abuse. Someone known to them had died from an overdose of opioid analgesics, someone they knew had an addiction problem associated with these drugs, or someone known to them consumed them without proper prescription.
America has been undergoing an epidemic of drug overdose, a factor that has resulted in the five-fold increase of death rate since 1980. By 2009, in fact, the number of people dying from a drug overdose surpassed those dying from motor vehicle accidents. This alarming statistic can be attributed to the surge in consumption of prescription drugs such as opioid analgesics. In order to control the misuse of pain management therapeutics, the most practical solution is to implement strategies that would effectively provide treatment for addicts, initiate public awareness programs, monitor prescriptions handed out by doctors, encourage people to throw out extra medication once the therapy was complete, and advise doctors on the proper use of painkillers.