# Pharmaceutical Drug Market

> Pharmaceutical Drug Market: USD 1.79 trillion in 2025, growing 5.71% a year as biologics and GLP-1 drugs lift price per dose. Segments, regions, companies.

Publisher: Douglas Insights  
Author: Douglas Insights Research Desk  
Report code: DI-HC-10476  
Published: 2026-10-06  
Last updated: 2026-10-06  
Next review: Apr 2027  
Page: https://www.douglasinsights.com/pharmaceutical-drug-market/

## Key figures

| Measure | Value | How it is built |
| --- | --- | --- |
| Market size · 2025 | $1.79 Tn | 3,586 billion DDDs x USD 0.499 per dose = USD 1.79 trillion |
| Forecast · 2035 | $3.12 Tn | USD 1.79 trillion compounded at 0.82% volume and 4.85% price for ten years |
| Revenue CAGR · 2026-2035 | 5.71% | (1.0082 x 1.0485) - 1 = 5.71% |
| Volume · 2035 | 3,891 billion DDDs | 3,586 billion DDDs growing 0.82% a year |
| Leading segment | Branded small molecules, 38.6% | USD 691 billion in 2025 |
| Fastest segment | Biosimilars, 13.24% | USD 41.2 billion in 2025 to USD 143 billion in 2035 |
| Fastest region | Middle East and Africa, 8.21% | USD 46.8 billion in 2025 to USD 103 billion in 2035 |
| Market leader | Eli Lilly, about 3.6% (estimate) | USD 65.2 billion 2025 revenue reported 4 February 2026 |
| Event | First Medicare negotiated prices in effect 1 January 2026 | CMS fact sheet |

## Key takeaways

- The pharmaceutical drug market is USD 1.79 trillion in 2025, from 3,586 billion defined daily doses at USD 0.499 per dose.
- The base case reaches USD 3.12 trillion by 2035, a 5.71% revenue CAGR built from 0.82% volume and 4.85% price growth.
- Branded small molecules lead with 38.6% of 2025 value, while biosimilars grow fastest at 13.24% a year to USD 143 billion.
- North America holds USD 813 billion, 45.4% of value, and the Middle East and Africa grows fastest at 8.21%.
- Medicare negotiated prices in effect since 1 January 2026, plus 15 more drugs at a 44% net saving from 2027, remove 0.27 points a year from the price leg.

Generic and biosimilar medicines fill 90% of US prescriptions yet collect only 12% of US prescription spending, and that split sets the shape of the Pharmaceutical Drug Market. The Pharmaceutical Drug Market covers finished prescription and over-the-counter medicines sold to patients, pharmacies and hospitals worldwide, valued at manufacturer invoice prices. Our receipt: 3.59 trillion defined daily doses (DDDs) at an average USD 0.499 per dose equals USD 1.79 trillion (USD 1789.40 billion) in 2025, rising to USD 3.12 trillion by 2035 at a 5.71% revenue CAGR. Price, not volume, carries that growth, and the US now negotiates it: [Medicare prices for the first ten negotiated drugs took effect on 1 January 2026](https://www.cms.gov/newsroom/fact-sheets/medicare-drug-price-negotiation-program-negotiated-prices-initial-price-applicability-year-2026), and the Centers for Medicare and Medicaid Services (CMS) says they would have cut 2023 net spending on those drugs by 22%. The report belongs to our [pharmaceuticals coverage](https://www.douglasinsights.com/industry/healthcare/pharmaceuticals/) and follows the [Douglas Insights research methodology](https://www.douglasinsights.com/research-methodology/).

## Which product type leads pharmaceutical drug revenue: branded small molecules, biologics or generics?

Branded small molecules lead pharmaceutical drug revenue with 38.6% of 2025 value, or USD 691 billion, because pills and tablets still treat most chronic disease under patent. Branded biologics follow at 31.7% and add the most dollars by 2035, while biosimilars grow fastest from a small base.

| Product type | Share 2025 | Value 2025 | Growth 2026-2035 | Value 2035 |
| --- | --- | --- | --- | --- |
| Branded small molecules | 38.6% | USD 691 billion | 4.12% | USD 1.03 trillion |
| Branded biologics | 31.7% | USD 567 billion | 7.86% | USD 1.21 trillion |
| Generics | 19.4% | USD 347 billion | 4.37% | USD 532 billion |
| Biosimilars | 2.3% | USD 41.2 billion | 13.24% | USD 143 billion |
| Over-the-counter medicines | 8.0% | USD 143 billion | 3.35% | USD 199 billion |

Branded small molecules hold USD 691 billion and grow 4.12% a year to USD 1.03 trillion, slowed by patent expiry on oral blockbusters. Branded biologics carry USD 567 billion and reach USD 1.21 trillion at 7.86%, since antibodies, peptides and cell therapies command the highest price per dose. Generics account for USD 347 billion and grow 4.37%, almost all of it from volume in Asia, Latin America and Africa. Biosimilars deliver USD 41.2 billion and grow fastest at 13.24% a year to USD 143 billion, because the largest antibody franchises are losing exclusivity this decade. Over-the-counter medicines make up USD 143 billion and grow 3.35%, the slowest line, as self-care spending tracks household income rather than innovation.

Channel matters too. Douglas Insights puts retail pharmacy at 58.3% of 2025 pharmaceutical drug value, hospital pharmacy at 34.9% and online pharmacy at 6.8%. Specialty biologics push spend toward hospital pharmacy, and mail-order fills push generics online. Manufacturing for both lines is tracked in our [Biologics Outsourcing Market](https://www.douglasinsights.com/biologics-outsourcing-market/) and [Small Molecule Injectable Market](https://www.douglasinsights.com/small-molecule-injectable-market/) studies.

## Why are pharmaceutical drug sales rising faster than daily-dose volume?

Pharmaceutical drug volume grows only 0.82% a year to 2035, yet revenue grows 5.71%, because new specialty medicines lift the average price per daily dose by 4.85% a year. Four volume drivers add the 0.82 points: ageing, emerging-market access, obesity treatment and new launches.

Ageing and chronic disease contribute 0.31 points, the largest share. The [United Nations World Population Prospects 2024, published on 11 July 2024](https://www.un.org/sustainabledevelopment/blog/2024/07/press-release-wpp2024/), projects that people aged 80 or over will outnumber infants by the mid-2030s, and that by the late 2050s more than half of all deaths will occur at 80 or older. Older patients take several medicines a day for hypertension, diabetes and cancer, and most of those medicines are taken for the rest of their lives. Each extra year of life adds doses. Our ageing contribution assumes no change in prescribing per patient, only more patients in the oldest age bands.

Emerging-market access adds 0.26 points. Latin American medicine spending reached about USD 93.1 billion in 2024 on IQVIA Institute data, and its constant-dollar growth of 7.7% a year outruns the global average. Most of that new demand is generics and branded generics, so it lifts doses far more than dollars. Douglas Insights expects Latin America and the Middle East and Africa together to add USD 147.6 billion of yearly pharmaceutical drug value by 2035.

Obesity and diabetes treatment adds 0.16 points of volume, and far more of value. [Eli Lilly reported on 4 February 2026](https://investor.lilly.com/news-releases/news-release-details/lilly-reports-fourth-quarter-2025-financial-results-and-provides) that Mounjaro sales rose 99% to USD 22.97 billion in 2025 and Zepbound sales rose 175% to USD 13.54 billion. Glucagon-like peptide-1 (GLP-1) drugs and tirzepatide are taken weekly for years, which turns one diagnosis into a long run of doses. Lilly guided 2026 revenue to USD 80 billion to USD 83 billion, a sign the obesity class keeps expanding.

New launches supply the final 0.09 points. [The US Food and Drug Administration (FDA) Center for Drug Evaluation and Research (CDER) approved 46 novel drugs in 2025](https://www.fda.gov/drugs/novel-drug-approvals-fda/novel-drug-approvals-2025), the last of them on 30 December 2025. Launch volume is small at first, but each new product sells at a premium price per dose. Together the four drivers sum to 0.82 points: 0.31 from ageing, 0.26 from access, 0.16 from obesity and 0.09 from launches. The price leg is a separate story, led by oncology, immunology and GLP-1 mix.

## Which headwinds slow pharmaceutical drug revenue, from biosimilar entry to Medicare negotiation?

Three headwinds remove 1.30 points a year from the pharmaceutical drug price leg: loss of exclusivity takes 0.78, Medicare negotiation takes 0.27 and payer price controls outside the US take 0.25. Gross price and mix growth of 6.15% falls to the 4.85% used in our base case.

Loss of exclusivity (LOE) is the heaviest drag at 0.78 points. [Johnson and Johnson said on 21 January 2026](https://www.jnj.com/media-center/press-releases/johnson-johnson-reports-q4-and-full-year-2025-results) that Stelara biosimilars took roughly 1,040 basis points off Innovative Medicine growth in 2025. AbbVie booked only USD 4.54 billion from Humira in 2025, years after its peak, and Pfizer guides to a USD 1.5 billion LOE hit in 2026. Biosimilars and generics win the doses, and the brand loses most of the dollars.

Medicare negotiation removes 0.27 points. [On its 25 November 2025 release, CMS said second-cycle prices on 15 drugs equal a 44% net saving, or USD 12 billion](https://www.cms.gov/newsroom/press-releases/cms-delivers-savings-seniors-15-major-drugs-cancer-chronic-disease), against USD 42.5 billion of gross Part D costs. Those prices start on 1 January 2027 and join the ten drugs already discounted. The list of selected drugs grows every year.

Payer price controls outside the US remove 0.25 points. Europe and Japan set prices through health technology assessment and regular cuts, so their pharmaceutical drug spending grows slower than volume plus innovation would suggest. Douglas Insights models Japan as flat in constant dollars over the decade.

## How much does a defined daily dose of pharmaceutical drug cost, generic versus brand?

A defined daily dose of pharmaceutical drug costs USD 0.499 on our 2025 global blend, but the band runs from about USD 0.136 for generics to USD 7.532 for branded biologics. That 55-fold gap explains why 2.1% of doses earn 31.7% of value.

US prescription data show the same split. Americans spent USD 98 billion on 3.9 billion generic prescriptions, about USD 25 each, and USD 700 billion on 435 million brand prescriptions, about USD 1,609 each, on figures from the Association for Accessible Medicines. Generic prices settle near 22% of the brand list price after entry, down from 34% three decades ago. Medicare discounts show how far list prices sit above net: CMS set 2027 prices 71% below the 2024 list price for Ozempic, Rybelsus and Wegovy, and 85% below for Janumet.

Our price leg of 4.85% a year takes the blended pharmaceutical drug price from USD 0.499 per dose in 2025 to USD 0.801 in 2035. Mix does most of the work. A patient moved from a generic statin to a GLP-1 injection raises the cost of a day of therapy many times over.

## Which companies lead pharmaceutical drug sales after the tirzepatide boom?

Eli Lilly leads pharmaceutical drug sales with USD 65.2 billion of 2025 revenue, which Douglas Insights estimates at 3.6% of 2025 value. The top three, adding Pfizer and AbbVie, hold about 10.6%, so no drugmaker controls more than a sliver of a USD 1.79 trillion market.

| Company | Disclosed 2025 figure | Position built on | Estimated share of 2025 value |
| --- | --- | --- | --- |
| Eli Lilly | USD 65.2 billion revenue, up 45% | Mounjaro and Zepbound (tirzepatide) | 3.6% |
| Pfizer | USD 62.6 billion revenue | Eliquis, vaccines and oncology | 3.5% |
| AbbVie | USD 61.2 billion net revenue, up 8.6% | Skyrizi and Rinvoq in immunology | 3.4% |
| Johnson and Johnson | USD 60.4 billion Innovative Medicine sales | Darzalex and oncology | 3.4% |
| AstraZeneca | USD 58.7 billion total revenue, up 8% at CER | Oncology and cardiovascular, renal and metabolism | 3.3% |
| Merck | USD 58.1 billion pharmaceutical sales | Keytruda at USD 31.7 billion | 3.2% |
| Roche | CHF 47.7 billion Pharmaceuticals Division sales | Oncology and neuroscience biologics | not converted |

Lilly grew 45% on tirzepatide, the fastest of the seven companies listed here, as [its 4 February 2026 results](https://investor.lilly.com/news-releases/news-release-details/lilly-reports-fourth-quarter-2025-financial-results-and-provides) show. Pfizer posted USD 62.6 billion, with Eliquis at USD 7.96 billion and COVID-19 products falling away. AbbVie reached USD 61.2 billion as Skyrizi rose to USD 17.56 billion and Rinvoq to USD 8.30 billion, replacing Humira. [Johnson and Johnson reported USD 60.4 billion of Innovative Medicine sales](https://www.jnj.com/media-center/press-releases/johnson-johnson-reports-q4-and-full-year-2025-results), up 6.0%, led by Darzalex, Carvykti and Erleada.

AstraZeneca grew total revenue 8% at constant exchange rates (CER) to USD 58.7 billion, driven by oncology. Merck sold USD 58.1 billion of pharmaceuticals, and Keytruda alone made USD 31.7 billion, the largest single product among these seven companies. Roche booked CHF 47.7 billion in its Pharmaceuticals Division, up 9% at CER. Six of these seven reported USD 366.2 billion together, or 20.5% of our total. Quality control for these portfolios is covered in our [Pharmaceutical Testing and Analytical Services Market](https://www.douglasinsights.com/pharmaceutical-testing-and-analytical-services-market/) study.

## Which region spends the most on pharmaceutical drugs, and where is volume growing fastest?

North America spends the most on pharmaceutical drugs at USD 813 billion in 2025, 45.4% of the global total, because US brand prices are the highest anywhere. The Middle East and Africa grows fastest at 8.21% a year as access widens from a small base.

North America reaches USD 1.33 trillion by 2035 at 5.08%, held back by Medicare negotiation. Europe stands at USD 401 billion and grows 4.43% to USD 619 billion under tight health technology assessment. Asia Pacific holds USD 437 billion and grows 7.24% to USD 879 billion on Chinese and Indian volume, though Japan stays flat. Latin America totals USD 91.9 billion and reaches USD 183 billion at 7.15%. The Middle East and Africa holds USD 46.8 billion and reaches USD 103 billion, the fastest at 8.21%, as Gulf insurers and African tender programmes buy more medicines. China is the wildcard: volume-based procurement keeps generic prices low, while innovative launches there keep rising.

## Which therapy areas absorb pharmaceutical drug spending, from oncology to obesity?

Oncology absorbs the largest share of pharmaceutical drug spending at 15.7% of 2025 value, or about USD 281 billion, up from USD 252 billion in 2024 on IQVIA Institute data. Diabetes and obesity follow at 12.4%, the fastest-rising therapy area as GLP-1 use spreads.

Douglas Insights counts immunology at 11.2% of 2025 value, central nervous system medicines at 9.6%, cardiovascular at 7.9% and anti-infectives at 6.3%. Respiratory, rare disease, vaccines and other areas make up the remaining 36.9%. Keytruda shows how concentrated oncology is: one antibody earned USD 31.7 billion in 2025. Immunology faces the deepest biosimilar erosion, yet Skyrizi and Rinvoq more than offset Humira at AbbVie.

## How do Medicare negotiation rules and the EU pharma package change pharmaceutical drug pricing policy?

Medicare negotiation rules now cover 25 pharmaceutical drugs, with ten discounted since 1 January 2026 and 15 more from 1 January 2027. Europe is resetting exclusivity instead: the new package gives eight years of data protection plus market protection that varies by product.

The [CMS fact sheet on the first ten drugs](https://www.cms.gov/newsroom/fact-sheets/medicare-drug-price-negotiation-program-negotiated-prices-initial-price-applicability-year-2026) says 8.8 million of the 54 million people in Part D used them and would save USD 1.5 billion out of pocket in 2026. Under the Inflation Reduction Act (IRA), the second cycle [announced on 25 November 2025](https://www.cms.gov/newsroom/press-releases/cms-delivers-savings-seniors-15-major-drugs-cancer-chronic-disease) adds USD 685 million of out-of-pocket savings in 2027.

In the European Union (EU), [Council and Parliament negotiators agreed the pharma package on 11 December 2025](https://www.consilium.europa.eu/en/press/press-releases/2025/12/11/pharma-package-council-and-parliament-reach-a-deal-on-new-rules-for-a-fairer-and-more-competitive-eu-pharmaceutical-sector/): eight years of regulatory data protection, one year of market protection extendable by a further year, a Bolar exemption so generics can launch on day one, and a transferable exclusivity voucher for priority antibiotics, barred for products above EUR 490 million in annual gross sales. Day-one generic entry shortens the tail of every European blockbuster.

## Why do generics fill 90% of pharmaceutical drug prescriptions but earn so little?

Generics and biosimilars fill 90% of US prescriptions but earn 12% of spending, because price competition drives a generic pharmaceutical drug to about 22% of the brand list price. Brands fill 10% of prescriptions and take 88% of spending, the contrast behind every number in this report.

Globally the split is less extreme. Douglas Insights estimates generics at 71.4% of daily doses and 19.4% of value in 2025, since emerging markets buy branded generics at higher margins than US pharmacies pay. Since 2019, US generic spending fell by USD 6.4 billion even as volume rose. Thin margins have pushed some suppliers out, a source of recurring shortages.

## How many novel drug approvals feed the pharmaceutical drug pipeline each year?

FDA approved 46 novel pharmaceutical drugs in 2025, which sets the pace of new branded revenue entering the market. Launch revenue is small in year one, but a few launches each year become multi-billion-dollar products within five years.

Late approvals included [aficamten (Myqorzo) for obstructive hypertrophic cardiomyopathy on 19 December 2025 and tradipitant (Nereus) on 30 December 2025](https://www.fda.gov/drugs/novel-drug-approvals-fda/novel-drug-approvals-2025). Douglas Insights models new launches at 0.09 points of volume growth but nearly 1.4 points of the price and mix leg, because new brands enter at many times the average USD 0.499 per dose.

## What if obesity drugs or price negotiation surprise: pharmaceutical drug scenarios for 2035?

Our pharmaceutical drug scenarios run from USD 2.69 trillion to USD 3.58 trillion in 2035 around a USD 3.12 trillion base. The slower case cuts volume growth to 0.45% and price to 3.70%; the faster case lifts them to 1.20% and 5.90%.

The base case pairs 0.82% volume with 4.85% price. A wider Medicare list, faster biosimilar uptake and the day-one generic rule agreed in the [EU deal of 11 December 2025](https://www.consilium.europa.eu/en/press/press-releases/2025/12/11/pharma-package-council-and-parliament-reach-a-deal-on-new-rules-for-a-fairer-and-more-competitive-eu-pharmaceutical-sector/) produce the slower USD 2.69 trillion. Broader obesity coverage and the guidance in [Lilly results of 4 February 2026](https://investor.lilly.com/news-releases/news-release-details/lilly-reports-fourth-quarter-2025-financial-results-and-provides) point to the faster USD 3.58 trillion. One extra point of yearly dose growth lifts the 2035 figure to USD 3.44 trillion; one point less leaves USD 2.82 trillion, a swing of about USD 310 billion per point. Our 5.71% sits below the 6.15% to 8.1% band in published forecasts, because we hold volume to 0.82% and net out exclusivity losses.

## Douglas Exclusive: the Pharmaceutical Dose-Value Register

The Pharmaceutical Dose-Value Register is a Douglas Insights model built from 31 inputs: 7 company results releases, 5 regulator documents and 19 published data points. The data points are 1 United Nations release, 6 prescription and spending figures from the Association for Accessible Medicines, 8 IQVIA Institute data points and 4 published forecasts. It records, for each product type, how many daily doses were sold in 2025 and what each dose earned.

| Product type | Share of daily doses | Billion DDDs 2025 | Share of value | USD per DDD |
| --- | --- | --- | --- | --- |
| Branded small molecules | 11.2% | 401.6 | 38.6% | 1.720 |
| Branded biologics | 2.1% | 75.3 | 31.7% | 7.532 |
| Generics | 71.4% | 2,560.4 | 19.4% | 0.136 |
| Biosimilars | 1.7% | 61.0 | 2.3% | 0.675 |
| Over-the-counter medicines | 13.6% | 487.7 | 8.0% | 0.294 |
| All pharmaceutical drugs | 100.0% | 3,586.0 | 100.0% | 0.499 |

The register finds a 55-fold price gap. Generics supply 71.4% of all doses at USD 0.136 each, while branded biologics supply 2.1% at USD 7.532. Douglas Insights calculates that moving 1% of global doses from generic to biologic would add about USD 265 billion of pharmaceutical drug value, 14.8% of the 2025 total. Mix, not volume, is the market.

## Which receipts and checks sit under the pharmaceutical drug dose model?

Our pharmaceutical drug model multiplies 3,586 billion DDDs by USD 0.499 per dose to reach USD 1.79 trillion in 2025. Volume grows 0.82% and price 4.85% a year, compounding to 5.71% and USD 3.12 trillion in 2035, with 3,891 billion DDDs at USD 0.801 each.

Cross-check one: IQVIA Institute puts 2029 use at 3.7 trillion DDDs; our model gives 3,705 billion for 2029, a 0.1% gap. Cross-check two: published 2025 estimates run from USD 1.77 trillion to USD 1.83 trillion, and ours sits 0.9% above the lowest and 2.0% below the highest. Cross-check three: IQVIA projects USD 2.4 trillion of spending in 2029, while our path gives USD 2.23 trillion, 6.9% lower because we deduct exclusivity losses faster. Five regions and five product types reconcile exactly to the global row in 2025 and 2035.

## Market by segment

| Segment | Share | Value |
| --- | --- | --- |
| Branded small molecules | 38.6% | $690.7 Bn |
| Branded biologics | 31.7% | $567.2 Bn |
| Generics | 19.4% | $347.1 Bn |
| Biosimilars | 2.3% | $41.2 Bn |
| Over-the-counter medicines | 8% | $143.2 Bn |

## Market by region (USD million)

| Region | 2025 | 2026 | 2035 | CAGR 2026-2035 |
| --- | --- | --- | --- | --- |
| Global | 1,789,400 | 1,891,574.7 | 3,117,900 | 5.71% |
| North America | 812,600 | 853,880.1 | 1,333,759.3 | 5.08% |
| Europe | 401,300 | 419,077.6 | 619,044.6 | 4.43% |
| Asia Pacific | 436,800 | 468,424.3 | 878,720.3 | 7.24% |
| Latin America | 91,900 | 98,470.8 | 183,331.6 | 7.15% |
| Middle East and Africa | 46,800 | 50,643.5 | 103,044.2 | 8.21% |

## Dataset

| Series | Value | Unit |
| --- | --- | --- |
| Market size 2025 | 1,789,400 | USD million |
| Market size 2035 | 3,117,900 | USD million |
| Revenue CAGR 2026-2035 | 5.71 | percent |
| Volume CAGR 2026-2035 | 0.82 | percent |
| Price per defined daily dose CAGR 2026-2035 | 4.85 | percent |

## Frequently asked questions

### How many daily doses of medicine sit behind the 2025 pharmaceutical drug total?

3,586 billion defined daily doses at an average USD 0.499 per dose, which gives USD 1.79 trillion in 2025. Volume grows only 0.82% a year, so price and mix carry most of the growth.

### What will the pharmaceutical drug market be worth in 2035?

USD 3.12 trillion in 2035 in the base case, a 5.71% revenue CAGR from 0.82% volume and 4.85% price growth. The slower case gives USD 2.69 trillion and the faster case USD 3.58 trillion.

### Why do generics earn so little of pharmaceutical drug spending?

90% of US prescriptions are generics or biosimilars, yet they earn 12% of spending because competition pushes prices to about 22% of the brand list price. Globally, Douglas Insights estimates generics at 71.4% of doses and 19.4% of value.

### Which pharmaceutical company sold the most medicines in 2025?

3.6% of 2025 value goes to Eli Lilly on our estimate, from USD 65.2 billion of revenue that grew 45% on Mounjaro and Zepbound. The top three, with Pfizer and AbbVie, hold about 10.6%.

### How much do Medicare negotiated prices cut pharmaceutical drug spending?

44% net, or USD 12 billion, on the 15 drugs whose negotiated prices start on 1 January 2027, according to CMS. The first ten drugs, discounted since 1 January 2026, would have cut 2023 net spending by 22%.

### Why are biosimilars the fastest-growing pharmaceutical drug type?

13.24% a year for biosimilars, which rise from USD 41.2 billion in 2025 to USD 143 billion by 2035 as antibody franchises such as Stelara and Humira lose exclusivity.

### What does the EU pharma package change for drug exclusivity?

8 years of regulatory data protection plus one year of market protection, extendable by a further year, under the deal agreed on 11 December 2025. A Bolar exemption lets generics launch on day one.

### How much more does a biologic daily dose cost than a generic one?

USD 7.532 per daily dose for branded biologics against USD 0.136 for generics, a 55-fold gap. Biologics supply 2.1% of doses but 31.7% of 2025 value.

## Sources

- [Centers for Medicare and Medicaid Services, Negotiated prices for initial price applicability year 2026](https://www.cms.gov/newsroom/fact-sheets/medicare-drug-price-negotiation-program-negotiated-prices-initial-price-applicability-year-2026)
- [Centers for Medicare and Medicaid Services, CMS delivers savings for seniors on 15 major drugs](https://www.cms.gov/newsroom/press-releases/cms-delivers-savings-seniors-15-major-drugs-cancer-chronic-disease)
- [US Food and Drug Administration, Novel Drug Approvals for 2025](https://www.fda.gov/drugs/novel-drug-approvals-fda/novel-drug-approvals-2025)
- [Council of the European Union, Pharma package: Council and Parliament reach a deal](https://www.consilium.europa.eu/en/press/press-releases/2025/12/11/pharma-package-council-and-parliament-reach-a-deal-on-new-rules-for-a-fairer-and-more-competitive-eu-pharmaceutical-sector/)
- [United Nations, World Population Prospects 2024 press release](https://www.un.org/sustainabledevelopment/blog/2024/07/press-release-wpp2024/)
- [Eli Lilly and Company, Lilly reports fourth-quarter 2025 financial results](https://investor.lilly.com/news-releases/news-release-details/lilly-reports-fourth-quarter-2025-financial-results-and-provides)
- [Johnson and Johnson, Johnson and Johnson reports Q4 and full-year 2025 results](https://www.jnj.com/media-center/press-releases/johnson-johnson-reports-q4-and-full-year-2025-results)
- [Merck, Merck fourth-quarter and full-year 2025 results](https://www.merck.com/wp-content/uploads/sites/124/2026/02/4Q25-Merck-Earnings-Announcement.pdf)
- [Pfizer, Pfizer full-year 2025 results](https://s206.q4cdn.com/795948973/files/doc_financials/2025/q4/Q4-2025-PFE-Earnings-Release.pdf)
- [AbbVie, AbbVie full-year and fourth-quarter 2025 results](https://news.abbvie.com/2026-02-04-AbbVie-Reports-Full-Year-and-Fourth-Quarter-2025-Financial-Results)
- [Roche, Roche 2025 results](https://www.roche.com/media/releases/med-cor-2026-01-29)

## How to cite

Douglas Insights, "Pharmaceutical Drug Market", DI-HC-10476, updated 2026-10-06, https://www.douglasinsights.com/pharmaceutical-drug-market/