The Drug Repurposing Market report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
New York, NY -- (SBWIRE) -- 03/10/2017 -- Requirement of low investment of time and money in the drug development is the prime advantage of drug repurposing and majority of the drugs in pipeline of major pharmaceutical companies are thus adopt this method. Some of the factors accelerating the drug repurposing activities include sunk research cost, ready availably of bioavailability, pharmacology, toxicity profile & pharmacokinetics data, well established manufacturing protocol etc.; which are expected to drive the global drug repurposing market. There are thousands of failed molecules shelved into the drug libraries, which hold vast potential to reposition. Whereas, limited access chemical structure data of drug molecules, lack of funding etc. are some of the factors limiting the growth of global drug repurposing market.
Patent-cliff and drug attrition rate are the major challenge for pharmaceutical and healthcare industry, putting huge pressure on pipeline. Today's industry also faces considerable competition from generic versions of off-patent drugs. Repurposing thus gives a major hope for the pipeline growth and future of healthcare industry. This also provides legacy of out-licensing clinical candidates that have been proven save but could not met the end point.
Oncology holds the highest growth potential in the global drug repurposing market as there is significant unmet need for cancer treatment and divergent nature of a disease. On the basis of regional presence, global drug repurposing market is segmented into five key regions viz. North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is expected to lead the global market due to strong funding sources for drug repurposing such as NIH's National Center for Advancing Translational Sciences.
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Companies operating in pharmaceutical market are exploiting drug repurposing strategy to protect the market exclusivity of their blockbuster molecules. Several big pharmaceutical companies like Sanofi are forming venture with medium to small scale companies for use of their repurposing platform to find alternative use for clinical-stage molecules. Some of the other players operating in global drug repurposing market are Astellas Pharma Inc., Biovista, Novartis AG, AbbVie Inc., Pfizer Inc., Allergan Plc., NuMedii and others. Companies are also maintaining external partnerships in drug repurposing. Private foundations and clinical research organizations are also entering into drug repurposing market.
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