Global spending on medicines — based on invoice price levels — is expected to grow at 3 to 6 percent annually (CAGR) through 2026 to reach about $1.8 trillion by 2026, including spending on COVID-19 vaccines and novel therapeutics, according to a new report, The Global Spending and Usage of Medicines, released by the IQVIA Institute for Human Data Science.
The total cumulative spending on COVID-19 vaccines since their introduction through 2026 is projected to be $251 billion, largely from the initial wave of vaccinations to be completed by 2022 in most countries.
In subsequent years, booster shots are expected to be required annually or more often as the limited durability of immunity and the continued emergence of viral variants drive recommendations for additional inoculations, the report said.