Drug Makers Are Focusing On Lucrative Cancer Treatment Drug Market
Both major drug makers are spending billions of dollars in these recent acquisitions. Merk & Co. is planning to acquire ArQule Inc. for nearly $2.7 billion. Sanofi SA is planning to spend $2.5 billion in order to acquire Synthorx Inc.
Currently, Merck & Co.’s most lucrative cancer treatment is the drug Keytruda. Additionally, the cancer drug market is valued at $123 billion. By 2024, those in the drug making industry expect the market to double.
Other drug makers are following suit. Pfizer Inc., recently acquire Array BioPharma in another multi-billion dollar deal. Pfizer has also made a point to emphasize that its new focus is on drugs needed for cancer treatment.
The U.S. Food and Drug Administration has relaxed regulation on cancer treatment drugs, making the market even more lucrative. For example, the FDA more readily approves cancer treatment drugs. Smaller clinical trials are needed to provide justification for approval from the FDA.
The progression of science has also allowed for cancer treatment drugs to be more precise and more effective.
“The science is evolving very rapidly,” Roy Baynes, Merck’s senior vice president of global clinical development, said. “The good news is that we are now focused on drugs which really do have big effect.”