Table of Contents
Prescription Drug Market Overview
Prescription drug is regulated by agencies like the FDA and EMA, require a healthcare provider’s prescription for dispensation, and treat various conditions, from infections to chronic diseases.
They come in forms like tablets, liquids, and injections and contain active ingredients for therapeutic effects.
Dosage is tailored based on factors like age and condition severity, with specific administration instructions provided.
While they offer benefits, prescription drugs may also pose risks, including side effects and interactions with other medications.
Cost and accessibility vary, impacting patient access. Adherence to prescribed regimens is crucial for optimal outcomes. Understanding these fundamentals empowers patients and supports safe, effective treatment.
Market Drivers
Various factors drive the global prescription drug market. These include the growing prevalence of chronic illnesses worldwide, especially among older demographics, and continuous advancements in medical technology, stimulating the creation of new pharmaceuticals.
Furthermore, the expansion of healthcare infrastructure, rising healthcare spending, and evolving lifestyles all contribute to a higher need for prescription drugs.
Emerging markets present substantial growth prospects, aided by regulatory changes and accessibility initiatives.
Moreover, the emphasis on personalized medicine and responses to pandemics also drive market growth, collectively shaping the global prescription drug landscape.
Market Size
- The Prescription Drugs market is predicted to reach US$1.09 trillion by 2024, with an expected 4.10% annual growth rate from 2024 to 2028, leading to a market size of US$1.28 trillion by 2028.
- The global pharmacy market size is expected to be worth around USD 1,750 billion by 2032 from USD 1,108 billion in 2022, growing at a CAGR of 4.8% during the forecast period from 2022 to 2032.
List of Major Companies
These are the top ten companies operating in the Prescription Drug Market:
Abbott
Company Overview
| Establishment Year | 1888 |
| Headquarter | Green Oaks, Illinois, U.S. |
| Key Management | Robert B. Ford (Chairman & CEO) |
| Revenue (US$ Bn) | $ 40.1 Billion (2023) |
| Headcount | ~ 114,000 (2023) |
| Website | http://abbott.com/ |
About Abbott Laboratories
Abbott Laboratories is advancing in the prescription drug sector with recent innovations. Notably, they’ve launched PROTALITY™, a high-protein nutrition shake aiding adults in weight loss. This aligns with their strategy to improve nutritional support through science-driven products.
In medical devices, Abbott secured FDA approval for TriClip™, addressing leaky tricuspid heart valves, and obtained a CE Mark for Assert-IQ™ Insertable Cardiac Monitor, facilitating long-term monitoring of irregular heart rhythms.
The company also strengthens its market position through acquisitions and ongoing research, ensuring a robust pipeline of healthcare solutions.
Geographical Presence
Abbott’s extensive global presence spans North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
In North America, the company engages in research, manufacturing, and distribution in both the US and Canada.
In Europe, Abbott strategically places its offices and facilities to cater to diverse markets while complying with local regulations.
Significant investments in the Asia-Pacific region, including China, Japan, India, and Australia, address evolving healthcare needs.
In Latin America, Abbott actively contributes to healthcare advancement across multiple countries. Additionally, it collaborates on innovative solutions in the Middle East and Africa, demonstrating its steadfast commitment to improving global healthcare.
Recent Developments
- In March 2024, Abbott, Real Madrid, and the Real Madrid Foundation extended their partnership through the 2026-27 season.
- In January 2024, Abbott introduced its new PROTALITY™ brand, featuring a high-protein nutrition shake aimed at adults seeking weight loss without sacrificing muscle mass or nutrition.
Merck
Company Overview
| Establishment Year | 1891 |
| Headquarter | Rahway, New Jersey, U.S. |
| Key Management | Robert M. Davis (Chairman, President and CEO) |
| Revenue (US$ Bn) | $ 60.1 B (2023) |
| Headcount | ~ 72,000 (2023) |
| Website | http://merck.com/ |
About Merck
Merck & Co., Inc. (MSD outside the United States and Canada) has experienced robust growth in prescription drugs, fueled by strong performances in oncology and vaccines.
Keytruda, its flagship cancer drug, saw a significant 21% sales increase globally, driven by rising demand. Expanding its oncology portfolio, Merck acquired Harpoon Therapeutics, adding innovative T-cell engager therapies.
The launch of the Merck Digital Sciences Studio aims to accelerate drug discovery through AI and digital tech.
Additionally, Merck has seen growth in Gardasil sales and introduced Vaxneuvance for pediatric use in the U.S., demonstrating its commitment to innovation and therapeutic expansion.
Geographical Presence
Merck & Co., Inc., globally known as Merck Sharp & Dohme (MSD), strategically spans North America, Europe, Asia-Pacific, Latin America, and the Middle East/Africa.
Headquartered in Kenilworth, New Jersey, its US operations are pivotal for innovation. Across Europe and the Asia-Pacific region, including China and Japan, Merck addresses diverse healthcare needs.
With a strategic presence in key Latin American and Middle Eastern/African markets like Brazil and South Africa, Merck underscores its dedication to enhancing global healthcare access and patient outcomes.
Recent Developments
- In March 2024, Merck acquired Harpoon Therapeutics, Inc., making it a wholly-owned subsidiary.
- In June 2022, Merck introduced the Merck Digital Sciences Studio (MDSS) to drive innovation in drug discovery and development through technology.
Sanofi
Company Overview
| Establishment Year | 1973 |
| Headquarter | Paris, France |
| Key Management | Paul Hudson (CEO) |
| Revenue (US$ Bn) | $ 50.2 Billion (2022) |
| Headcount | ~ 86,088 (2023) |
| Website | http://sanofi.com/ |
About Sanofi
Sanofi, a global healthcare leader in the prescription drug sector, has made several notable advancements recently.
The company has strategically focused on enhancing its portfolio by divesting certain central nervous system (CNS) drugs to Pharmanovia, aiming to streamline its offerings and concentrate on high-growth areas.
In terms of new product launches, Sanofi introduced Altuviiio, a treatment for hemophilia A, and Beyfortus, an infant RSV antibody, reflecting its commitment to innovative therapies.
Additionally, Sanofi has seen substantial success with its immunology drug Dupixent, which reported a 37% increase in sales and is advancing into new indications such as chronic obstructive pulmonary disease. These efforts align with Sanofi’s strategy to focus on first-in-class or best-in-class growth drivers.
Geographical Presence
Sanofi S.A., based in Paris, France, has a strong presence across the Americas, Europe, Asia-Pacific, the Middle East, and Africa.
Operating in key markets like the United States, Canada, Brazil, France, Germany, and the United Kingdom, Sanofi focuses on addressing diverse healthcare needs.
In Asia-Pacific, including China, Japan, and Australia, it invests to improve healthcare access. Additionally, in the Middle East and Africa, Sanofi enhances healthcare services through partnerships, reflecting its global commitment to advancing healthcare.
Recent Development
- In May 2024, the FDA accepted the supplemental Biologics License Application (sBLA) for Sarclisa (isatuximab) combined with bortezomib, lenalidomide, and dexamethasone (VRd) for treating newly diagnosed multiple myeloma (NDMM) patients who are ineligible for transplant.
- In May 2024, Sanofi, Formation Bio, and OpenAI teamed up to create AI-driven software to speed up drug development and deliver medicines to patients faster.
Thermo-Fisher
Company Overview
| Establishment Year | 1958 |
| Headquarter | Waltham, Massachusetts, U.S. |
| Key Management | Marc N. Casper (CEO) |
| Revenue (US$ Bn) | $ 42.8 Billion (2023) |
| Headcount | ~ 122,000 (2023) |
| Website | http://www.thermofisher.com/ |
About Thermo Fisher Scientific
Thermo Fisher Scientific has made significant strides in the prescription drug sector, focusing on innovative partnerships and product expansions.
Recently, the company partnered with Mindray to introduce two new clinical chemistry analyzers, the BS-480 and BA-800M, which enhance drug screening capabilities in the U.S. and Canada.
These analyzers are designed to improve efficiency and accuracy in drug testing, addressing the needs of toxicology labs and the criminal justice system.
Additionally, Thermo Fisher continues to support pharmaceutical development through its extensive range of services, including clinical trial management and advanced analytical solutions.
The company’s commitment to expanding its pharmaceutical services is further demonstrated by its ongoing efforts to streamline drug development processes and accelerate the availability of new therapies.
Geographical Presence
Thermo Fisher Scientific, a global leader in scientific solutions, has a vast presence in over 180 countries, including North America, Europe, Asia-Pacific, and emerging markets.
In North America and Europe, it operates extensive networks of facilities and partnerships to support research, manufacturing, and customer service needs.
In the fast-growing Asia-Pacific region, notably China and India, Thermo Fisher taps into expanding markets for scientific tools and healthcare solutions.
It also actively engages in emerging markets, forming partnerships and providing tailored solutions to drive global scientific progress.
This extensive presence reflects Thermo Fisher’s dedication to advancing science and providing innovative solutions worldwide.
Recent Development
- In March 2024, Thermo Fisher Scientific and Bayer AG teamed up to develop next-generation sequencing (NGS)–based companion diagnostic assays (CDx).
- In June 2023, Thermo Fisher Scientific Inc. unveiled the Thermo Scientific™ Orbitrap™ Astral™ mass spectrometer, a revolutionary breakthrough in mass spectrometry, marking a significant achievement in the field after 15 years.
Bristol-Myers-Squibb
Company Overview
| Establishment Year | 1887 |
| Headquarter | Princeton, New Jersey, U.S. |
| Key Management | Chris Boerner (CEO) |
| Revenue (US$ Bn) | $ 45.01 B (2023) |
| Headcount | ~ 34,100 (2023) |
| Website | http://bms.com/ |
About Bristol Myers Squibb
Bristol Myers Squibb (BMS) continues its progress in the prescription drug sector, achieving significant milestones in oncology.
Notably, the FDA approved Opdivo in combination with cisplatin and gemcitabine for treating urothelial carcinoma.
BMS also acquired Karuna Therapeutics, adding promising treatments to its pipeline, and received conditional marketing authorization from the European Commission for Krazati in advanced non-small cell lung cancer.
Additionally, new data from the DAYBREAK study affirmed Zeposia’s long-term efficacy and safety in relapsing forms of multiple sclerosis.
These actions underscore BMS’s commitment to expanding its innovative therapies and sustaining growth in pharmaceuticals.
Geographical Presence
Bristol Myers Squibb (BMS) boasts a robust global presence and is strategically located across key regions worldwide.
Headquartered in New York City, USA, the company operates extensively throughout North America, with a strong network of facilities and distribution centers.
Expanding internationally, BMS maintains significant operations in Europe, Asia-Pacific, and Latin America, with offices in major pharmaceutical hubs and emerging markets.
This expansive footprint underscores BMS’s dedication to serving diverse patient populations and capitalizing on growth opportunities across the pharmaceutical landscape.
Recent Developments
- In March 2024, the FDA sanctioned nivolumab in conjunction with cisplatin and gemcitabine as a primary therapy for adult patients diagnosed with unresectable or metastatic urothelial carcinoma (UC).
- In February 2024, Bristol Myers Squibb unveiled recent Phase 3 DAYBREAK extension trial results, highlighting Zeposia’s lasting efficacy and safety in relapsing MS patients.
Teva
Company Overview
| Establishment Year | 1901 |
| Headquarter | Tel Aviv, Israel |
| Key Management | Richard Francis (President and CEO) |
| Revenue (US$ Bn) | $ 15.8 Billion (2023) |
| Headcount | ~ 35,000 (2023) |
| Website | http://www.tevapharm.com/ |
About Teva Pharmaceuticals
Teva Pharmaceuticals has made notable advancements in the prescription drug sector, emphasizing its innovative and generic drug portfolios.
Recently, Teva received approval for a generic version of Forteo (teriparatide injection) for osteoporosis, enhancing access to this critical treatment.
Additionally, Teva, in collaboration with Alvotech, launched SIMLANDI (adalimumab-ryvk) in the U.S., a biosimilar to Humira aimed at treating autoimmune conditions like rheumatoid arthritis.
The company also announced a strategic partnership with Sanofi to co-develop TEV’574 for treating inflammatory bowel diseases, currently in Phase 2b clinical trials.
These initiatives reflect Teva’s ongoing commitment to growth and expanding its therapeutic offerings in both generic and innovative medicines.
Geographical Presence
Teva Pharmaceuticals maintains a vast global presence across North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa, with headquarters in Israel.
In North America, it operates centers in the United States and Canada, including major facilities in Pennsylvania, New Jersey, and California.
In Europe, Teva is present in Germany, the United Kingdom, Ireland, Hungary, and Croatia. Its footprint in the Asia-Pacific region includes India, China, Japan, and Australia.
Teva also operates in Latin American countries such as Mexico, Brazil, Argentina, and Chile, as well as in the Middle East and Africa, including Israel, Egypt, South Africa, and the United Arab Emirates.
This extensive global network reflects Teva’s dedication to offering accessible healthcare solutions worldwide.
Recent Developments
- In April 2024, Teva Pharmaceuticals and Alvotech announced FDA approval for SELARSDI injection, designating it as a biosimilar to Stelara.
- In October 2023, Sanofi and Teva Pharmaceuticals collaborated on TEV’574, a TL1A inhibitor currently in Phase IIb clinical trials for both ulcerative colitis and Crohn’s disease, types of inflammatory bowel disease (IBD).
Roche
Company Overview
| Establishment Year | 1896 |
| Headquarter | Basel, Switzerland |
| Key Management | Thomas Schinecker (CEO) |
| Revenue (US$ Bn) | $ 65.4 Billion (2022) |
| Headcount | ~ 122,000 (2022) |
| Website | http://www.roche.com/ |
About Roche
Roche continues to solidify its position as a leader in the prescription drug sector through significant advancements and strategic initiatives.
In 2024, Roche launched several highly anticipated drugs, including a new treatment for extensive-stage small-cell lung cancer called Imdelltra (tarlatamab-dlle) and Ojemda (tovorafenib) for relapsed pediatric low-grade glioma.
The company also received FDA approval for its new drug Zevtera (ceftobiprole medocaril sodium) to treat bacterial infections and community-acquired pneumonia.
Additionally, Roche’s oncology pipeline was strengthened with the launch of Lumisight (pegulicianine), an optical imaging agent to detect cancerous tissues during surgery.
These developments highlight Roche’s commitment to expanding its innovative portfolio and addressing unmet medical needs.
Geographical Presence
Roche, headquartered in Basel, Switzerland, maintains a robust global presence across the Americas, Europe, Asia, Africa, and the Middle East.
In the Americas, it operates prominently in the United States, Canada, and Latin America. In Europe, it holds a strong position in major economies like Germany, France, the UK, and Switzerland.
Across Asia, Roche is active in key markets such as Japan, China, South Korea, and India. In Africa and the Middle East, it collaborates with local healthcare providers to expand access to its therapies and diagnostics.
This widespread presence reflects Roche’s commitment to advancing healthcare solutions globally, adapting to regional needs while prioritizing innovation and patient care.
Recent Developments
- In May 2024, Roche extended its partnership with Enable Injections to leverage Enable’s expertise and enFuse delivery technology further.
- In March 2024, Roche teamed up with PathAI, a leading AI technology provider in pathology, to develop AI-driven digital pathology algorithms for companion diagnostics.
Pfizer
Company Overview
| Establishment Year | 1849 |
| Headquarter | New York City, U.S. |
| Key Management | Albert Bourla (CEO) |
| Revenue (US$ Bn) | $ 58.5 Billion (2023) |
| Headcount | ~ 88,000 (2023) |
| Website | http://pfizer.com/ |
About Pfizer
Pfizer Inc. continues to strengthen its position in the prescription drugs sector with several significant developments in 2024.
The company has completed the acquisition of Seagen, a leader in antibody-drug conjugates (ADCs), which is expected to add approximately $3.1 billion in revenues and enhance Pfizer’s oncology portfolio.
This strategic move aligns with Pfizer’s goal to have at least eight blockbuster cancer drugs by 2030, focusing on key areas such as breast cancer, genitourinary cancer, blood cancer, and thoracic cancers.
Additionally, Pfizer has launched new drugs like ABRYSVO, a vaccine targeting respiratory syncytial virus (RSV), and is advancing its pipeline with innovative treatments.
These initiatives reflect Pfizer’s commitment to expanding its therapeutic offerings and maintaining robust growth.
Geographical Presence
Pfizer, a prominent pharmaceutical company, has a global presence across North America, Europe, Asia-Pacific, Latin America, Africa, and the Middle East.
Based in New York City, Pfizer operates manufacturing facilities, research centers, and offices throughout the United States and Canada, along with significant operations in key European markets such as the UK, Germany, France, Italy, and Spain.
The company has expanded into Japan, China, Australia, and South Korea in the Asia-Pacific region. It is active in Latin American countries like Brazil, Mexico, Argentina, and Colombia, focusing on enhancing healthcare access.
Pfizer also collaborates with local stakeholders in Africa and the Middle East to address healthcare challenges, demonstrating its commitment to global healthcare advancement and innovation.
Recent Development
- In April 2024, Pfizer and Genmab A/S announced FDA approval of the supplemental Biologics License Application (sBLA) for TIVDAK® (tisotumab vedotin-tftv), granting full approval for treating patients with recurrent or metastatic cervical cancer after chemotherapy.
- In February 2024, Pfizer collaborated with UT Southwestern Medical Center to advance RNA-enhanced delivery technologies for genetic medicine therapies.
Qiagen
Company Overview
| Establishment Year | 1984 |
| Headquarter | Venlo, Netherlands |
| Key Management | Thierry Bernard (CEO) |
| Revenue (US$ Bn) | $ 1.9 Billion (2023) |
| Headcount | ~ 5,967 (2023) |
| Website | http://qiagen.com/ |
About Qiagen
Qiagen NV has been actively enhancing its presence in the prescription drugs sector through several key developments.
Recently, the company received FDA clearance for its NeuMoDx CT/NG Assay 2.0, which is designed to improve the detection of Chlamydia trachomatis and Neisseria gonorrhoeae infections using the NeuMoDx 96 and 288 Molecular Systems.
This expansion aims to provide faster and more reliable STI testing solutions. Additionally, Qiagen has launched QCI Secondary Analysis, a new bioinformatics tool to improve the analysis of genomic data for oncology and hereditary disease research.
Collaborations have also been a focal point; Qiagen partnered with the FBI to develop new forensic tests for digital PCR platforms, furthering its capabilities in molecular diagnostics and forensic science.
Geographical Presence
Qiagen NV, based in Venlo, Netherlands, has a robust worldwide presence in North America, Europe, and Asia-Pacific.
Its main operations in the US and Canada are crucial for research and distribution. In Europe, Qiagen has offices in key nations such as Germany, the UK, France, and Switzerland, with the Dutch headquarters as the central hub.
Across Asia-Pacific, including China, Japan, India, and Australia, Qiagen meets the rising demand for molecular diagnostics.
Moreover, it expands its market to Latin America, the Middle East, and Africa through strategic partnerships.
This global reach underscores Qiagen’s dedication to providing cutting-edge solutions in molecular diagnostics and life sciences globally.
Recent Developments
- In May 2024, QIAGEN received FDA clearance for clinical use of the QIAstat-Dx Respiratory Panel Plus syndromic test.
- In April 2024, Qiagen NV introduced the QIAseq xHYB Mycobacterium Tuberculosis Panel.
GE
Company Overview
| Establishment Year | 1994 |
| Headquarter | Chicago, Illinois, U.S. |
| Key Management | Peter Arduini (CEO) |
| Revenue (US$ Bn) | $ 19.5 Billion (2023) |
| Headcount | ~ 51,000 (2023) |
| Website | http://gehealthcare.com/ |
About GE
GE Healthcare, a leading global provider of medical technology and pharmaceutical diagnostics, is expanding into the prescription drug sector.
Recently, it acquired MIM Software to strengthen its imaging and radiology software, improving radiation therapy.
Additionally, GE Healthcare integrates AI into its diagnostic tools, enhancing efficiency and accuracy in medical imaging.
Innovations like deep-learning MR image reconstruction produce high-quality images faster, boosting diagnostic confidence.
These efforts demonstrate GE Healthcare’s dedication to using advanced technology for precise care and operational excellence in healthcare.
Geographical Presence
GE Healthcare, a subsidiary of General Electric Company, holds a significant global presence across North America, Europe, Asia-Pacific, Latin America, Africa, and the Middle East.
With operations spanning continents, the company strategically positions itself to serve diverse healthcare markets.
In North America, it leverages advanced technologies to support healthcare providers, while in Europe, it is a leading provider of innovative healthcare solutions.
In the Asia-Pacific region, GE Healthcare addresses healthcare challenges in emerging economies, and it extends its reach into Latin America, Africa, and the Middle East to enhance access to quality healthcare services. Through collaboration and innovation, GE Healthcare is dedicated to advancing healthcare worldwide.
Recent Developments
- In May 2024, GE Healthcare partnered with Medis Medical Imaging to enhance precision in diagnosing and treating coronary artery disease.
- In February 2024, GE Healthcare and Biofourmis joined forces to enhance care continuity through safe, effective, and accessible home-based services, extending support beyond hospitals. This collaboration leverages their combined expertise to scale and provide innovative home care solutions.
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