According to a report by US health data company IQVIA Holdings Inc released Thursday, total global expenditure on COVID-19 vaccines is expected to reach $ 157 billion by 2025, thanks to ongoing mass vaccination programs and ” booster injections ”expected every two years.
IQVIA, which provides data and analysis for the health sector, said it expects the first wave of COVID-19 vaccinations to reach around 70% of the world’s population by the end. from 2022. The booster shots will likely follow both the initial vaccinations. years, according to the report, based on current data on how long vaccines last.
The United States is bracing for the possibility that a booster shot will be needed between nine and 12 months after people receive their first full inoculations against COVID-19, a White House official said earlier this month -this. Pfizer Inc also said boosters might be needed within 12 months.
Vaccine spending is expected to be the highest this year at $ 54 billion with massive vaccination campaigns underway around the world. It is expected to decline thereafter to $ 11 billion in 2025, as increased competition and vaccine volumes drive prices down, said Murray Aitken, senior vice president of IQVIA.
Forecasts of such skyrocketing sales growth for a new class of drugs or vaccines are unmatched, but are reminiscent of the $ 130 billion spent on new hepatitis C treatments between 2014 and 2020 due to pent-up demand, Aitken said in an interview.
The spending forecast for COVID-19 vaccines is 2% of the roughly $ 7 trillion forecast for all prescription drugs during this period, IQVIA said.
Excluding the cost of COVID-19 vaccines, overall drug spending is expected to be $ 68 billion lower over the six years 2020 to 2025 than it would have been without the pandemic, according to the report.
The pandemic caused major disruptions in doctor visits, procedures and drug use, leading to some storage in the first few days for some drugs and then a return to a more normal trend, according to the report.
“While COVID-19 vaccines will cost $ 157 billion over the next five years,” Aitken said, “that’s a very small price to pay compared to the human cost of the pandemic.”