Seattle, WA -- (SBWIRE) -- 09/27/2019 -- Hospital pharmaceutical consists of pharmaceuticals which are purchased by hospitals and used for treatment of either inpatients or outpatients. Hospital pharmaceutical drugs includes critical care and therapeutic drugs applied in infections, alimentary tract and metabolism, cardiology, urology, neurology, sensory organs, musculoskeletal system, respiratory system, dermatology, hematology and other. The primary responsibility of hospital pharmacy is procurement, storage and selling of medications. Hospital pharmaceuticals consists of medicines purchased for hospitals, healthcare centers in order to be administered to patients during hospital enabled treatment period.
The procurement of hospital pharmaceuticals for inpatients are not regulated by any legislation. Price of hospital pharmaceuticals are based on the negotiations between the hospital pharmacy and pharmaceutical company, especially in case of bulk purchases. However, hospital pharmacies are free to negotiate purchasing price with the industries officials depending on hospital needs and competition between the suppliers in market to receive hospital formulary.
For instance, Pharmac, a New Zealand government agency takes the decision about which medicines should be publically funded to help the patients get medicines at subsidized price and make choices on spending of District Health Board (DHB) on medical treatments. Pharmac with their increased horizon in vaccines, haemophilia treatments, cancer treatments and hospital medicines segment takes decisions on medicines funded in DHB hospitals and negotiates on budget management of hospital medicines. Pharmac publishes the list of subsidiarised medicine and drugs in their pharmaceutical schedule, annually. Pharmaceutical schedule list consists of formulations, doses, subsidy price of medicine and prescribing guidelines and it made accessible to health professionals and pharmacists.
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High prevalence of chronic diseases is a major factor driving the hospital pharmaceuticals market. According to the World Health Organization (WHO), in 2015 around 17.7 million people died due the cause of cardiovascular disease (CVD), representing 31% of all world deaths. Over three quarters of the total CVD deaths take place in low and middle income countries, indicating in the need for better medications in such regions. According to WHO, globally 8.8 million people died due to the cause of cancer in 2015, which majorly includes lung, stomach, liver, colorectal and female breast cancer. According to data published by National Center for Complementary and Integrative Health (NCCIH), in August 2015, 25.3 million U.S. people were suffered from daily pain.
According to the report published by, NORC at the University of Chicago, in October 2016, 90% of hospital administrators in U.S. reported that, the increased drug prices during the period 2013 to 2015, and growth in inpatient drug spending made the moderate to severe impact on hospital pharmaceutical budget. The major findings by Federation of American Hospitals (FAH) highlighted that inpatient spending increased by 38.7% on per hospital admission, from 2013 to 2015, affecting hospitals ability to manage overall healthcare costs. The large and uncertain increase in the hospital associated drug cost could significantly impact the hospitals' ability to manage cost within the Medicare's fixed price based payment system.
Researchers from the Kumamoto University, Japan in October 2017, introduced a new drug- LCZ696, which protects heart from cardiac rupture and heart failure after acute myocardial infarction. LCZ696 is better over conventional drug in reducing cardiac death and hospitalization due to heart failure. According to the American Heart Association (AHA), more than 6 million U.S. people are living with heart failure and around 9,00,000 new cases are diagnosed each year.
The U.S. Food and Drug Administration on September 2017, approved the-Mvasi, a first biosimilar approved in U.S. for the treatment of colorectal, lung, brain, kidney and cervical cancers. Moreover, the FDA granted approval to Mvasi from Amgen, Inc. Introduction of biosimilars will help to decrease the healthcare cost and increase the access to therapies, thereby driving the global hospital pharmaceuticals market.
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Hospital Pharmaceuticals Market Taxonomy:
By Therapeutic application:
Pain & Infection
Key players operating in the hospital pharmaceuticals market includes Bayer AG, Novartis AG, Pfizer, Inc., AstraZeneca plc, GlaxoSmithKline plc, Johnson & Johnson, F. Hoffmann-La Roche Ltd, Sanofi S.A., Merck & Co., Inc. and Eli Lilly and Company.
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