In November 2022 , Someone bought Twitter blue by paying $8 , created fake profile for Eli lilly company. Those of you are new , Eli lilly is second largest product of diabetic drugs in the world. This fake account tweeted “Insulin is free”. this silly joke end up costing $15 billion and Eli-lilly stock dropped as much as 4% on that day. Today in this article we analyze Diabetes drug market .
This tweet received a great deal of attention, it was Retweeted 4k+ times and liked by millions before anyone could find out that it is fake.
US is the largest market for Diabetes Drug
Diabetes drug ( insulin ) is not cheap in United States. in financial year 2021 alone as much as 1.4 Million people were forced to skip the drug or delay it’s intake due to higher cost. World wide consumption of the Diabetes drug was $58.6 Billion USD in year 2021. This is estimated to reach $63 Billion in 2022 and expected to grow as much as $68 Billion in year 2023.
United states alone counts for half of the world’s insulin ( diabetes drug ) consumption which is $27.1 Billion in 2021.
What is diabetes and it’s impact on world ?
United nation celebrates world diabetes day on November 14th each year. Diabetes is chronical disease and it impact as much as 537 million People in the world, Age range from 20 to 70 years.
There are major two types of diabetes :
Type-1 diabetes (Before known as insulin-dependent or childhood-onset diabetes) is basically due to lack of insulin production in body.
Type-2 diabetes (Before known as non-insulin-dependent or adult-onset diabetes) is caused by the body’s ineffective use of insulin. It often results from excess body weight and lake of exercise or physical activities.
Pharma companies makes major money from Type-1 Diabetes where patience’s needs to rely on insulin injections.
Global diabetes drug market
|Rank||Country||Consumption in USD||Percentage|
|1||United States||$27.1 Billion||46%|
|7||France||$1.4 Billion||2.0 %|
Key Points on Diabetes market :
Prices in the United States were consistently higher (sometimes five to ten times more) than those in other nations, even though the ratio of U.S. to other-country prices varied based on the comparative country and insulin type.
In almost every comparative nation, American pricing for analog vs human insulins were greater.
Although there were variations in market shares within insulin categories, there was often a substantial degree of overlap between insulin presentations sold in the United States and comparison nations.
When compared to other nations, the United States was unique in allowing the over-the-counter distribution of various forms of insulin. However, even in categories where U.S. distribution is totally over-the-counter, U.S. manufacturer pricing were still much higher than those in comparative nations.
The analysis suggests that even after taking into account potential rebates, U.S. insulin prices would have been significantly higher — about four times higher — than those in other countries, even though the authors concentrated their analysis on manufacturer prices rather than net prices after potential rebates
Types of Diabetes drugs :
Major players in insulin based drugs are Lilly, Novo Nordisk and AstraZeneca. Trulicity drug from Eli lily pharma company is the best drug in the market, in Financial year 2021 it sold as much as 4.7 Trillion doses. It is forecasted that in year 2024 this is expected to reach as much as 6.6 Trillion doses. This drug cost as much as $943
On second we have Ozempic , drug from Pharma company Novo Nordisk . in year 2021 it sold as much as 2.8 Trillion doses this number is expected to reach way higher to 6.1 Trillion in 2024.
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