Reimbursement Plans bring Profitability in Anticoagulant Reversal Drugs Market
Application of anticoagulant reversal drugs has increased in the modern days for treating health conditions that have the potential to be life-threatening. Manufacturers in the global anticoagulant reversal drugs market have sensed the increasing demand and are diverting their focus towards research and development activities to gain better hold of the market. This creates a very robust and efficient pipeline in the reversal drugs market in different regions including North America and Europe as major market players are concentrated in these regions. Moreover, governments of these regions financially aid the therapeutics production in anticoagulant reversal drugs market which encourages the stake holders to introduce novel drugs. Major drugs get fast track approvals which allows them to reach greater consumer segment in shorter period of time.
Idarucizumab is highly preferred drug
Favorable government initiatives in different developed countries end up making the global market environment very conducive. High prices of these reversal drugs prompt the manufacturers on global and regional level to fasten up production of generic drugs. The global market is highly fragmented in nature and generates plethora of opportunities to accommodate regional, local and global players.
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Idarucizumab is one of the highly preferred anticoagulant reversal drug that has witnessed significant increment in its sales. Its sale increased by 19% from the year 2018 to 2019. The immediate surge in the sale of the drug can be contributed to the absence of equivalent substitute drug in market. However, latest Fact.MR report predicts that its sale will decrease by 11% by the year 2026 owing to the tough competition from Andexxa which was government approved in the year 2018. Preference for Andexxa has steeply increased over Idarucizumab for the former being an orphan drug. Fact.MR report projects that the popularity for Andexxa will increase exponentially in future due to the absence of equally effective drug in the global market.
New payment systems attract customers
High cost is a major factor that inhibits market growth. New payment systems with new technology are introduced by governments of various developed nations to encourage production and development of new anticoagulant reversal drugs. Reimbursement plans have been introduced to help the patients with expenditure and to drive the global anticoagulant reversal drugs market towards profitability. These plans include drugs like Praxbind and allow its complete reimbursement in many places like England, Ireland and Wales even in absence of Health Technology Appraisal Authorities. These favorable reimbursement plans are anticipated to amplify the sales in the global anticoagulant reversal drugs market during the forecast period.
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Fact.MR report highlights hospital pharmacies to be the segment that that would account for ̴65% of the global sale by the end of year 2026. Growth in incidences of various medical disorders including artrial fibrillation, gastrointestinal hemorrhages and intracranial hemorrhages is expected to surge the demand for anticoagulant reversal drugs. North America is a prominent region in the global market owing to huge concentration of hospitals with quality health care services.
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