Vaccine products in R&D triples over last 10 years
In addition, yearly worldwide sales of vaccines are estimated to amount to $40 billion by the year 2020.
The quantity of vaccine products currently in clinical trials around the world has increased. Since 2008, vaccine product numbers have risen from 223 to 298 each year. This is an increase of 77 products compared to 1998.
Worldwide vaccine sales have also increased at a significant 11.5 percent each year from 2005 to 2014. This is approximately double the average yearly growth rate of pharmaceutical sales, which is six percent.
Experts have stated that these large increases are due to a wide range of factors. Some attribute it to a rising demand for novel vaccines to possibly treat and cure cancer around the world. Other health professionals say that it is also due to an effort to decrease health care spending.
“Vaccines have become an important business for many large pharmaceutical companies, and the vaccine market is likely to expand as demand for new vaccines grows,” Ronald Evens, adjunct research professor at Tufts CSDD and Tufts University School of Medicine and principal investigator of the study, said.