Emergence of Covid-19 is to Augment Growth of Patent Medicine Market
A patent medicine is a pharmaceutical product developed for the first time for a specific disease condition. Only a company that holds the patent of a particular medicine is allowed to manufacture it and make a profit. Sometimes, pharmaceutical companies are granted drug patents for 20 years. Sometimes the duration of a patent for a drug varies in years according to its usefulness and the country in which the patent is applied for approval. The effective duration is mostly seven to twelve years.
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Increasing prevalence of diseases worldwide is expected to propel the growth of the patent medicine market. Hundreds of drug patents are launched every year. For instance, in February 2021, Pfizer Inc. announced that the U.S. Patent and Trademark Office (USPTO) recently issued a U.S. Patent Term Extension (PTE) certificate for IBRANCE (palbociclib). The PTE certificate was granted under the patent restoration provisions of the Drug Price Competition and Patent Term Restoration Act of 1984.
Moreover, in February 2021, PolarityTE announced that the U.S. Patent and Trademark Office (USPTO) has issued a Notice of Allowance for U.S. Application No. 16/165,169 filed on October 19, 2018. This is the Company’s second patent allowance in the United States.
Furthermore, increasing research and development activities by key players in the market for novel medicines, especially in North America, is expected to augment the growth of the patent medicine market. For instance, in July 2020, Pfizer patented its substituted carbonucleoside derivatives useful as anticancer agents.
The emergence of COVID-19 is expected to offer lucrative growth opportunities for players in the patent medicine market. For instance, in February 2021, IncellDx filed patents for algorithms identifying immunologic profiles unique to COVID long haulers and patients with severe COVID. However, the high cost of patent medicine compared to generic medicine is expected to restrain the patent medicine market growth.
In June 2020, GlaxoSmithKline patented invention related to immunogenic compositions such as vaccines, comprising immunogenic polypeptides from Haemophilus influenzae and Moraxella catarrhalis, which is used for boosting immune response.
In April 2020, Otsuka Pharmaceutical patented invention related to an injectable preparation comprising 7-[4-(4-benzo[b]thiophen-4-yl-piperazin-1-yl)butoxy]-1H-quinolin-2-one or a salt, which has a wide therapeutic spectrum for central nervous system diseases (particularly schizophrenia).
Major Key Players Include In Patent Medicine Market: Pfizer Inc, Bristol-Myers Squibb, GlaxoSmithKline plc, Novartis International AG, Sanofi S.A, Merck & Co., Inc., Roche Holding AG, Amgen Inc, and AbbVie Inc.
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Main points in Patent Medicine Market Report Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Patent Medicine Market Size Analysis from 2021 to 2027
11.6 COVID-19 Outbreak: Patent Medicine Industry Impact
Chapter 2 Global Patent Medicine Competition by Types, Applications, and Top Regions and Countries
2.1 Global Patent Medicine (Volume and Value) by Type
2.3 Global Patent Medicine (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Patent Medicine Sales, Consumption, Export, Import by Regions (2016-2021)
Chapter 5 North America Patent Medicine Market Analysis
Chapter 6 East Asia Patent Medicine Market Analysis
Chapter 7 Europe Patent Medicine Market Analysis
Chapter 8 South Asia Patent Medicine Market Analysis
Chapter 9 Southeast Asia Patent Medicine Market Analysis
Chapter 10 Middle East Patent Medicine Market Analysis
Chapter 11 Africa Patent Medicine Market Analysis
Chapter 12 Oceania Patent Medicine Market Analysis
Chapter 13 South America Patent Medicine Market Analysis
Chapter 14 Company Profiles and Key Figures in Patent Medicine Business
Chapter 15 Global Patent Medicine Market Forecast (2021-2027)
Chapter 16 Conclusions
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