Published By : 02 Jun 2016 | Published By : QYRESEARCH
Though no effective treatment has been found to completely eliminate a variety of cancers as of yet, the market for cancer treatment therapies and drugs is one of the most ripe segments of the global healthcare industry as the demand for treatments is huge. The prevalence of a variety of cancers has been rising at an alarming pace in the past few decades and the disease has become one of the topmost reasons for deaths across the globe annually.
To find effective cure for the disease, and millions and billions of dollars of funds have been poured-in by private research bodies, governments, and pharmaceutical companies alike. All major multinational pharmaceutical companies have launched a variety of drugs and other therapeutic courses to fight a variety of cancers.
Owing to the presence of many mighty contenders and several therapeutic options, the market for a cancer drugs and treatments has become highly competitive in the past few years. Companies are finding it difficult to content amid such tough competition and drugs that have required years of research and hundreds and thousands of dollars to bring to market are facing the threat from similar or equally effective substitutes.
Pharmaceutical major Novartis found itself in a similar situation when blockbuster cancer drug Afinitor faced competition from Exelixis's Cometriq and Bristol-Myers Squibb's Opdivo. But the company’s efforts at defending the drug against the competition received a boost when it was approved by European regulators recently. The drug was approved for use on some types of advanced lung neuroendocrine and gastrointestinal tumors in the region.
Afinitor had posted $1.61 bn in sales in 2015 but the drug was facing tough competition from rival drugs which demonstrated more effective results in trials for some varieties of kidney cancer. Chief Executive of Novartis has acknowledged the competition that Afinitor faces from rival drugs but has said that the drug’s promise lies in its several applications for a number of different tumors. This fact was highlighted when the drug won approval for use against some rare cancers that are diagnosed in many people at advanced stages and are difficult to fight.