Market Trends of Iceland Pharmaceutical Industry
This section covers the major market trends shaping the Iceland Pharmaceutical Market according to our research experts:
Antineoplastic and Immunomodulating Agents Segment is Expected to be the Fastest Growing Market
Antineoplastic agents, also known as anticancer drugs, are a broad class of medications that work to slow, inhibit, or stop the growth of tumours (a tumor). Moreover, an immunomodulator is a drug that either boosts or suppresses the immune system, potentially aiding the body in the battle against cancer, infections, or other disorders. One of the main trends driving the segment's rapid expansion is the availability of innovative medications, the existence of a solid pipeline, and government policies that boost disease awareness. Along with this, it is predicted that the industry will benefit from the rising incidence of cancer, an increase in the number of elderly people, and a disorganized lifestyle.
According to the GLOBOCAN 2020 updates, an estimated 1,661 new cancer cases were diagnosed Iceland, with nearly 641 deaths due to cancers. . The increasing incidence of cancer cases is expected to drive the need for advanced cancer therapies for the effective treatment of patients.
Additionally, growing product launches by the key market players are expected to boost the market growth. For instance, in January 2021, Novartis signed a strategic collaboration agreement to in-license tislelizumab from BeiGene, Ltd. in major markets outside of China, accelerating the potential for Novartis to enter the large and growing checkpoint inhibitor field. Tislelizumab is an anti-PD-1 monoclonal antibody specifically designed to minimize binding to FcγR on macrophages. In preclinical studies, binding to FcγR on macrophages has been shown to compromise the anti-tumor activity of PD-1 antibodies through activation of antibody-dependent macrophage-mediated killing of T effector cells. Under the terms of the agreement, Novartis will obtain the development and commercialization rights to tislelizumab including iceland and other countries. Additionally, in April 2022, the European Commission had approved the marketing authorization application for Orgovyx (relugolix, 120 mg) for the treatment of adult patients with advanced hormone-sensitive prostate cancer. The decision applies to all 27 European Union member states, including Iceland, Norway, and Liechtenstein.
Thus, in view of the increasing product approvals and high research activities related to targeted therapies against cancers, the studied segment is expected to grow over the forecast period.
