Pfizer, Inc. Aims at Becoming the Market Leader in Cancer Treatment
The pharmaceutical company has its eyes on becoming the biggest market leader in the cancer treatment market.
Pfizer, Inc. is planning on conducting 20 clinical trials on Cancer patients in the current year. It aim is be the leader in the most lucrative area of medicine and looks to conquer cancer through these trials. Pfizer is considered as the world’s second largest pharmaceutical company in terms of its revenue.
The pharmaceutical companies, over 10 years ago, focused on injectable drugs such as Viagra and Lipitor, for which they were conducting trials and researches. Now it has shifted its focus on an even bigger area which is Cancer and plans to accomplish this task of discovering a cure or medicine for cancer. The previous two drugs the company was working on were for dysfunction treatment and cholesterol lowering drugs. After deciding on getting into the cancer treatment market, Pfizer, Inc. became one of the main competitors against other cancer focused drug developing companies which include, Merck & Co., Inc., Novartis AG ADR and Roche Holding AG ADR. Now the pharma company is focusing on conducting research and development in this area of medicine.
As per the reports by IMS Health, the drug market spends over $100 billion as of last year and by the year 2018, it is expected to reach to $147 billion. In the future, analysts are expecting the cancer drug market will be generating a lot of profits with huge margins and they are predicting that the market is likely to grow by 11.6%. At present, out of Pfizer products, it has eight cancer medicines that are approved. Out of these eight approved medicines, four were launched in 2015 and further 4 are under their last stage testing. Except from these eight drugs, the company has 14 others which are in very early stages. The medicines that are in their last stage are usually just waiting for regulators’ approval.
The trials that the pharmaceutical giant has planned to have are in two programs. The first program focuses on tumor killing drug while the second one’s attention is on immun0-oncology whose job is to work making a person’s immune system strong to fight against cancer. The head of global research and development at Pfizer stated on Tuesday that scientists have not been closer to finding a cure for cancer. The head, Mikael Dolsten further added that in comparison to other competitors in the market, Pfizer is aiming at becoming the market leader.
An analyst, Ashtyn Evans stated that Pfizer has years of experience in research and development of major drugs so it will not be impossible for the company to become the market leader in the immun0-oncology market as they have observed the company achieve a lot in very little time. In the immune-oncology department, the pharma company has worked on pills, injected drugs and therapeutic vaccines.
