The pharmaceutical industry harbors a vast range of key facts and significant data that can be beneficial to individuals and companies in the field. With the pharmaceutical market on a continuous rise in terms of revenue, innovation, and research, it’s important to stay up to date on current trends.

That’s why our team has compiled a list of 40+ statistics for your review, so you can learn more about the thriving pharmaceutical sector.

General Pharmaceutical Industry Trends

• New modalities, like cell and gene therapy, have increased from 11% to 21% of the drug development pipeline (McKinsey & Company)
• Based on pharmaceutical sales, the top therapeutic areas in the pharma industry are antidiabetics, immunology, oncologics, HIV antivirals, and respiratory (Statista)
• Research and development spending reached more than 300 billion dollars in the United States in 2023 (Statista)
• In 2023, biotechnology contributed to 40% of global pharmaceutical sales (Statista)
• The process of developing a new drug costs around 2.6 billion dollars in the USA, with the drug taking an average of 15 years to develop (Statista)
• The Pharmaceutical Research and Manufacturers of America trade group spends 21% of their revenue on research and development (Statista)
• PhRMA member companies spent 96 billion dollars in the USA on research and development in 2023 (Statista)
• In 2023, more than 5,500 pharmaceutical companies were conducting active research and development (Statista)
• More than 21,000 drugs were in the research and development phases in 2023 due to COVID-19 responses (Statista)
• Pfizer was the top U.S. company to develop new drugs in 2024 (Statista)

Statistics About the Pharmaceutical Market

• The total global pharmaceutical market in 2023 was estimated at around $1.6 trillion (Statistica)
• Compared to 2022, the total global pharmaceutical market increased by over 100 billion dollars in 2023 (Statistica)
• The United States accounts for nearly 40% of the world’s pharmaceutical market (National Library of Medicine)
• As of 2023, the top 5 largest pharmaceutical companies were Eli Lilly ($578.3B), Novo Nordisk ($452.8B), Johnson & Johnson ($377.7B), Merck ($263.9B), and AbbVie ($261.2B) (Visual Capitalist)
• Approximately $60 billion is spent collectively by the top 20 pharmaceutical companies each year for drug development (McKinsey & Company)
• The United States accounts for roughly 50% of global pharmaceutical sales revenue (PharmaNewsIntelligence)
• The pharmaceutical market in the United States is expected to surpass $1 trillion by the year 2030 (American Pharmaceutical Review)
• The biopharmaceutical market is expected to reach nearly $517 billion in 2024, and reach up to almost $762 billion by 2029 (Modor Intelligence)
• From 2024 to 2028, the pharmaceutical market is projected to experience an increased annual growth rate of 5.96% (Statistica)
• By 2027, the total global spending on medicine is projected to reach $1.92 trillion (Statistica)
• Currently, the United States is looking for an increased demand for personalized medicine and more targeted therapies (Statistica)
• In 2024, the United States gained more than 760 billion dollars in revenue from the pharmaceutical market (Statista)
• The United States accounted for 52% of global sales in the global pharmaceutical sector in 2024 (Statista)

A Career in the Pharmaceutical Industry: Noteworthy Statistics

• 56.8% of pharmacists in the United States are women and 43.2% of pharmacists are men (Zippia)
• Approximately 1.3 million people are employed in the pharmaceutical industry in the United States (U.S. Bureau of Labor Statistics)
• The average age of a pharmacist is 41 years old (Zippia)
• 91% of graduated pharmacists are known to work in the private sector (NIH)
• The average salary of a pharmacist is $118,968 as of 2024 (Zippia)
• The highest paying state for pharmacists is California, where the average yearly salary is $161,597 (Zippia)
• For every dollar that a man makes as a pharmacist, a woman makes approximately 98¢ (Zippia)
• The employment for pharmacists is expected to grow by 3% from 2022 to 2032 (U.S. Bureau of Labor Statistics)
• Over the decade, there is said to be 13,400 openings for pharmacists projected each year (U.S. Bureau of Labor Statistics)
• There has been a 20% increase in the demand for STEM-related jobs, making it difficult for the pharma industry to recruit technical talent (McKinsey & Company)

Statistics on Popular Prescription Drugs

• According to the Centers for Medicare & Medicaid Services (CMS), out-of-pocket drug spending is projected to peak in 2023 at $52.5 billion (Peterson-KFF)
• As of July of 2023, 25% of adults who take prescription drugs report difficulty in affording their medication (Peterson-KFF)
• There are more than 32,000 generic drugs that are approved by the FDA as of 2022 (FDA)
• In the United States, 91% of prescriptions are filled as generic drugs (FDA)
• Nationwide, the total spending on prescription drugs increased from $30 billion in 1980 to $335 billion in 2018 (Congressional Budget Office)
• Though the top 10% of drugs by price account for less than 1% of all prescriptions, they make up 15% of the retail spending and anywhere from 20% to 25% of the nonretail spending (ASPE)
• In 2020, around 6.3 billion prescriptions were dispensed in the United States (Statistica)

Oakwood Labs: Innovator of Sustained Release Drugs for the Pharmaceutical Sector

As seen in these compelling pharma market insights, it’s clear that the pharmaceutical industry is continuing to expand and develop, providing great value for both patients and business alike. Oakwood Labs plays an important role in this growth as a leader in the design and development of sustained-release drugs.

By using Chroniject™ technology, we developed a process where small molecules, peptides, and proteins can be injected and released over weeks, months, or years. This technology supports innovative solutions and has contributed to the success of the pharma industry.

With over 25 years of experience, we’ve helped bring drugs to the pharmaceutical market that enhance patient care and greatly benefit organizations. We also work with a wide range of clients, supplying services such as:

• Analytical and stability testing
• GMP aseptic manufacturing
• Feasibility program
• Formulation optimization and scale-up
• Contract manufacturing

By staying up to date on current pharma market insights, Oakwood Labs can help deliver the pharmaceutical solutions you’re looking for.

Contact Oakwood Labs for More Information

Oakwood Labs is a global provider of sustained-release pharmaceuticals and other medical services. Please contact our team of experts today for more information about all we can provide, as we look forward to answering any inquiries you have.

The team at Oakwood Labs has made it our mission to develop long-acting injectables to treat various diseases and disorders. This includes ongoing work with drugs to treat acromegaly and carcinoid tumors, both rare diseases that affect millions of people globally. Read on to learn more about the strides we’ve taken within endocrinology, and the broader healthcare sector.

The History of Acromegaly and Carcinoid Tumor Drug Development

Though carcinoid syndrome was first described by Thorson and colleagues in 1954, Pierre Marie discovered acromegaly years prior in 1886. At these times, there were no acromegaly and carcinoid tumor pharmaceuticals to reduce the size of malignant or benign growths, so surgical removal of a tumor was incredibly common.

Then, in the 1970s, dopamine agonists, such as bromocriptine and cabergoline, were introduced as treatment options to control tumor growth for acromegaly and carcinoid syndrome. However, the treatment came with a range of side effects, such as nausea, dizziness, and constipation, to name a few, so they are not used as standalone options for treatment today.

The Current State of These Pharmaceuticals

Numerous strides have been made within the healthcare sector since the early stages of acromegaly and carcinoid tumor drug development. For example, as of June 2020, the FDA has approved oral octreotide capsules as one of the first long-term maintenance treatments for acromegaly. This alternative is a viable solution for individuals who have responded to and tolerated treatment with injectable SRLs.

Along with more recent trials and discoveries, several targeted drugs are used to treat these diseases and manage their symptoms, with Sandostatin being one of the most common. These synthetic acromegaly and carcinoid pharmaceuticals are designed to mimic the body’s natural hormone, somatostatin, which, in turn, prevents the body from producing too many growth hormones and serotonin. 

What Oakwood Labs Is Developing Internally for Acromegaly and Carcinoid Tumor Treatment

Oakwood Labs has successfully manufactured and scaled up formulations focused on treating acromegaly and carcinoid tumors. The daily injections initially used for these conditions have been largely replaced by Sandostatin LAR, a one-month LAI product. Plus, our two-month formulations further reduce the number of injections and office visits patients experience by 50%, which can also help with enhancing patient compliance.

Additionally, Oakwood Labs currently has two endocrinology programs that are focused on creating pharmaceuticals to treat acromegaly and carcinoid tumors. Project Treestar is designed to specifically treat acromegaly and cancer-related nausea, while Project Lunar is looking to help those with type 2 diabetes. 

Partnership Opportunities

Oakwood Labs is seeking an external partner to help further develop our endocrinology program. Just some of the key responsibilities include:

• Funding the ongoing development activities
• Overseeing phase 1-3 of clinical trials
• Contributing to registration and commercialization efforts

If you’re interested in pursuing this opportunity, please reach out to our team directly for more information. We would be happy to supply the partner with additional information about the market opportunity, estimated financial projections, and development work to date.

FAQs About LAIs for Acromegaly and Carcinoid Tumor Treatment

What are the major benefits of an LAI in treatments for acromegaly, carcinoid tumors, and more?

When developing drugs for treating acromegaly and carcinoid tumors, know that long-acting injectables are effective for blocking the production of excess blood levels of growth hormone (GF) and reducing the insulin growth factor-1 (IGF-1) levels in acromegaly patients. This is helpful for individuals who cannot be treated with other methods, such as surgical intervention.

Sandostatin acts as a somatostatin analogue, mimicking a naturally occurring hormone that helps regulate hormone release from the tumor cells. This aids in the treatment of carcinoid tumors.

What are the current barriers to an LAI entering this particular space?

The barriers to entry for the LAI space are very high. You need to have a proven technology capable of delivering the right amount of the drug within a given therapeutic window. You also need an FDA-approved GMP facility to manufacture the product. Finally, you need a high level of expertise to understand, develop, and validate the process.

Oakwood has all these capabilities, along with over 25 years of expertise within the field.

Contact Our Team of Experts Today

If you have any questions regarding the process of developing pharmaceuticals for treating acromegaly and carcinoid tumors, or our work in the endocrinology space, please reach out to our team of experts today. And if you’re looking for a position within our partnership program, contact us directly, as we look forward to hearing from you.